Data-Driven Marketers, Welcome to the Next Normal

Data-Driven Marketers, Welcome to the Next Normal

As we head into August, a sense of normalcy is beginning to reign, at least here in Ontario. People are talking about returning to work and school, businesses are hiring again and international travel restrictions are easing. Beneath the surface, however, it is a brand new world - one where work-from-home and Zoom meetings will remain commonplace, where private businesses are asking for medical information (like vaccination status), where DEI committees are becoming table stakes and where fear continues as stories from around the world paint a bleak picture of the pandemic’s relentless onslaught. And in the world of data-driven marketing, disruption is no less evident. Radical digital transformation, a focus on online privacy protection, and changing customer behaviour have combined to create a new playing field for marketers - one where the rules are very different. Here are the changes we are tracking into the ‘Next Normal’: Digital transformation The online world has changed significantly; in just a few months, the already evident...
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Making data memorable with storytelling

Making data memorable with storytelling

Marketing analysts work hard to gather and analyze data, to generate insights, and to find a variety of impactful ways to present their findings to their audience with impressive data visualizations. But, if analysts want to capture their audience’s attention and to truly resonate with them––and for their audience to actually use their findings in business decisions––they’ll need to use storytelling to make the data more memorable.   In Chip and Dan Heath’s book ‘Made to Stick - Why Some Ideas Survive and Others Die’ they demonstrate that stories are far more memorable than statistics. The Heath brothers reference a test they conducted where they asked students to give one-minute speeches.  In the average one-minute speech, the average student used 2.5 statistics, and only one in ten used storytelling. On the other hand, when the audience was asked to recall the aforementioned speeches, only 5% remembered any individual statistic from the speeches but an impressive 63% remembered the stories. Data-driven stories not only...
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Data Literacy for Marketers: Why data matters in Marketing – May 11

Data Literacy for Marketers: Why data matters in Marketing – May 11

About This Event Marketing has traditionally been seen as a creative pursuit rather than a scientific one; however, that is changing. Marketers today are being asked to show the return on marketing investments and be more data-driven in their decision-making. This means marketers need a new kind of literacy. Data literacy is defined as the ability to collect, manage, evaluate, and apply data in a critical matter. By increasing data literacy, marketers are able to bring new ideas to the discussion and have productive, positive debates that lead to better decision making and new innovations. In this session, we'll explore the field of data literacy and its role in marketing. We'll identify some key concepts that often trip up marketers and discuss how your marketing team can harness the power of data. Join Emma Warrillow, Practice Analytics Lead at Trendline Interactive, as she walks you through these topics, and more. Register Now!...
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Customer Lifetime Value – Putting a price on profit potential

Customer Lifetime Value – Putting a price on profit potential

What Is Customer Lifetime Value? Take a look at your current customers. How well do you understand their value? Do you know how much revenue they produce for you? Do you understand how much it costs you to generate this revenue? And more importantly, are you able to predict these values into the future?  Customer lifetime value (CLV) is an important metric for organizations who want to get a more accurate view of their customers and become more profitable in the process.  Understanding CLV allows you to make changes to your business to attract, convert, and retain more high-value customers, while increasing the overall value of your entire customer base. While there are many simple approaches to calculating average CLV, predicting true customer-level CLV and implementing it as a performance metric across your entire organization is a complex process. Many companies fail when it comes to CLV because they underestimate the amount of change it will require to be successful. On the other hand,...
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Predicting the unpredictable: Customer analytics and marketing in the months ahead

Predicting the unpredictable: Customer analytics and marketing in the months ahead

Do you remember where you were at the end of last year’s Q1? Of course you do! The world had just been thrown off-kilter by the global pandemic, and marketing and customer analytics professionals were doing their best to respond, adapt, and (in many cases) pivot to help their organizations survive.   As we shift our focus to the second quarter of 2021, there are many lessons from the past 12 months that will help marketers navigate the current reality. In an effort to anticipate what the rest of 2021 might bring, below are my predictions for marketing and customer insights for the months ahead.  Focus on First Party Privacy regulations, like GDPR and CCPA, and the demise of third-party cookies have shifted marketers to focus on first-party data (along with zero-party and second-party) over third-party data. In a recent Merkle study, 88% of marketers said that collecting first-party data is a priority for 2021. Marketers will adopt digital initiatives for collection, build...
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