Can you tell us something about Adverity and how it can help organizations?
Advanced data analytics is more accessible to a wider range of companies than ever before. We are proud to be among the innovators who have done this.
Adverity was founded in 2015 with the goal of helping every organization make quick and easy decisions based on insight. Today, our solution enables brands, agencies and organizations to drive maximum value using data. By democratizing cutting-edge marketing technology, we have helped level the playing field between small and business enterprises.
What the platform does is turn the extracted data into a unified, reliable and effective insight. The way it achieves this is rooted in the connected infrastructure and intelligent capabilities of our wholly owned end-to-end system. By automatically integrating data from multiple sources, it breaks through multi-channel complexity and allows retailers to gain full insight into their real-time performance and ROI – or what we call the ‘single source of truth’.
How do you think the data reshapes the role of the CMO?
After a decade of adjustment, CMOs can expect more from the same. Although accelerated in recent years, digitalisation has already reshaped its role – driving endless waves of emerging channels and platforms, but also more room for efficient activity management.
Using smarter tools, they can run far-reaching campaigns, apply holistic real-time measurement, and launch smart adjustments over the summer. While the improved ability to demonstrate their impact on the end result has rightly given CMOs a place at the board table, it has also added more pressure. Modern CMOs face high expectations of precise accountability and efficiency in multiple tasks, which will only grow as the marketing landscape becomes more complex.
CMOS must become the master of data and strategy. Ensuring a constant flow of up-to-date intelligence is part of that, as is moving away from cumbersome inherited practices. But it will be equally important to focus on agile data use. Adopting a scientific mindset is vital for CMOs to continue to thrive by testing and learning, and most importantly, by listening to what the data tells them about the next best move.
How could automation trigger a renaissance of creative content?
The most obvious advantage of automation is its potential for labor savings. Our research shows that it is a manual argument the ultimate challenge for marketing departments, doc 43% CMOs say teams spend more time collecting data in one place than using it.
Automating these processes will free up teams to unleash more creativity. Instead of arranging data in order and spilling over spreadsheets, they can focus on creating an inspiring creative that sets them apart from rivals and engages their target audience. In fact, we’ve seen companies come back 80% your time through automation, with great long-term cost savings.
Then there are the strategic gains. With efficient analytics that identify what works (and what doesn’t), teams can fine-tune content and simplify channels that work well. This will reduce risk, lost extras and situations such as starting the right campaign – at the wrong time. We are on the verge of an upgraded creative renaissance, with a new kind of intelligence leading the way.
What skills does a modern marketing team need?
Teams must have the capacity to dispose of data as an asset that allows them to increase their productivity, make smarter choices and find the best path to optimal results. What this looks like for individual companies will of course vary, but at a basic level, CMOs will need to ensure that their teams have the knowledge to handle and apply different data.
This will typically include a mix of robust data and technical literacy that empowers all employees to reliably handle data and sophisticated tools. There are a few things that are more frustrating than drowning resources in new solutions and then lacking the ability to use them. But as the complexity of omnichannel increases, so may the need for an internal data champion.
We are beginning to see a new role emerge, with 73% CMOs dedicated to introducing a marketing position to their team. Taking the helm in coordinating technology stacks, monitoring data quality and encouraging analysis, this new announcement will help eliminate barriers and keep data use running smoothly.
What advice would you give to companies looking to attract and enhance marketing talent?
Don’t let the balance of talent management shift too far towards employment. As the demand for sharper digital and data skills grows, companies may be forgiven for thinking that the easiest way to build the necessary skills lies in employment. However, in our latest CMO research, 66% find it harder to hire new employees with a data background than to improve their current team.
So while employment remains a key priority, traders also need to invest in training. Deloitte’s research shows almost one of four (36%) firms with more qualified staff are now rated as ‘masters’ or ‘advanced’ on the data maturity scale – showing the company’s clear strengths. However, let’s not forget the individuals either. Many retailers will be eager to progress and hone their data skills, and will favor companies that have invested to take them on this journey.
To what extent do you think CMOs need to take the data revolution more seriously?
Every individual strategic focus in our 2022 Marketing Statement report depended on data: from audience building to precise targeting and campaign reporting. Senior leaders know that data will play an integral role in achieving short-term goals and maintaining their competitive advantage.
But research also reveals an essential area they don’t take as seriously as they should: the practicality of the data. Where 63% CMOs say they make data-based decisions half (47%) believe that they lack recommendations based on the data needed to improve performance and 34% they don’t even trust their own data. Combined with the findings yes 58% teams continue to build reports in tables and huge 77% a unique insight into performance has yet to be achieved, it is clear that there is a large gap between perceived capability and actual data maturity.
CMOs cannot overlook the basics of good data organization. Before they start bending their data, they need to pay more attention to building the basic foundations for good data use.
What are Adverity’s plans for next year?
The ambition to transform marketing with more intelligent and accessible analysis has never been realized. In addition to improving predictive skills that will enable marketing professionals to create strategies that look to the future, we are constantly improving the components of our set for greater efficiency.
What has kept us on course is that we live by our values. We believe that transparent top-down communication and a clear shared vision are paramount to ensure that every team member feels involved and motivated. This mantra has allowed us to continue on our path of growth – doubling annually in recent years – while maintaining our culture as Adverity sets its goals even higher.
Harriet Durnford-Smith, CMO, Adverity, will participate in a panel discussion entitled ‘Rethinking the Role of CMO’ at DMWF Global on 29 June. Join the CMO panel to find out what are the key changes and challenges of the modern CMO that it will face in the coming years. For more details visit DMWF Global Website.