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IPA EffWorks report reveals 4 key decisions to drive ROI
The new report by o9 solutions unveiled at the cross-industry’s flagship IPA EffWorks Global 2022 Conference explores how to drive ROI in short, medium and long term
Georgie Moreton
Deputy Editor, BITE CreativebriefOn the verge of recession with consumers hard pressed by the cost of living crisis, business leaders are going back to basics and putting a heightened focus on the bottom line. To help senior leaders in brand management to drive ROI across the short, medium and long term, the IPA has commissioned a report from o9 solutions, which was unveiled at the cross-industry’s flagship IPA EffWorks Global 2022 Conference this week.
The report, ‘Quality Brand Growth in the Age of Disruption’ has been written by o9 solutions, driven by Adam Ben-Yousef and outlines the four key decisions that senior leaders can make to increase their ROI.
Ultimately combining insights and data to understand the short- and long-term financial value of every key commercial decision.
Adam Ben-Yousef, Vice President, o9 Solutions
By examining brand growth across history using a variety of measurement methodologies the report explores the idea of brand growth in the digital age and warns how leaders can often find themselves paralysed by data. With more data available than ever before from a variety of different sources, finding the right data that connects the dots of marketing and sales is hard to find but essential for growth. The report looks at how to bring this data together in a digital first world to ensure decisions are based on the right data powered by knowledge.
“In our conversations with senior executives across industries, we’ve learned that many organisations have struggled to realise the full benefits of digital-age brand-building capabilities at global scale despite having more data than ever before – what we’ve come to call the ‘digital knowledge paradox.’ explained Janet Hull OBE, Director of Marketing Strategy, IPA.
The report shares four key ways to drive ROI and combatting this digital knowledge paradox for business leaders as follows:
1. Catalogue data & insights
To combat the digital knowledge paradox a data clean up is in order. Once brands are aware of the full scope of data they have they must map their knowledge and figure out where there are gaps. While the task of a data audit and clean up may seem tedious, it is essential for building a foundation upon which all further decisions can be made.
2. Align KPIs
Organisations must create KPIs that mark success and that can also be measured. Do not create KPIs in silos. They may not be identical across all parts of an organisation but they must be compatible to ensure all parts of an organisation are moving forward together.
3. Invest in technology
As tech becomes more advanced and self-serving, utilise what’s out there. Its predicted that the next frontier will be end-to-end cross-functional systems that both incorporate AI/ML to show a consistent internal point of view (e.g., a defined customer view from different directions: supply chain, sales, marketing, finance, etc.) and provide a framework to ingest new channels, data, and opportunities as they arrive (such as the metaverse).
4. Encourage collaboration
The advertising industry can learn a lot from traditional sectors like law or banking that have development programs that expose young talent to cross-functional teams and processes. This knowledge will pay long-term dividends as having teams that understand how an organisation works holistically lays the foundation for better leadership. Rather than thinking in terms of rotations in functions, cross-functional teams should be emphasised as a permanent part of the business.
Sharing advice for business leaders, Adam Ben-Yousef, Vice President, o9 Solutions added: “Underpinning the proposals is a clear need for organisations to shift to a holistic, connected approach for top-line growth management by breaking down long-standing barriers between commercial functions, ultimately combining insights and data to understand the short- and long-term financial value of every key commercial decision.”
As socio-economic climate remains difficult to navigate, the report underlines the belief that creating a more aligned organisation where decisions are made on data, will future proof any business to win in the short, mid and long term.
The report, ‘Quality Brand Growth in the Age of Disruption’ is available to download free of charge from the IPA website.
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