The 2013 Yale Consumer Insights Conference over the weekend challenged thought boundaries for marketing and big data in quite an overwhelming way. Alternating between leading marketing practitioners and leading marketing academics- 25 speakers delivered their message in 20 minutes followed by 5 minutes of questions and answers. Since the format of the conference was in one room and participants stayed together, conversations continued during the breaks. Here are ten takeaways from the leading marketers at the conference that resonates with this blog:
1. Design is iterative was one message from IDEO's speakers Annette Diefenthaler Senior Design Researcher and Ashlea Powell, Project Lead at IDEO. It sort of challenges the notion that test marketing is old as Innovation text books will tell you, partly because they were written before the social media revolution. It's perfectly fine to iterate your innovation based on what you learn from observing users up close.
2. The visual web is about human connection according to Abigail Posner, Head of Strategic Planning, and Agency Development at Google. The reason people share funny videos is that they want their friends to smile and not because they want to show off!
3. 90% of the world's data was created in the last two years said Stephen Gold ,VP Worldwide Marketing of IBM Watson Solutions, who was explaining about the artificially intelligent Watson that might help deal with the data deluge.
4. 85% of retail is cash/check in the world according to Carlos Fonseca SVP/Group Head Strategy, Operations and Analytics of MasterCard. Obviously a long way to go for the card and electronic payment companies!
5. Analyze Big Data for low hanging fruit first was a compelling message from Tamara Gruzbarg, Senior Director of Analytics and Research, Gilt. Analysts should continue finer data mining but the first cut recommendations should allow for quick action.
6. A deep qualitative understanding of the human spirit of customers is a mission at Starbucks. According to Pam Greer, VP of Consumer Insights at Starbucks this is achieved by anthropological and sociological techniques.
7. Reaching sports fans across platforms involves a “surround” strategy according to Barbara Singer VP Advertiser Insights & Strategy at ESPN. Advertisers need to understand sports fan behavior across TV, magazines, smartphones and tablets and appropriately design communications.
8. Articulating the Advertising Agency Brief i.e. the fight the marketer wants to win is critical to campaign success said David Terry, Director of Strategic Planning of Wieden+Kennedy known for great campaigns like Old Spice that was covered in an earlier post. Typical problems in the client-agency brief process include briefs that are not real, not true, not simple and not BIG.
9. Millenials worldwide are about "Pride and Tolerance" according to Christian Kurz VP Research, Insights and Reporting of Viacom International Media Networks based on their global study of millenials in 24 countries. In other words young people are far more tolerant worldwide today than ever before due to technology and globalization.
10. Focus groups will be extinct and neuroscience will replace much marketing research was the prediction of Stan Sthanunathan, VP of Marketing Strategy &Insights at Coca Cola- the Keynote Speaker. Indeed with improvements in neuroscience, traditional market research methods will change in unprecedented ways.
Overall a great conference Contact StratoServe.