Today, Nielsen announced it has entered into a strategic partnership with Quotient Technology, a leading digital-first provider of data, media, and promotions platforms powered by purchase data. Through this new strategic partnership, Nielsen will bring Quotient's omni-channel purchase intelligence into its audience and performance measurement to allow clients to deliver on the next frontier of data-driven marketing. As consumers seek more integrated shopping experiences, brand marketers are increasingly using data to drive decisions on how they allocate their media investments and connect with the consumers along their purchase journey. Bringing together Quotient's retailer-powered data set of more than 100 million buyers and its media and promotions activation platforms with Nielsen measurement solutions, this strategic partnership will provide advertisers and agencies with exclusive access to consumer insights, enabling incremental sales through more sophisticated, data-powered marketing at scale. "As marketers continue to adapt to connect with the omni-channel shopper, advertisers are blurring the lines between media and trade to capture incremental growth through a curated consumer experience," said Matt Krepsik, Global Head of Analytics at Nielsen.
According to MarketsandMarkets, the global retail analytics market will likely more than double in size during 2015-2020, totaling about $5.1 billion at the end of the forecast period. The adoption of analytics solutions is increasing as more enterprises worldwide are realizing significant returns from using BI and analytics platforms and services. Of late, many retailers seem to be jumping on the AI bandwagon to improve their marketing efforts. Sailthru, a marketing technology company, published a study that included a survey with more than 200 retail marketers. Over the course of 2017, these retailers plan to leverage AI to expand their mobile and social media marketing strategies aside from improving customer journeys.
Everything old is new again; martech is innovating in leaps and bounds, yet attribution remains a thorn in the side of the vast majority of CMOs. Currently, only one in four marketers is confident they can quantify ROI, which certainly helps explain why 70% of CMOs expect to invest more in marketing analytics and attribution over the next year according to Nielsen. Marketers are feeling the pressure. Data complexity and fragmentation plague CMOs as the sheer volume of martech in play makes the accurate calculation of ROI on campaigns, channels and technology more important than ever. Incredibly, the Nielsen 2018 CMO Report found that, "the average marketing group has 59 different martech point solutions, many of which are not integrated."
As you may already know, as the CMS-Connected team, we often attend some significant tech providers' annual user conferences to capture the buzz of their events through our interviews with the attendees. During those conversations, more often than not, we notice the same gap between technology providers' executives and actual users. Personalization, big data, omnichannel, real-time marketing, voice assistants, artificial intelligence, applications, and all other buzzwords have been thrown into every conversation at those events but when we go in-depth on actual use cases, often times the hype on the new technologies aforementioned seems to outpace the reality and practicality. Instead of frothing up the bubble on the hype, a marketing automation platform provider, Resulticks, conducted a study to see the real story behind the fancy martech world. In the end, the study concluded that most marketing technology solutions have overpromised and under-delivered, leaving marketers ready to throw in the towel.
Disruption is the new normal, so what are your options? You can keep your fingers crossed and hope for the best. You can react to rapid change and hope your competitors are also going to remain reactive instead of becoming proactive. Or, ideally, you leverage analytics, the power of AI and experimentation to drive innovations and develop winning strategies and tactics for your brands and business. These challenges are compounded by the revolutionary change that the COVID-19 pandemic has accelerated for e-commerce and other forms of virtual customer connections/relationships. Amid all this, success will depend on smart marketers and innovators who have the will and capability to adapt to meet the demands of the evolving consumer.