Marketing Effectiveness in 2021: Levers that drive growth

In our recent webinar with Marketing Week, Jaywing’s expert panel, Dr Catherine Kelly, Managing Director of Performance and Media Science, and Hanna Wade, Marketing Effectiveness Director, spoke with Gareth Powell, Director of Data at Studio Retail, to outline what this means for brands and their ability to retain and nurture their most valuable and loyal customers.

Jaywing’s work with Studio Retail provides a single objective view of the impact of marketing across all channels, elevating the brand’s approach to measurement and giving a greater level of accuracy in understanding marketing performance when making significant strategy, targeting and investment decisions across a large channel portfolio. This work is enabling greater confidence in forecasting to achieve Studio’s business objectives, drive data-informed decisions and harness customer insight to provide a unified view spanning channel, creative and testing strategies.

Take a look at the webinar ‘The state of marketing effectiveness in 2021: Levers that drive growth’ below to learn which value propositions are working across the Studio Retail brand and hear how innovating with conviction can optimise brand and drive performance.

Key takeouts:

Data is a strategic asset

• The success of supercharged behavioural shifts online depends on the continued positive, relevant, and personalised experiences customers have with brands – all underpinned by data and insight.
• With marketing at the centre of the growth agenda, the focus must be on linking this to real business impact and efficiencies by laying robust data foundations.
• This includes investment in marketing effectiveness, econometrics, and data-driven attribution models alongside workstreams to understand the impact of categories on margin, LTV, and the impact of incentives on different customer segments etc.

Marketing effectiveness is a core enabler of growth

• Overcoming siloed data sources across business teams to achieve one version of the truth requires a 360-degree view from attribution and econometric modelling to ensure consistency and understand accurate channel measurement, establishing synergy with campaign objectives.
• Data can then be leveraged to drive solutions. Strategic planning with data-driven media plans across all channels can be embedded to achieve one holistic, unified yet agile view to drive sales.
• This enables marketing and channel spend to be optimised across the full funnel to drive key KPIs against target customer groups, provide accurate planning to redistribute budgets, enabling efficiencies to be driven.
• To react quickly to circumstances in an agile way, the ability through data and insight to test and measure new activity and use channel learnings to improve ROI across marketing activity is a key benefit.
• Being able to understand the impact of marketing in a timely way, responding with tactics that have been tested, enables the de-risking of decision making and empowers marketers to take advantage of every opportunity.

Building data foundations is a collaborative effort

• Robust data underpins business objectives, but analysis and modelling alone will not solve everything. Close collaboration with all teams and partners to work in harmony is key to get to a valuable output as fast as possible.
• Agility is at the heart of a modern, data-driven marketing approach – working with Jaywing has allowed Studio Retail to encourage faster decision-making cycles, and flexibility across key areas such as creative, budgeting and media.
• Embedding the importance of a data-driven ethos is a longer-term mindset, but aligning teams enables better use of budget, better optimisation capabilities and a longer-term understanding of customer behaviour to underpin all decisions.

If you would like to speak with Dr Catherine Kelly or Hanna Wade about how Jaywing can help retain and nurture your most valuable customers, or innovate with conviction to overcome pain points in your customer’s journey, please contact us at [email protected].