DAC Video: Creating a Common Measurement Currency
The marketing industry does not have a common approach to measurement. What it needs, contends Bob Liodice, CEO of ANA, is a “common currency” or common approach to measurement governance that allows everyone to get on the same page. Listen in as Bob explains how this will happen.
Video Trascsript
Bob Liodice: If we think about the complexity that we are currently dealing with various forms of media, various forms of marketing approach. There isn’t one magic bullet that’s out there. It’s just not going to happen in that way.
Even some marketers may be spending two and three hundred percent more on their own system. Is that the same investment that’s going to exist throughout the entire ecosystem? You may have one or two companies become very sophisticated. What about the hundreds of thousands that are not?
If you are not necessarily investing in the talent and the common systems that could exist out there and be able to advance the total enterprise that we are dealing with. We’re going to continue to lag as such if you think about the measurement industry per say, how much progress have we made over the last 50 years? I would venture to say not a hell of a lot. We do not have a common currency. We do not have a common approach towards making decisions.
We think that one of the answers to get there is to create either a governing body or governing approach that allows for this industry to all get on the same page. The fact is that the governance of measurement is somewhat fractured right now.
One of the things that we don’t necessarily have is we don’t have as much of an investment in creating standards that the entire universe follows. We need to have a set of metrics that the industry embraces in its entirety so that we can essentially unify behind that. And advance the industry collaboratively.
What does a CMO to do? Measurement and data analytics are areas that are not necessarily resident with a CMO. So what is it that they have to be able to follow? If there’s no governing organization or organizations that will allow them the opportunity for understanding what I should do as a CMO then the only default left to them is a homegrown approach.
I think the whole area is way underdeveloped and CMOs are hesitant to make those types of decisions because like most things that we don’t know enough about, we pause and wait for better answers to come along. I think that’s where we are right now with the intersection of the data analytics center through our invitation of the DMA into the ANA and a propensity to move to a better platform of governance.
I believe those three work streams coming together will get us there. Get us to a higher degree of certainty and accelerate the trajectory for being far more measurement focused. We as an industry need to do far better than we’re currently doing.
Category: Basics, Data Story Telling, How-To, Organizational, Trends, Videos
