When we read Fab Dolan’s blog this month about forecasting during times of uncertainty, our Morphio team had just finished a ‘Daily Howdy’ (our daily team Zoom meeting) on the same topic. We were talking about how digital marketing forecasting is changing and how digital marketers should always be using predictive analytics to forecast and experiment. (Fab is Google Canada’s Director of Marketing).
Fab (and Google) shared their approach to forecasting consumer behaviour and provided a handful of smart tips:
- Build agile plans and budgets
- Differentiate what is temporary from ‘the new normal’
- Focus on what matters most (don’t chase down every data point)
If you haven’t heard of Morphio yet, our artificial intelligence helps digital marketers automate and scale, but let’s get to our point(s) in relation to Fab’s blog.
- Build agile plans and budgets – yep, 100% – table stakes.
- Differentiate what is temporary from ‘the new normal’. This tip is a little tougher to realize in practice, but with Anomaly Detection you can automate the ‘grunt work’ of data integration and analysis so your team actually has time to think and be creative.
- Focus on what matters most (don’t chase down every data point). This tip is the crux of marketing and business in general, and while it is a simple concept – to consistently prioritize and make good decisions requires a balance of experience, instinct, technology and process. To help stop chasing data – ask your team if they would benefit from instant alerts like this:
In the past couple of months, interest in Morphio (and Artificial Intelligence in general) has accelerated and we are accelerating our marketing plan in some areas as a result, but importantly we are also dialling down on tactics and pieces of our plan that no longer line up with buyer behaviour.
Most importantly, we stopped chasing data a long time ago and hope you can soon too.