Tag Archives: Marketing Science Institute

What’s the Science Behind Marketing?

Earl Taylor

Earl Taylor is Chief Marketing Officer for the Marketing Science Institute (MSI) in Cambridge, Massachusetts.


He’s also a presenter at the Marketing Analytics & Data Science Conference on June 8-10, 2016 in San Francisco, California.

As a preview to his presentation, “What’s the Story with Big Data?,” Earl shared how MSI uses quantitative and qualitative data to help their members stay on the forefront of marketing thought and practice:

Peggy L. Bieniek, ABC: How does MSI help to shape the future of marketing science?

Earl Taylor: MSI’s corporate sponsors represent a cross-section of the U.S. business community. We continuously solicit input from our trustees and others who represent our corporate members about their most pressing marketing challenges.
Every two years, we ask our corporate trustees and leading marketing academics to prioritize these topics to guide our funding of academic research and the focus of our events. Results are summarized in our recently released 2016-2018 Research Priorities, which can be viewed and downloaded free from our website at http://www.msi.org/research/2016-2018-research-priorities//.
PB: How do you use big data to measure brand performance?
ET: Marketing academics and MSI corporate sponsors are using big data in a variety of ways to assess marketing effectiveness and brand performance. Increasingly, datasets that link exposure to advertising and other marketing activities with outcomes such as sales and profitability allows managers to determine the exact effects of each element of the overall marketing mix and to allocate resources more efficiently and effectively.
Academic research supported by MSI has demonstrated that properly interpreted and weighted data from social media can be closely correlated with traditional brand health tracking metrics. In fact, social media can yield leading indicators of brand health, allowing managers to anticipate and respond to emerging trends (positive or negative).
MSI helped found and continues to support the Marketing Accountability Standards Board (www.themasb.org), which is dedicated to vetting and promoting metrics agreed to by both marketing and finance that can reliably demonstrate the value created by marketing and branding.
PB: How can data and analytics help tell a marketing story?
ET: Most traditional quantitative market research relies on theories of consumer behavior that yield hypotheses that can be tested against empirical findings. The advantage of this approach is that results can be incorporated into a coherent framework for interpretation and application, yielding a cumulative body of knowledge over time.
With the advent of big data analytics using machine learning and other techniques, we can now efficiently discover patterns in data that we might not otherwise have noticed, but which can be interpreted theoretically and applied, thus advancing marketing science and practice.
Regardless of how they are obtained, insights are best shared the way humans have always communicated’ through stories, personas and the like that allow managers to understand, assimilate and extrapolate from them as new situations arise.
PB: What will people gain from attending your conference presentation?
ET: When data does not readily fit existing quantitative formats and analytics, it is often referred to as ‘unstructured.” In fact, datasets taken from social media, online review sites and the like are highly structured! Whether in real-time or asynchronously, exchanges in social media are variants of the structures that inform ordinary conversation where sequencing and context largely determine what a given contribution means to others engaged in the dialogue.
While certain insights can be derived from techniques that extract words or phrases and re-assemble them as word clouds, in many cases preserving sequential structure is critical to understanding what consumers are saying and why.
Drawing on sociological research, I will make the case that conversational analysis offers a distinct alternative to purely inductive big data analyses of social media. Importantly, findings on how information is conveyed in stories, jokes and other forms of ordinary conversation can also help us better communicate insights from all forms of quantitative and qualitative analyses.

Want to hear more from Earl Taylor? Join us at the Marketing Analytics & Data Science Conference. Learn, network and share best practices with the most influential leaders in data science and analytics. Stay connected at #MADSCONF.
Brilliance@Work profile originally published on www.starrybluebrilliance.com


Peggy L. Bieniek, ABC is an Accredited Business Communicator specializing in corporate communication best practices. 

Connect with Peggy on LinkedInTwitterGoogle+, and on her website at www.starrybluebrilliance.com

Discover Your Stories in Big Data

Photo: tookapic.com
‘The purpose of a storyteller is not to tell
you how to think, but to give you questions to think upon.’
- Brandon Sanderson,
science fiction and fantasy author

Data on its own has no meaning. It takes a skillful storyteller or team of storytellers to give data meaning. Your data scientist or data team needs to fill that vital role for business success.

In “Why Your Data Scientists Need to be Storytellers and How
to Get Them There,”
 Laura Patterson says that “unless all that data can be effectively collected,
analyzed, and transformed into meaningful and actionable insights’and then used
to tell a compelling, actionable story’it is as useless as salt water to
someone who is parched and adrift on the ocean.”
Learn what it takes to transform your data through compelling storytelling during these sessions at the Marketing Analytics & Data Science Conference, (MADS) on June 8-10 in San Francisco, California:

- “What’s the Story With Big Data?” presented by Earl Taylor, Chief Marketing Officer, Marketing Science Institute
- “Your Data Doesn’t Always Tell the Story” presented by Nancy Kazdan, Founder & CEO, Market Share International
Join us at MADS to learn, network and share best practices with the most influential leaders in data science and analytics. Stay connected at #MADSCONF.

Session descriptions are from the Marketing Analytics & Data Science Conference brochure.

Peggy L. Bieniek, ABC is an Accredited Business Communicator specializing in corporate communication best practices. 

Connect with Peggy on LinkedInTwitterGoogle+, and on her website at www.starrybluebrilliance.com

FOCI Speaker Spotlight: Earl L. Taylor

We recently sat down with Future of Consumer Intelligence 2014 keynote
speaker Earl L. Taylor, Chief Marketing Officer, Marketing Science
Institute. Taylor discussed the humanization of data and how the role of the
researcher has changed and evolved over the last few years.
We are fortunate to have him share this critical insight
with our FOCI community. This year, FOCI
explores the emerging role of decision science and the convergence of knowledge
points – insights, foresights, social science, marketing science and
intelligence with technology as a central driving force and profound connector.
We are barraged by information – and within this sea of data
we must remember to think of the problem we are trying to solve and how we can
we use this convergence of information to better understand people.
 Translating the new “understanding” into future opportunities
means that the role of a researcher is changing. FOCI accelerates disruptive
innovators in the research space and pushes people to take risks, to think
outside of traditional research methods and insights gathering and explore new
and alternative tools and technologies. FOCI will bridge the gap between what
people say they are going to do and what they actually do.
Here is what Taylor had to say:
IIR: A big theme
of this year’s conference is ‘humanization of data.’ Why do you think
understanding PEOPLE (not consumers) presents an opportunity for strategic
action? 
Taylor: With the
rise of social/mobile networking, the role of ‘consumer’ is increasingly
intertwined with the many other roles people play in the course of their
lives.  A holistic understanding of how people today juggle overlapping
identities is essential if marketers want to understand how–and how not–to
engage them on their own terms.
IIR: How is
technology not only changing how we do things, but also how we understand the
world, business, and people?
Taylor: Continuous
and nearly instantaneous access to almost every kind of information has the
potential to enrich our lives, but also to overwhelm and distract us. 
Designing rewarding customer experiences in such a data-rich environment
presents both opportunities and challenges.  Increasingly, the necessary
insights may come from studies of play, art, ritual and other ‘immersive’
experiences.
IIR: How has the
role of ‘the researcher’ changed?
Taylor: Traditional
concerns about research design and hypothesis testing will be supplemented by
(or give way to) observation of social media and other sources of insights
and/or machine learning algorithms applied to large masses of transactional
data.  Deriving actionable insights in real time will require the skills
of both data scientists for inductive ‘data discovery’ and of ethnographers
trained in ‘thick description’ of social actions and structures.
IIR: How has the
increasingly connected consumer affected market research?
Taylor: Historically,
market research often claimed to understand consumers better than they
understood themselves and was needed to guide companies in developing a limited
number of options to appeal to broad demographic segments.  The
availability of individual-level behavioral data and predictive analytics and
the increasing role of social networks in influencing consumer choice up to the
‘zero moment’ of truth may finally make possible true ‘one-to-one’ marketing
where consumers themselves in effect do the market research by sharing data and
preferences allowing customization of offers ‘on the fly.’
Want to hear more
from Earl in person? Join him at Future of Consumer Intelligence
2014 in Los Angeles, CA in May. To learn more about the event and
register, click here: 
http://bit.ly/1nNOnoY

** As a reader of our
blog, you get an exclusive 15% discount on your FOCI 2014 pass. Use code FOCI14BLOG when you register **

About the Author:
Amanda Ciccatelli, Social Media Strategist of the 
Marketing Division at IIR USA, has a background in digital and print
journalism, covering a variety of topics in business strategy, marketing, and
technology. Amanda is the Editor at Large for several of IIR’s blogs
including 
Next Big DesignCustomers 1st, and ProjectWorld and World Congress for Business
Analysts
, and a regular
contributor to 
Front End of Innovation and The Market Research Event,.
She previously worked at Technology Marketing Corporation as a Web Editor where
she covered breaking news and feature stories in the technology industry. She
can be reached at aciccatelli@iirusa.com. Follow her at @AmandaCicc.