Multiple data, evolving complexities, will force marketing community to start setting relevant KPIs and building a practice to measure them. From a world of brand track to pre-post analysis, the fraternity needs to move towards understanding and measuring what matters.
We deal with a stream of data everyday ranging from
· Marketing – Sales
· Media – TV, Print, Social, Videos
· Mobile and
· Brand – Spont, TOM, Brand Pyramid and more.
Simpler solutions are a necessity today to delve deep into newer mediums and consumer complexity. Understanding this, Maxus continues to invest in tools and techniques that analyse and distill data for smarter decision-making – commonly known within Maxus as SMART DATA.
Smart Data involves data mining, data visualization and data stories. Our focus is to build stories on brand and medium basis their role and relevance.
Out of these many stories we tested and built upon, we are proud to share that 3 of them were shortlisted for Asia Marketing Effectiveness Awards APAC 2014 held in Singapore.
1. Estimating Competition Spends (Game Theory) - Conventionally, marketers believe that increase in media spends is directly proportional to increase in market share. This however discounts the presence of a competitors in the market place and the impact of competitor’s media spends on the said company’s market share.
The biggest worry is anticipating competition’s current and reactive media spends. We used Game Theory to work on this challenge and created a system, which helped us estimate competition’s media spends accurately.
RESULT: Winner at AMEs 2014, Analytics Innovations Category
2. Giving new definition to Facebook Likes - In absence of any currency that measured brand and fan relationship on Facebook, we developed the first ever metric to set industry benchmarks.
We created a framework that marries different currencies –
· Attitude which was measured through a survey called FanIndex
· Behaviour, which, was measured through users’ actual Facebook activity tracked by Social Bakers to measure factors that will help strengthen the brand and fan relationship. –
RESULT: Shortlist at AMEs 2014, Social User Analytis Category
3. Context is the new Content - We conducted India’s first ever study using Behavioural Economics, to understand, the effect of context while planning on TV.
Using Behavioural Economics, we can plan efficacy of different genres on TV (Niche genre vs. mass genres) by layering it with actual differences they make on consumer purchase decisions.
RESULT: Shortlist at AMEs 2014, Data Mining - Audience Association and Clustering Analysis Category
These studies focused on measuring what is relevant –
· market share
· medium measurement and
· consumer behavior impact.
Conventional wisdom argues, that these are independent puzzles, to a larger brand impact. For us at Maxus it’s all about reading and measuring right data that will make quicker and efficient business decisions.
· Focus on blending traditional with new medium
· Co-create ecosystem that blends old and new measurement
· Invest in measuring consistently
Priti Murthy - a media planning expert and a communication enthusiast whose life pleasure is to simplify jargons and decode logic. She is the National Director Insights for Maxus India. Her Twitter handle is @pritimt