The number of marketing technology tools is rising at a staggering rate, having nearly doubled YOY in 2016. On average, 51% of organizations use 21 or more digital marketing solutions. While having the ability to access all this new information provides unprecedented insight, it frequently results in an overload of data siloed in disparate systems. Marketers are buried under a landslide of fragmented campaign metrics, products, customers, purchases, and more. And there’s seemingly no end in sight; Gartner reports that 50-65% of marketing executives plan to spend more on marketing technology in the coming year. To make meaningful use of all this data, metrics need to be reviewed cohesively. Without a full holistic view, it’s impossible to get a complete understanding of the real story. Only analyze existing customer behavior and you may miss out on opportunities to attract new audiences. Only review site traffic from media placements, and you lack an understanding of why your customers are loyal to your brand, or how to create more of them. The problem is that most marketing teams don’t operate with systems that talk to each other. They end up trying to manually analyze disparate data points to uncover insights, a practice that is neither scalable nor responsive in real-time. This data fragmentation is costing marketers real dollars as they lose the ability to effectively optimize campaigns and fold learnings into future plans. An example of how some marketing departments utilize data today: The solution begins with creating a connected data ecosystem. The concept is simple—collect all data points into a centralized system able to analyze them en masse and surface actionable insights in real-time. Using those insights, marketers can then start to roll out personalized content, translate strategies across all channels, and efficiently improve customers’ experiences. While the initial creation of the connected data ecosystem can be time-consuming, it pays off. One example: Annuitas Group reports that businesses that use marketing automation to nurture prospects report a 451% increase in qualified leads. Based on our experience with building ecosystems for clients, we have created a four-step process that we follow: Discovery: we assess all the various systems that are collecting data around your organization. We also identify areas where the data returned may be less than perfect in quality–a very common occurrence. During this period we also outline the shared objectives and definitions of success across all the stakeholders. Solution design: using our learnings from the Discovery period, we design a customized solution that aligns to your business objectives. We build a roadmap using multiple analytic approaches across our four service categories: Performance analytics, marketing sciences, research, and business intelligence. Analyze: This is where the magic happens. Now that we’ve designed your ideal system, we begin to collect the data and review the outputs using our team of data analysts, statisticians, and social scientists to uncover those insights that will truly give your business the competitive edge. Insights: This is when our team works with marketers and other members of your organization to communicate our findings and share recommended actions to meet your KPIs. Once the initial foundation is built, this process can be repeated multiple times over the course of the year, ensuring your teams are always up to date on the latest findings and fully able to use fresh data to inform future plans. The creation of a connected data ecosystem takes some effort but pays off almost immediately by making teams run more efficiently with a full understanding of the current state of their business and what levers they have to achieve their goals.
As Lil' Wayne so eloquently states, 'Got money and you know it. Take it out your pocket and show it. Then throw it...'? FKi, Iggy Azalea and Diplo are taking Lil' Wayne's lyrics to heart with their new interactive shoppable music video, which leverages clickable video technology to create a unique user experience. WireWAX, a UK-based startup who sells clickable video technology teamed up with SSENSE, one of Canada's biggest online luxury apparel and accessory retailers, to create this interactive music video 'look book.' The clothing and accessories worn by the featured artists become shoppable directly from the video. A little 'S' appears atop a scene when some of the clothing on display is available for sale. You just hover your mouse until 'Shop This Look' pops up and then click. 'This is the first time the worlds of music, fashion and commerce have truly overlapped,'? says SSENSE CEO Rami Atallah. 'The integration we are introducing between technology, entertainment and retail with this video not only creates a unique experience for the audience, but also has utility. People often wonder what performers are wearing, where they can purchase that item ' we have bridged that gap.'? Personally, I think this idea is brilliant as it has the makings for a successful digital campaign. Apologies in advance for the alliterative buzzwords'?¦FKi's lyrics must have inspired me. Insightful: The music video leverages the insight that consumers aspire to be like their favorite celebrities or role models. Celebrities are viewed as fashionable, stylish and trendy. Integrated: As Attallah stated, this idea converges technology, entertainment and retail'reaching an engaged audience. Interactive: The hotspots enable the audience to choose what outfit they want to learn more about, thereby giving them control and the ability to interact with the product. Immediate: The video provides two layers of immediacy. First, you can satisfy your curiosity by answering: who made it, how much does it cost, do they have my size, where can I buy it, etc. Second, if you like what you see, you can immediately purchase the garment. Instant retail therapy. So, maybe the video doesn't fully follow Weezy's instructions to throw [money] but the video still implies an impulse gesture via the 'SHOP THIS LOOK'? call-to-action.