The Future of Marketing Analytics

. May 28, 2019

Fossil Group — winner of the 2018 ANA Genius Award for Data & Analytics Growth — is heavily focused on organization adoption as a key component of its overall marketing analytics initiative. As a result of it’s success in communicating analytics results across the organization, Fossil’s analytics group is getting more and more requests for analytical insights to inform decisions across the organization.

What’s more, the company’s line of smart watches produces a treasure trove of new data that Fossil is using to create better products than ever before. And Fossil is starting to deploy machine learning and artificial intelligence, which it sees as the future of analytics.

In this DAC video exclusive, Damian Fernandez, VP of Global Analytics at Fossil Group, explains how this is happening.

Video Transcript

Damian Fernandez: What we are doing right now is we are working on increasing adoption. For us, the important thing is for the different business functions to be able to consume what we produce and at the same time for us as a group, to be able to produce more important insights right. We have a two-year plan to expand the size of our team to be able to account for the great expansion in the request that we’re getting across multiple domains and multiple geographies.

We have a clear expansion over the next two years. One thing that we are benefiting from is that as a company we’re moving away from traditional watches into smart watches and not because we want to but because we’re following the market. The market is moving in that direction and as a company, we’re chasing smart watches.As a consequence of that, we are gaining access to sources of information that we didn’t have before.

Our smart watches have G.P.S, they have NFC payment, they have step tracking, sleep tracking and that’s causing an enlargement of data that we didn’t have before. As a company we’re learning now. We’re going through a learning process trying to understand how can we better utilize that to add value to the consumer. How can we use this information to create better products? Better products that connect the idea of personality and fashion with the idea of functionality in the smart watch.

From a strategic perspective our company is offering that blend of fashion and technology at the same time. That’s a focus we have right now. We partner with the external data providers to reach our internal sources. We haven’t done our services in the cases where we sell directly to the consumer, but at the same time we partner with external sources like Neustar for example where we will get enriched data that allows us to get a more holistic view of what our consumers do and what are their characteristics. We use that information to be able to target them online to find look alikes in each micro segment and going after them in different asset placements and creating. The artificial intelligence and machine learning is the future. It’s also the present for us.

We don’t imagine a future without artificial intelligence and at the same time it’s a source of competitive advantage for us. We are using machine learning and artificial intelligence throughout all of the domains that we’re tackling. For example we’re using that for the purpose of pricing optimization because the program is so complicated that we need to automate the problem.

Where you see an artificial intelligence in the case of marketing because the level of information that we’re processing is so big that we need a way of automating the processing of it, finding insights that are relevant for our targeting.

Fundamentally what we’re trying to do is we’re trying to gain speed and gain velocity in the way that we are identifying insights and translating those insights into action.

 

 

Category: AI, Case Studies, Impact, Technology, Videos

About the Author ()

Daniel Kehrer is Executive Editor of the ANA Data Analytics Center (DAC), a leading voice of thought leadership and education in marketing measurement, data and analytics. He is also the Founder of BizBest Media Corp. and previously headed marketing at MarketShare LLC, an advanced marketing analytics technology company.

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