Measure Up Challenges of Marketing Measurement with Neil Hoyne, Chief Strategist @ Google
What are the biggest challenges facing marketers and analysts today? Is it privacy regulations? Technology changes? AI?In two words: unmet expectations.Neil Hoyne, Chief Strategist at Google, shares his insights into the evolution of marketing measurement given the current environment and challenges.
Even with MMMs and incrementality testing, at the end of the day the organizations that win will be the ones that can take action and make decisions based on the data. This is not a tool problem, or a data problem - it’s a people problem. Organizational friction and human behavior is still there.
Listen in as we discuss the resurgence of Marketing Mix Modeling (MMM) as essential tool for marketers in a privacy-centric era, the importance of adaptability within the marketing industry, and the crucial role of storytelling and relationship building in data interpretation.
Links from the show:
Timeline:00:21 A Dive into Historical Context01:08 Setting the Stage for Today's Episode: The Marketing Measurement Dilemma02:44 Introducing the Expert: Neil Hoyne03:54 The Evolution of Marketing Measurement Post-COVID06:19 Challenges and Expectations in Modern Marketing Measurement16:51 The Resurgence of MMM and Addressing Organizational Challenges22:08 Bridging the Gap Between Data and Decision-Making23:22 The Future of Measurement and Analytics in Marketing26:47 Exploring the Imperfections of Marketing Tools27:05 The Complexity of Understanding Consumer Behavior28:10 Navigating Uncertainty in Marketing Decisions29:04 Competitive Advantage in Consumer Behavior30:26 The Quest for Better, Not Perfect, Marketing Models32:12 Bridging the Gap Between Data Science and Business Goals33:52 Embracing Imperfection and Business Impact38:05 The Future of AI and Its Impact on Marketing43:08 Adapting to Change and Embracing New Skills46:25 Final Thoughts and Advice for Marketers