Optimizing Marketing Decisions
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The document outlines insights and strategies for effective marketing, emphasizing the importance of data-driven decision making and organizational alignment. It highlights the need for a clear execution plan, actionable insights, and the integration of technology for better marketing outcomes. Key takeaways include understanding the challenges in marketing, the necessity for a robust strategic framework, and the role of data in driving organizational success.
Optimizing Marketing Decisions
- 1. Intended for Knowledge Sharing only If you are Villanova, Data is your Coach & not your Cheerleaders Digital Summit May 2016
- 2. Intended for Knowledge Sharing only Disclaimer: Participation in this summit is purely on personal basis and not representing VISA in any form or matter. The talk is based on learnings from work across industries and firms. Care has been taken to ensure no proprietary or work related info of any firm is used in any material.
- 3. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only WHY MARKETING?
- 4. NESPRESSO, WHAT ELSE! Intended for Knowledge Sharing only 4 Original Source (just for illustration, no business use) : https://www.youtube.com/watch?v=JcZr7s5UAiY
- 5. MARKETING ADDS PERSONALITY & BRINGS USERS Intended for Knowledge Sharing only 5 PRODUCT UX MARKETING
- 6. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only COMMON MISSES
- 7. WHAT’S MY STRATEGY HERE? IT WILL WORK, HOW’S THAT? 7Intended for Knowledge Sharing only Will make America great again! Source: www.theodysseyonline.com
- 8. WHAT’S MY STRATEGY HERE? IT WILL WORK, HOW’S THAT? 8Intended for Knowledge Sharing only …Strategy is not rhetoric, it’s “the” vision with an execution plan
- 9. NEED MORE DATA 9Intended for Knowledge Sharing only …need actionable insights not more data
- 10. GIVE ME PREDICTIVE ANALYTICS, I SAY 10Intended for Knowledge Sharing only …Prescriptive not just Predictive is the need Source: https://www.pinterest.com/exasolag/fun-about-data/
- 11. LEAN ORGANIZATION IS ME 11Intended for Knowledge Sharing only …Lean Organization is about focus not tunnel vision Source: https://memegenerator.net/instance/62608723
- 12. IT WORKED FOR THEM DUDE - IT WORK FOR ME TOO, I KNOW! 12Intended for Knowledge Sharing only …Marketing is about emotional connection, “originality” works more often Source: https://imgflip.com/memegenerator/Steve-Job
- 13. HMMM, LET’S SPEND MORE AND SEE… 13Intended for Knowledge Sharing only …Iterative “Test & Learn” is the key
- 14. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only “MARKETING IS TOUGH” SHE SAID, “TOTALLY AGREE” I SAID
- 15. PRODUCT HAS IT ALL EASY … 15Intended for Knowledge Sharing only PRODUCT MARKETING Type of Impact Direct: e.g., sign ups, purchases Direct + indirect: e.g., emotional connect, buzz …and Marketing has it rough relatively Timeliness of Impact Immediate Lagged Where it all happens Known properties Diverse & fragmented Data sources Known instrumentation Not homogenous Exogenous Factors Relative control, Managerial freedom Chaotic, competitive, fickle …but trends are encouraging– Big data (4V) and processing capabilities, Marketing Tech Automation, Attribution technologies, Targeting & Re-Targeting capabilities.
- 16. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only “ENOUGH YAPPING DUDE, GET TO THE POINT” - WHAT DO YOU RECOMMEND?
- 17. DEFINE STRATEGY, THE EXECUTION PLAN & ALIGN THE ORGANIZATION Intended for Knowledge Sharing only 17 Strategy Execution Organizational Transformation
- 18. ANALYTICS VALUE CHAIN Intended for Knowledge Sharing only 18 Strategy Data Instrume ntation Data Platform Reporting Analytics Research Optimiza tion Data Products Iterative Loop Focus on Big Wins Reduced Wastage Quick Fixes Adaptability Assured execution Learning for future initiatives
- 19. MORE ON STRATEGY… Intended for Knowledge Sharing only 19 Execution Strategy Organizational Transformation • Understand the high level Corporate Vision and Goals • What to do to deliver against the vision and meet the goals and why them of all the options? • How to measure, monitor and analyze performance? • When to feel good vs. bad? • How to react as we learn more from numbers? • Goals • Initiative Sizing & prioritization • Metrics Instrumentation & Analysis framework • Success/Stop Criteria • Stop vs. Ramp vs. Repeat What do we want to do? MBA Acronyms
- 20. …SOME ON EXECUTION PLAN Intended for Knowledge Sharing only 20 • What is working and not, why & what to do? • Ensure execution against estimates – cost, effort, needs • Be cognizant of changing strategy/needs/market – Sizing & Prioritization • Balance Scorecard • Dynamic Project Management & Lean • Agile & Continuous dev What do we want to do? MBA Acronyms ExecutionStrategy Organizational Transformation
- 21. …& FINALLY ORGANIZATIONAL ALIGNMENT Intended for Knowledge Sharing only 21 • Ensure everyone involved– Product, Analysts, Engineers are trained in Marketing, aware of Strategic needs & ownership, focused on their metrics and empowered to take action. • Ensure that problem statements are continuously updated with new learnings, adaptive delivery and focused on goals and big wins first. • Tech suite up-to-date & tailored to needs, integrated, automated & scalable, Data Lake & efficient storytelling. • Alignment across stakeholders focusing on problem & Customer first approach • People-Process-Process- Technology • RASCI Framework • Iterative Learning & Lean Management • Data Management & Operationalizing Analytics What do we want to do? MBA Acronyms ExecutionStrategy Organizational Transformation
- 22. WHAT DID YOU MEAN BY OWNERSHIP OF METRICS? Intended for Knowledge Sharing only 22 Source: omimbe.from-mn.com Brand Awareness, Share of Voice, Mentions, Sentiment Open/Click Rates, Inquiries/Site Visits, Questions Conversion, Txns, Sign Ups, Downloads, Searches/Visits per User Repeat Usage, #/$ Txns per User, Support Center, Growth NPS, Referrals, Social Media Sentiment
- 23. Intended for Knowledge Sharing only Intended for Knowledge Sharing only IN CONCLUSION…
- 24. STRATEGY IS THE KEY Insights help deliver against Strategy, manage execution and improve performance. Data can be leveraged to bring organization together to attack a problem, share learnings, pool resources. Data Products by themselves can deliver value at scale and speed previously impossible. 24 Value realization from Insights is an outcome of all the right things that have happened before we begin generating them. Insights have stopped being “cost function” and more of “Revenue function” now. Tangible benefits include reduce wastage, focus on big wins, quick turnaround times, more assured execution & rapid adaption.
- 25. KEY TAKEAWAYS 25 • “Know” that Marketing is tough • “Must have” a strong Strategic, Tactical & Organization framework • “Ensure” technology suite is relevant to needs and updated • “Develop” alignment and ownership of various elements • “Prepare” for evolving trends that will enable higher value realization
- 26. Intended for Knowledge Sharing only Quick recap of what it is Intended for Knowledge Sharing only Appendix
- 27. Intended for Knowledge Sharing only Disclaimer: Participation in this summit is purely on personal basis and not representing VISA in any form or matter. The talk is based on learnings from work across industries and firms. Care has been taken to ensure no proprietary or work related info of any firm is used in any material. Director, Insights at Visa, Inc. Enable Decision Making at the Executives/ Product/Marketing level via actionable insights derived from Data. RAMKUMAR RAVICHANDRAN
- 28. THANK YOU! Intended for Knowledge Sharing only Would love to hear from you on any of the following forums… https://twitter.com/decisions_2_0 http://www.slideshare.net/RamkumarRavichandran https://www.youtube.com/channel/UCODSVC0WQws607clv0k8mQA/videos http://www.odbms.org/2015/01/ramkumar-ravichandran-visa/ https://www.linkedin.com/pub/ramkumar-ravichandran/10/545/67a RAMKUMAR RAVICHANDRAN 28