At W2O Group, we continue to look at current models, identify where the unmet need or pain points are in the marketplace, and then we figure out how to evolve that model to provide unique advantage for our clients. It’s what we call Pragmatic Disruption of the Status Quo.
Thought I would share with you a few models that we are “obsessing over” as we figure out how to create the new/evolved model.
#1 – From DMA Model to Brand DNA — the DMA (designated market area) Model has always bugged me. Advertisers have used it for decades to plan media. A “DMA” is based on overall population for an area. Nice idea for 1970. In 2013, we are able to build algorithms that take in all relevant variables for a brand, ranging from a) where their customers are to b) where their sales should be to c) where their retail footprint is and on and on. We’re moving from DMA to DNA or personalized DMA’s by brand that will be driven by algorithms with 20+ variables. We’ll be able to optimize spend in new ways, most likely greatly reducing total cost. We’ll be able to show where brand impact is negligible, so media spend should stop….or the way we reach people will have to change. Our new approach will shine light on what is really working. The old adage that I know that 50% of my marketing is working, I just don’t know which half…will become obsolete.
#2 – From Q Score to IQ Score – the Q score is the best industry can do today to judge a person’s marketability. The reality is we are well on our way in examining new ways to analyze, monitor and track “human beings of value”. The Q score will give away, eventually, to an online IQ score. For example, we’re looking at the four key elements of character, including the network of the individual. These four elements are likely to lead to 100+ metrics that can give us far more intense knowledge of the impact of a given person in a specific area of industry. As a result, we’ll be able to see issues earlier and we’ll know the real impact of a person’s network. We already know that most celebrities utilized by brands to expand their image are not very successful in doing so. Our work in influencer analytics has shown this repeatedly over the years. If brands are to continue to invest in celebrities to add value to their brand, the models of how to effectively reach customers will simply have to change.
#3 – From Drilling for Data to Refining of Data — it’s time for us to think bigger about what data really is. I live in Texas, so energy is never far from any conversation. Well, what if we thought of data like a barrel of oil. A barrel of oil can create dozens of products and the companies that make oil know exactly where their reserves are anywhere in the world. We will too as we build out our industry’s first global data supply chain. We will know the primary, secondary and tertiary sources of data by country or language. We’ll know the top online channels for the top 40 countries. We’ll know which data streams can only be “rented” and which ones can be “leveraged” and we’ll know how to de-dupe data so we retain what matters and avoid needless repetition. We will stop wondering if we have access to data and start wondering about the value of data as an asset to our business.
All three of these models are ready to evolve. Will be fun showing the way with our most innovative clients.
All the best, Bob