The Center for Measurable Marketing Hosts "Measuring and Managing Brands in a Digital World"
The future of your brand is not created; it is co-created. The return on experience is directly tied to the bottom line. --Brian Solis
Russell Winer, William H. Joyce Professor of Marketing and chair of Stern’s Marketing Department, welcomed the audience.
Brian Solis, principal at Altimeter Group, delivered a presentation entitled, “The Power of Shared Experiences & The Increasing Irrelevance of NPS,” which focused on disruptive technology. “You are now marketing to an audience with an audience of audiences,” he noted. “The future of your brand is not created; it is co-created. The return on experience is directly tied to the bottom line.”
In “The Age of Big Data,” Craig Stacey, research director of Stern’s Center for Measurable Marketing and research scientist, and Ted Marzilli, SVP and managing director of BrandIndex at YouGov, presented two case studies with YouGov data on consumer tracking. They noted that “buzz” and “likelihood to recommend” now contribute to store traffic, and that TV is the primary driver of buzz.
Scott Galloway, clinical professor of marketing, spoke later in the segment on “small data” (easily available data such as which platforms get the biggest ROI and which social media sites are best suited for a company’s market). “Small data is really illuminating,” he said, and is readily available to companies. He noted that search is still the biggest traffic source for websites, at 35.5 percent, while social media only drives 2.4 percent of traffic, on average. He also noted that Pinterest is increasing in usage and boasts the best customer engagement of any social platform. He pointed out YouTube’s growth, and reported, “If you can get a person to watch your two-minute video, there’s a 40 percent chance they will be in your store within 30 days.”
Tülin Erdem, Leonard N. Stern Professor of Business and professor of marketing, reviewed her research which found that for US consumers, greater interest in brands appears to lead to decreased religious interest. “Being about brands and self-expressing through brands decreases religiosity, at least in the short run,” Professor Erdem explained, noting that she also found people who are more religious tend to be less brand-driven.