On February 15, Adverity announced the findings of a new study it commissioned Forrester Consulting to conduct. It is called the Total Economic Impact (TEI) study. This study quantifies the average potential return on investment (ROI) for companies using Adverity’s end-to-end platform at 368% over a three-year period. It reveals the potential impact for companies using Adverity to help enhance the way they make insights-driven marketing decisions.
Forrester Consulting had access to a tenured Adverity customer project. It conducted interviews with customer decision-makers and examination of costs, flexibility, risks, and benefits using the TEI methodology. This customer is a global manufacturer of consumer electrical and works across a variety of brands, operates at multiple locations, and runs thousands of marketing campaigns across all their global brands annually. The global marketing performance team had limited oversight of the marketing campaign performance prior to using Adverity’s platform.
The TEI study presents the potential financial impact of Adverity’s platform on a business’s marketing operations. Apart from the 368% ROI, the study also lists other benefits of the platform:
Efficiency in data management and operations, freeing up 80% of employees' time for a projected overall savings of $564,000 over three years
Timely insights on performance, allowing for optimization of marketing activities, the flexibility to optimize campaigns allowed this organization to save and reallocate an estimated $2.9 million
Time savings on marketing analytics activities, company estimated that having access to automated reports could cut down about 75% of their time spent on these activities which amounted to a time savings of $1.8 million over three years
Companies are spending millions of dollars on advertising and yet still can feel like they are operating in the dark when it comes to showing how and why marketing budget is being spent. Combine that with competing priorities for budget and it can be dangerously easy for internal stakeholders to lose confidence in marketing. We understand how critical it is to have the right tools to make data-backed marketing decisions and prove the return on investment for digital campaigns."
Harriet Durnford-Smith, CMO at Adverity
The Head of Marketing Insights and Performance at the organization analyzed for the study talked about the amount of time their team spent on data integration, mapping and cleansing prior to working with Adverity. Data wrangling wasn't the only challenge as evidenced by the notable insights shared in the study:
"We were doing marketing in the dark. We had spreadsheet-based reporting, which is like looking in the rear mirror at what happened last month, but we were not able to look forward and steer."
"For the first time ever, we have the ability to calculate return on investment or ad spend."
"Instead of looking at their own silo, we now urge everyone in marketing and partly in sales, to look at the performance end-to-end so they can see the impact of their investments."
The TEI study also uncovered extensive qualitative benefits of Adverity like improved collaboration through data democratization, job satisfaction, employee retention and transformation into a data-driven organization. Adverity automates marketing data reporting, decision making and analyzing and produces significant savings. It creates real-time optimizations for omnichannel digital marketing campaigns.