Business Insider’s Post

As the year winds down, I’ve been reflecting on the insights our team gathered this year. One thing we've seen time and time again in working with government is that the best strategies focus on accelerating public-sector impact by building #trust and adopting innovations. I encourage you to use these insights and others that we collected in our 2023 Deloitte Government & Public Services Marketing Trends.    What shifts do you predict we'll see next year?  https://lnkd.in/eH9Nn4Hu

Step 1: Admitting There is a Problem with #marketing Focusing on Revenue and Not Profits. Check out this article from McKinsey & Company. “On average, the CEOs responding to our survey feel that marketing metrics clearly tie to business impact less than 60 percent of the time.” Are you a #chiefmarketingofficer who claims to be data-driven? Ask your #ceo what metrics really matter. Are they the same as yours? Doubt it. Follow along as we explore the problem with data-driven marketers who don’t measure marketing with metrics from the income statement.

61% of US CMOs say their biggest challenge is tying marketing impact to financial outcomes. Do you have the data strategy in your organization to prove marketing's contribution to revenue or are you still struggling? #marketingstrategy #marketinganalytics #revenuelifecyclemanagement #marketingoperations

Just finished reading David Ogilvy’s collected writings. His data-driven approach to advertising is a game-changer. Leveraging data and research in decision-making is crucial for modern leaders. Learn more over at The B:Side Way. https://lnkd.in/gTVHr82U

Even with a strong emphasis on being data-driven, the presence of departmental gaps without a unified approach or baseline disrupts the equation -in other words ‘the math is not mathing’ 🙃 Here's how to refine your approach: 🎯 𝐃𝐞𝐟𝐢𝐧𝐞 𝐬𝐮𝐜𝐜𝐞𝐬𝐬 𝐦𝐞𝐭𝐫𝐢𝐜𝐬 𝐚𝐭 𝐚𝐧 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐥𝐞𝐯𝐞𝐥: Alignment across your organization starts by establishing a shared definition of success metrics/KPI's. This creates a base line that caters to unqiue discussions to each department. 🏅𝐄𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡 𝐚𝐧 𝐚𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐜𝐞𝐧𝐭𝐞𝐫 𝐨𝐟 𝐞𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐜𝐞: Prevent the siloing of data by building a center of excellence (CoE) around analytics. This organizational focus on analytics spans departments, fostering collaboration and ultimately a unified approach at driving success. ❓𝐄𝐧𝐬𝐮𝐫𝐞 𝐲𝐨𝐮 𝐩𝐚𝐬𝐬 𝐭𝐡𝐞 '𝐬𝐨 𝐰𝐡𝐚𝐭' 𝐭𝐞𝐬𝐭: When sharing analytics across stakeholders and departments, ensure they pass the 'so what' test. While data may not always tell a positive story, the goal should be to drive informed decision-making. What’s the so what test? Data with Purpose: 3 Principles for Passing the 'So What' Test: https://lnkd.in/gGzVgCQV #data #analytics #reporting https://lnkd.in/gjPN9mBH

As quoted by Forbes: "Both the CMO and the CFO need to be on the same page when it comes to viewing marketing as a revenue driver over a cost center." (https://bit.ly/4ce7uaR) Yet, 45% of CFOs either reject or underfund marketing budgets due to a lack of trust & clear visibility into marketing performance. Here are some common reasons: ❌ Marketers are not able to prove that their initiatives are driving incremental returns. ❌ Critical budgeting decisions like brand and performance split and optimal budget allocation remain a guessing game. ❌ Marketers struggle to justify their spend and fail to forecast how they are going to achieve their goals. So what’s the solution? 💡Enter 𝗨𝗻𝗶𝗳𝗶𝗲𝗱 𝗠𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗠𝗲𝗮𝘀𝘂𝗿𝗲𝗺𝗲𝗻𝘁 (𝗨𝗠𝗠)- a modern approach that combines multiple methodologies to understand marketing effectiveness truth, enabling marketers to: ✅𝗧𝗿𝗶𝗮𝗻𝗴𝘂𝗹𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀: Generate incrementality insights from MMM, incrementality testing and causal attribution. ✅𝗢𝗽𝘁𝗶𝗺𝗶𝘇𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴: Leverage insights to power strategic and tactical optimization decisions ✅𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁 𝗼𝘂𝘁𝗰𝗼𝗺𝗲𝘀: Simulate scenarios and forecast target KPIs with ease to track and hit your goals. Have you also experienced challenges in aligning your marketing and finance teams? Share your thoughts in the comments below 👇🏼 Let's discuss how unified measurement can help: https://bit.ly/4dgvgo4 #MarketingMeasurement #MarketingMixModeling #IncrementalityTesting #CausalAttribution #MeasuringMarketingImpact #DataDrivenMarketingInsights #CFOandCMOrelationships #Lifesight

For many business leaders, the deals coming in during Q4 are already sorted, and planning has begun for Q1 2025. I never start a new year without a marketing audit of what was accomplished the year before. I also never, ever start a new year without a documented business plan and marketing strategy in place. This article is interesting because it covers a data driven approach to marketing. #marketing #digitalmarketing #marketingperformance https://lnkd.in/gM4MN-6V

“Confidence is king” When it comes to paid media decisions, alignment between marketing and finance have to be aligned. Speaking the same language and sharing the right information is essential for knowing how much to spend, when to spend it, and where to allocate resources. Without this alignment, chaos and missed opportunities are inevitable. We work with brands that spend millions each month and hear the same thing from 90% of new marketing teams: “We lack the data to have good conversations with finance, and they don’t have the confidence to invest where we want.” Without confidence in the data, teams often default to the most risk-averse marketing strategies (Last-Click ROAS/CPAs), leading to the dreaded ‘Valley of CAC Death.’ This leaves businesses puzzled about how to achieve sustainable long-term growth. Having supported thousands of teams, we believe that empowering both marketing and finance from a measurement perspective is key to building confidence and achieving long-term growth goals. In the first few months of working with new clients, we focus on three critical elements: -> Cross-team education: (normally) explaining the benefits of moving away from Last-Click and/or AdPlatform measurement -> Shared goals and metrics: establishing easily understood goals and targets that enable quick, flexible spending decisions (efficiency KPIs, forecasts, budget utilisation logic, etc.) -> Best practices for reporting: implementing automated reports, persona-based GenAI updates, cadence reviews and meeting templates to streamline decision-making and review processes. Combining these elements leads to wonderful results, perfectly encapsulated by a client last week: “I’m 100% confident that the changes we’ve implemented with Fospha have positively impacted Blended CAC. We can see it falling each week, which helps us continue to take advantage and spend more.” Love it. #MarketingFinance #BusinessGrowth #DataDriven #ConfidenceIsKing #Collaboration #StrategicAlignment #SmartSpending

Marketing leaders, your big challenge for Q3 and Q4. Reclaim 10-30% of your media budget by opening the 'black box'. It's costing you millions! The issue? Industry has created a system where everyone is marking their own homework—agencies, platforms, even your own teams—all grading themselves. It's bloody madness! Your 2024 mission (because why wait until 2025?): 1) Integrate data from all platforms for a complete picture. Make that 'IMPACT' triangle in your reporting as clear as day. 2) Align marketing strategy with clear goals that impact business. No more fluffy metrics! 3) Remove communication and data silos between teams. This is a do-or-die situation! 4) Improve creative quality to match customer journey stages across platforms. PLEASE demand this! The result? Proven marketing impact, optimised spend, and a seat at the revenue table. I DON'T believe you should ask for more budget next year. But I DO believe you should be more effective with your current budget. Are you brave enough to make your CFO weep with joy? 😅 #MarketingEffectiveness #MediaOptimisation #InsightDrivenMarketing Inspired by conversations with Philip Cohen ----- Sign up to my email for further mental models, frameworks and insights: https://lnkd.in/eNYx7C6i Apply for a maturity scorecard: https://lnkd.in/e4dNU3Jm

From our Future of Marketing Conference early this year we heard from Simon Daniels, Principal Analyst at Forrester where he discusses how many businesses are moving from marketing qualified leads to buying groups and opportunities and how it is now increasingly a reality and no longer just an interesting idea. Key Learnings: ⭐ Why now is the time to ditch leads ⭐ How to address the top concerns when making this transformation ⭐ The benefits that buying groups deliver. Watch here 📽️ https://bit.ly/3K93Y5R