Change is the new market reality. In today’s fast-paced technology market, progress at a higher frequency and velocity is the norm, making agility the new business building block. The adoption of an agile Marketing Measurement Workflow is encouraged to ensure the organization’s success and efficiency. In fact, in the 2017 Deloitte Global Human Capital Trends study, 94% of the organization mention that “agility and teamwork” are essential to the success of their company. What do we mean by being agile? A high level of ambiguity surrounds this term since it differs from one field to another. To keep it simple, business agility represents the ability of a team to master and leverage change. In the marketing context, it involves the use of data analytics to quickly respond to business changes and stakeholders’ demands in a shorter cycle time.All in all, teams that adopt the agile workflow methodology can complete work faster, adapt to changing project requirements and optimize their workflow. However, the prerequisites for a successful Agile Marketing Analytics is to prepare the adequate environment and the adoption of appropriate technology and tools.
What is driving the need for Agile Marketing Measurement ?Originated from the software development industry, the agile methodology has multiple drivers. First, stakeholders expect faster delivery time adjusted to their changing needs. Based on KPMG’s 2018 survey on agility, more than 68% of organizations believe that faster product delivery is a key driver for agility. Second, continuous improvement of customer satisfaction is a main priority for all businesses. This ensures the quality of the delivery especially with the rise of competitive threats. Flexibility is another important trigger to adopt agility, Deloitte survey indicated that 45% of organizations emphasize that higher flexibility requires an agile workflow. In regards to speed, quality and flexibility does not come with a cost disadvantage. But the power of agile balances efficiency and cost savings.
How to be agile in Measuring Marketing EffectivenessTwo pillars ensure an agile workflow in the context of Marketing Mix Modeling projects:
1. Team & CultureBefore shifting to agile, one must create the appropriate environment that would ensure a successful Agile implementation. A specific culture would enable the marketing analysts’ team to be:
- Growth driven: Growth and agility are complementary. Nurturing one would lead to the development of the other.
- Collaboration oriented: A team spirit is a requirement. A collaborative team share focus and Information in every instance, activity, and cycle time.
- Feedback obsessed: To constantly improve, one must sanctify feedback. In agile workflow, feedback is frequent, and work is shared and discussed at all times.