Marketing Analysts Take Over Boston
Posted by: Lynne in Analytics, tags: Analytics, Competing on Analytics, iKnowtion, Jane Austen, Marketing, MAX08, Tom DavenportLast week I attended a Marketing Analytics conference in Boston sponsored by iKnowtion. At a time when companies are cutting expenses, including staff and marketing budgets, iKnowtion is investing in their future. They are also engaging in a dialogue with the larger Marketing Analytics community through the conference and their blog. (In the interest of full disclosure, I know several people at iKnowtion but have never worked there.)
The conference began with a talk by Tom Davenport, the Author of Competing on Analytics with Jeanne G. Harris. He set the stage by providing examples of how companies recognize the importance of analytics but reminded us that marketing is still a combination of art and science. As the emphasis shifts more towards the science of marketing, we need to recognize that the “art” is still relevant. He further challenged us to move beyond reporting to provide more value and insight.
Next was a panel on driving business value featuring speakers from GM, CVS Pharmacy, and ConstantContact. Each speaker provided a brief case study of how analytics has helped their business. In one case, analytics changed the focus of the business. In another, it led to the rebalancing of product marketing. Finally, the rigors of “test, measure, and learn” enabled one company to optimize media effectiveness across channels.
After lunch there was a lively digital panel discussion around social media, the future of web-enabled communities and the challenges of measuring the impact of companies’ efforts in this space. Given the evolving nature of social media, it is no surprise that there were divergent opinions. I, for one, appreciated the candor and the healthy discussion that ensued. To quote Jane Austen, “My idea of good company…is the company of clever, well-informed people, who have a great deal of conversation.”
The conference wrapped up with a return to the theme of competing on analytics. This free flowing discussion touched upon a range of topics, including how to become a company that uses analytics for competitive advantage. Interestingly, one of the panelists thought that finding good talent was the biggest challenge we face. As a Marketing Analytics professional who hires and develops staff, I am in complete agreement. There is stiff competition for the best analytic staff and I have found it difficult to find technical competence coupled with business acumen. In fact, the discussion about finding, training and retaining analytic staff continued at the bar, after the conference formally ended.
iKnowtion has plans to hold the conference again next year and I encourage you to attend.
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[...] Now is the time to start a business according to Seth Godin. I was reading through the last several posts on his website and came across this one. I would like to build upon his idea. Now is also the time for strong companies to leap frog over their competitors through strategic expansion and investment. In this market, there are opportunities to purchase undervalued assets. Think JP Morgan Chase’s purchase of Bear Stearns. There are opportunities to strategically invest. I heard Warren Buffett speak 5 or 6 years ago about a decision early in his career to purchase IBM shares at a time when he believed the stock was undervalued. Since then he had seen an incredible return on his investment. I am betting his investment in Goldman Sachs will also prove his reputation as a savvy investor. By purchasing perpetual preferred stock he receives a 10% dividend. Don’t forget the opportunities to invest internally. A few weeks ago I wrote about iKnowtion which is investing in their staff and their future. [...]
As Senior Partner at iKnowtion, I was pleased to read the “Marketing Analysts Take Over Boston” post, which summarized our recent MAX08 forum. This event demonstrated the growing interest in marketing analytics - the forum was sold out and we had great participation by attendees throughout the day across a range of exciting topics. Over 30 companies were represented, spanning a wide variety of industries such as financial services, retail, healthcare, sports, communications, publishing, and technology.
A steady drumbeat of questions and comments revolved around what it takes to get a company to move up to a higher level of analytic competition. (A good summary of Tom Davenport’s views is presented in his book Competing On Analytics.) This did not surprise us. We expect more companies to invest not only in analytics, but specifically in marketing analytics, as they try to get more out of their marketing investments and produce a larger impact on business performance.
Moreover, we think the big winners will be those companies that can get the right talent focused on changing the way insights are developed and decisions are made, whether that talent is grown from within or partnered with from the outside. The deciding factor here may depend on how fast a company wants to move.
The bottom line for us is we intend to maintain the dialogue that was started at MAX08 and do what we can to keep the momentum going. Our assertion is marketing analytics will help companies compete more effectively and drive greater business value. But to produce these benefits most fully marketing analytics will, as Tom Davenport aptly stated at our forum, have to “move from the back room to the boardroom.”