Can you tell us a bit about advertising and how it can help companies?
Advanced data analytics is more accessible to a wide range of companies than ever before. We’re proud to be among the inventors who made it happen.
In 2015, Adverity was established to help each organization make quick and easy insight-driven decisions. Today, our solutions enable brands, agencies, and organizations to maximize value using data. Through the democratization of leading marketing technology, we have helped to level the playing field between small and enterprise businesses.
What the platform does is turn muted data into integrated, reliable, and actionable insights. How this is achieved lies in the integrated infrastructure and intelligent capabilities of our wholly owned end-to-end system. By automatically aggregating data from multiple sources, it goes through universal-channel complexity and allows marketers to have a complete view of their real-time performance and ROI – or what we call ‘single source of truth’.
How do you think data is rebuilding the role of CMO?
A decade after the adaptation, CMOs can expect more of the same. Although accelerated over the past few years, digitization has already reshaped their role – driving endless waves of emerging channels and platforms, but more opportunities to effectively manage activity.
Using smart tools, they can run far-reaching campaigns, apply overall real-time measurement, and fly-in-flight adjustment power smart. While the improved ability to showcase their impact on the bottom line has given CMOs a seat at the board table, it has added even more pressure. Modern CMOs face high expectations of precise accountability and multi-tasking skills, which only continue to grow as the marketing landscape becomes more complex.
CMOS must master both data and strategy. Part of securing an uninterrupted flow of up-to-date intelligence is moving away from such difficult legacy practices. But focusing on agile data usage will be equally important. Adopting a scientific mindset is vital for CMOs to move forward through testing and learning, and most importantly, listening to what the data says about the next best step.
How can automation trigger a renaissance of creative content?
The most obvious advantage of automation is its labor-saving potential. Our research shows that the manual challenge is the top challenge for the marketing department, where 43% of CMOs say that teams spend more time getting data in one place than using data.
Automating these processes will free up teams to express greater creativity. Instead of wrestling sequential data and pouring it through spreadsheets, they can focus on creating inspiring creatives that set them apart from their competitors and engage their target audience. In fact, we’ve seen firms get back 80% of their time through automation on top of long-term cost savings.
Then there are strategic gains. With efficient analysis of what works (and what doesn’t), teams can fine-tune the content and streamline the channels that are performing well. This will reduce the risk, add unnecessary, and start the right campaign at the wrong time. We are on the threshold of an upgraded creative renaissance, where a new intelligence is on the way.
What skill set does a modern marketing team need?
Teams must have the ability to use data as a resource that enables them to strengthen their productivity, make intelligent choices and find the best path to the best results. What this will look like for individual companies will naturally change, but at the grassroots level, CMOs need to make sure their teams have the knowledge to handle and apply different data.
It will typically involve a mix of powerful data and technical literacy that equips all employees to handle data and sophisticated tools with confidence. There are more frustrating things than sinking resources into new solutions and then lacking the ability to use them. But as the omnichannel complex increases, an in-house data champion may also be needed.
We are beginning to see the emergence of a new role, with 73% CMOs committed to launching marketing ops positions in their team. Coordinating technical stacks, taking responsibility for data quality monitoring and fuel analysis, this new post will help eliminate barriers and streamline data usage.
What advice would you give to companies that are looking to attract and develop marketing talent?
Don’t let the balance of talent management go too far towards recruitment. As the need for sharp digital and data skills grows, companies can be forgiven for thinking of the easiest route to build the capabilities they need with hiring. However, in our recent CMO survey, 66% feel that hiring new employees with data backgrounds is more difficult than improving their current team.
So while hiring remains a top priority, marketers must invest in up-skills. Deloitte research shows that one in four (36%) firms that have skilled workers are now rated as ‘master’ or ‘advanced’ on a data maturity scale – showing clear company benefits. However, let’s not forget the people. Many marketers will be keen to improve and enhance their own data skills and will support the companies that have invested to take them on this journey.
How much do you think CMOs need to take the data revolution more seriously?
Each single strategic focus of our Marketing State of Play 2022 report was data dependent: from audience creation to accurate targeting and campaign reporting. Senior leaders know that data will play an integral role in realizing short-term objectives and maintaining their competitive edge.
But the study also reveals an important area that they should not take seriously: data practicality. While 63% of CMOs say they are making data-driven decisions, nearly half (47%) feel that they do not believe in the data-driven recommendations needed to improve performance and 34% do not even believe in their own data. Combined with the results that 58% of teams still report in spreadsheets and 77% have not yet achieved integrated performance insights, it is clear that there is a large gap between perceived capabilities and true data maturity.
CMOs cannot ignore the basics of good data organization. Before they can begin to flex their data muscles, they must pay close attention to building the foundation needed to make the best use of the data.
What are Adverity’s plans for the coming year?
The ambition is to transform marketing with increasingly intelligent and accessible analytics. In addition to respecting predictive capabilities that will enable marketers to create forward-looking strategies, we’re constantly refining the elements of our stack for greater efficiency.
What holds us back is our survival by our values. We believe that transparent top-down communication and a clear shared vision are paramount so that each team member feels included and inspired. This mantra has allowed us to continue on the path of growth – doubling in size annually over the last few years – while retaining our culture, as Advertising elevates its sights.
Harriet Darnford-Smith, CMO, Adverity, will participate in a panel discussion entitled “Reviewing the Role of CMOs” at DMWF Global on June 29. Join CMO’s panel to learn about the changes and challenges of a modern CMO Come up against within the next year. For more details, visit the DMWF Global website.