Insights and customer-centric decision making | Nadia Morozova

Introduction

In our latest conversation, we had the pleasure of speaking with Nadia Morozova, Global Chief Analytics and Insights Officer for Brand Marketing and Communications at EY, based in London. Nadia is a strong advocate for customer-centric decision-making, which resonates deeply with many in the business landscape, and she also runs a blog called Enriched Insights. Throughout our discussion, we delved into the critical role of insights in driving business outcomes and the evolving landscape of marketing analytics, particularly focusing on marketing mix modeling in a post-GDPR world.

The Connection Between Insights and Business Outcomes

Nadia shared her belief that while many organizations recognize the importance of insights, it often takes time and maturity for them to connect data analysis with actionable business recommendations. Through specific outcomes, businesses learn that insights are invaluable to their decision-making processes on both strategic and tactical levels.

Marketing Mix Modeling: A Strategic Tool

Marketing mix modeling has gained attention recently, particularly given restrictions like GDPR and individual tracking limitations. Companies are being urged to take a broader view on this subject. Nadia emphasized that organizations should first build a clear data road map focused on achieving high-quality data and a robust data architecture. Only after establishing this foundation should they begin to explore more complex analytical tools like marketing mix modeling.

This powerful tool can provide substantial insights but must be approached thoughtfully. Companies need to ensure that they gather high-quality data that accurately reflects investment outcomes and that they utilize a strong statistical application in their modeling exercises.

The Role of Automation in Marketing Mix Modeling

We also discussed the evolving role of automation in marketing mix modeling. Previously, gathering insights from these models was a lengthy and complex process, but advancements in automation can enable companies to stay agile in a fast-paced media environment. Nadia pointed out that while automation brings efficiency, organizations must still prioritize setting up strong foundational processes.

Establishing Clear Objectives

A critical element discussed was the significance of setting clear objectives. Before embarking on a data-driven approach, companies should understand what they wish to achieve—be it optimizing media mix, measuring promotional impact, or driving customer acquisition. This clear direction influences the choice of tools and methodologies applied in data analysis.

The Evolution of Advertising Measurement

When the conversation turned to ROAS (Return on Advertising Spend), Nadia expressed the importance of understanding the evolution of measurement models. She noted that while ROAS is often seen as a short-term metric, a focus on ROI might provide a more comprehensive perspective on advertisement effectiveness. Companies should recognize that different business questions demand different analytical approaches, ensuring that their methods suit the objectives at hand.

Segmentation and Audience Mindsets

Nadia's extensive experience across various companies has highlighted the power of audience segmentation and mindsets in shaping business decisions. At TikTok, for instance, Nadia's research challenged existing perceptions by showcasing a broader audience beyond just younger demographics. By blending qualitative and quantitative research methods, she helped reveal nuanced audience mindsets, which in turn informed advertising strategies and shifted industry perceptions.

Leveraging Insights for Business Results

Nadia highlighted that high-performance companies excel by embedding customer and consumer voices into their decision-making processes. Organizations often suffer from data silos; however, the key to driving impactful business decisions lies in fostering a culture where insights are integrated into daily operations and strategic planning.

For smaller organizations or startups looking to establish robust insight functions, Nadia advises starting with foundational research as early as possible. Quality data is essential, and startups do not always need extensive resources to leverage existing data effectively.

Conclusion

Our conversation with Nadia Morozova shed light on the crucial intersection of insights and customer-centric decision-making in today’s rapidly evolving business landscape. As organizations strive to harness data more effectively, those that prioritize customer needs and integrate insights into their strategy are likely to emerge as leaders in their respective fields.

Keyword

Insights
Customer-centric decision-making
Marketing mix modeling
GDPR
Automation
Segmentation
Audience mindsets
ROAS (Return on Advertising Spend)
Data quality
Business outcomes

FAQ

1. Why are insights vital for business outcomes?
Insights help organizations make informed decisions, leading to improved strategies and better understanding of customer needs, ultimately driving business performance.

2. How has marketing mix modeling evolved in a post-GDPR world?
With restrictions on individual tracking, organizations are utilizing marketing mix modeling to capture a wider view of campaign effectiveness while ensuring they have a solid data foundation.

3. What role does automation play in marketing mix modeling?
Automation enables more frequent model updates, allowing companies to adapt quickly to the changing media landscape while gaining timely insights.

4. What is the importance of setting clear objectives when leveraging insights?
Clear objectives guide the choice of tools and methodologies, ensuring that the insights gained align with what the organization hopes to achieve.

5. How can smaller organizations benefit from establishing insights functions?
Smaller organizations can leverage existing data effectively and implement foundational insight functions early on to drive strategic decision-making without requiring extensive resources.