18/06/2018 The Next New Thing! There’s always a new set of data waiting to be discovered by Marketing! Much of it may even be useful for analysis. But doesn’t it make sense to first aggregate what data is available internally & use it well? After all, the objective should be strategic agility & not just the quest for the next new thing! (Torrents of data, analysis & documents sometimes end up distracting more than enlightening.) Digital Transformation & Marketing Strategy Why does Marketing Dept. need to transform digitally? For that, we need to first apply the definition of digital transformation to Marketing Dept. Digital transformation may be defined as a state where all business transactions are completed digitally. But the sign of true digital transformation is when relevant business data is available in real time for decision makers for strategic purposes. Your Marketing Dept. can be transformed digitally in 4 steps: Step 1. Process Automation This involves the following: • End-to-end process automation for all marketing investments – across offices, budgets, categories & markets • Integrating with Agencies, Vendors, Consultants • Introducing Central Approvals System for all marketing investments – across offices, budgets, categories & markets • Record Performance Metrics • Pass all invoices • Integrated with legacy ERP Systems Step 2. Real-time Marketing Database A Marketing Database should start with data on all marketing investments – across offices, budgets, categories & markets. And progress to include sales data, competition data, footfalls data & any other data connected to marketing & sales. • Automatically update a real time Marketing Database with mktg. investment data • Upload sales data • Link sales data to marketing investments data • Upload 3rd party data • Link 3rd party data to marketing investments data Step 3. Marketing ROI on Click Real-time financial ratios of marketing investments vs sales revenues are pointers to the implementation of strategies (including inadvertent). Ratios could be computed in real-time by brand, market & category. For computation, marketing investments could be comprehensive (with multi-market investments being apportioned to different markets). Or certain types of investments may be included/excluded to check trends over a time period. Step 4. Econometric Modelling & AI • Use the real-time Database • Develop reusable models for computing key metrics, correlations & forecasts.computing key metrics, correlations & forecasts. With the above in place, your Marketing Dept. should be set to make course correction decisions for marketing investments in real-time. Identifying trends, drawn from 'deep learning'. And turning challengers into collaborators!