Mike Taylor, successful growth marketing agency founder and author, talks about the power of memetics in marketing, creative testing, and marketing measurement. He discusses the challenges of measuring advertising in the face of privacy regulations and disruption caused by companies like Apple. Taylor emphasizes the importance of proactive action and creating data in marketing.
Embrace uncertainty and adopt alternative measurement methods to gain valuable insights in marketing.
Understand the power of memes in marketing and use them to shape branding and consumer perceptions.
Challenge traditional marketing myths, embrace experimentation, and explore alternative measurement approaches to drive better results.
Deep dives
Measuring Marketing: A Journey of Uncertainty and Creativity
In the podcast episode, the speaker discusses the importance of embracing uncertainty in the field of marketing. With the rise of privacy regulations and advancements in technology, traditional methods of tracking and measuring marketing efforts are becoming less reliable. The speaker advocates for a shift in mindset, encouraging marketers to focus on creativity and experimentation. By accepting uncertainty and adopting alternative measurement methods like surveys, randomized control trials, and marketing mix modeling, marketers can gain valuable insights into the effectiveness of their campaigns. The speaker emphasizes the need to challenge traditional myths and take a data-driven approach to make smarter decisions in marketing.
The Power of Memetics in Marketing
The concept of memetics is explored in the podcast episode, where the speaker delves into the idea of ideas evolving and replicating, similar to how genes do. Memes, in this context, refer to cultural information that is copied and mutated over time. The speaker highlights the significance of memes in marketing, explaining how they shape branding, consumer perceptions, and creative ideas. By understanding the patterns and associations created by memes, marketers can make informed decisions about how to convey certain messages and target specific audiences. The importance of embracing creativity and copying successful patterns is emphasized, allowing marketers to navigate the ever-changing landscape of marketing with more confidence.
The episode stresses the need for marketers to adapt measurement methods in the face of uncertainty caused by privacy regulations and technological advancements. Traditional methods of tracking and measuring marketing efforts are no longer sufficient. The speaker recommends exploring alternative approaches such as surveys, randomized control trials, and marketing mix modeling. These methods provide more accurate insights into campaign performance and help marketers make smarter decisions. By embracing uncertainty and exploring different measurement techniques, marketers can gain a clearer understanding of the impact of their marketing activities and drive effective strategies.
Challenging Marketing Myths and Embracing Experimentation
The episode encourages marketers to challenge common marketing myths and embrace experimentation. The speaker addresses misconceptions such as the belief that doubling the marketing budget will lead to double the sales. By challenging these myths and being willing to test and measure, marketers can uncover valuable insights and drive better results. The importance of being less certain and more open to trying new approaches is emphasized, with the understanding that success in marketing often involves copying successful ideas and adapting them to fit specific contexts. The episode encourages marketers to take action, turn off advertising in certain locations, and leverage measurement methods to gain a deeper understanding of marketing effectiveness.
Building a Robust Marketing Knowledge Base
The podcast episode mentions the creation of a comprehensive database documenting various case studies on how brands measure marketing effectiveness. By compiling examples of marketing mix modeling, conversion lift studies, and multi-touch attribution methods, marketers can access a repository of knowledge. This resource provides insights into the diverse strategies employed by different brands, allowing marketers to learn from successful approaches and make more informed decisions. The database aims to highlight patterns and trends across these different measurement methods, helping marketers navigate the ever-evolving marketing landscape with more confidence and guidance.
Mike Taylor created and grew a successful growth marketing agency (Ladder.io), is building a business around simulator-based courses for data-driven marketers (Vexpower), and is the author of a forthcoming book about marketing memetics.
He joins me on the show to talk about the power of memetics in marketing (and so much more), creative testing, and marketing measurement. Here are a couple of quotes for the show:
"Measurement wasn’t actually better before iOS14, it was just easier."
"It’s better to be uncertain and right, than certain and wrong."
Listen to the end for some actionable advice for marketers to implement immediately.
