What is conDati Revenue Forecasting?
Great question: In brief, conDati Revenue Forecasting is a subset of the conDati RevenueLift™ analytics-as-a-service platform which uses time series modeling to create highly accurate and insightful revenue forecasts for your marketing campaigns. It can also be purchased as a standalone starter bundle.
These forecasts give CMOs the ability to see, in dollars, the impact their disparate marketing campaigns will have into the future and across channels.
This ability is so game-changing that we regularly leave our audiences in stunned silence, gently shaking their heads and wondering what in the world they can do with it...
What is it good for?
Improve Your Relationship with Your Executive Team
The ability to see into the future with a reliable, currency-based revenue forecast has been the holy grail of digital marketing analytics since its inception. Back as far as 2013, futurists were heralding the dawn of the age where CFOs and CMOs spoke the same language: the language of analytics.
The new era would be filled with accurate, dollar-based charts that explained in terms a finance officer could understand what the business case was for the marketing campaigns the CMO needed to increase the budget for.
“The Finance Officer is your friend!” read the articles. In effect, “analytics creates a common language between marketing and finance for the first time by allowing the two functions to clearly see marketing’s impact on financial performance.”
Only, without an in-house IT/data science team dedicated to the task, marketing analytics could only go so far — and definitely not far enough to provide the kind of robust, insightful, and accurate reports the finance department needs.
Now, however, CMOs can take conDati revenue forecasts to the CFO and CEO and show them a solid business case for their marketing campaigns.
By using proprietary time series modeling based on open source projects such as Facebook Prophet, and backed by decades of research and experience on our data science team, conDati revenue forecasts use historic data from the unified data set created from the client’s many data streams (i.e. Google Analytics, Facebook, Salesforce, Pareto, Mail Chimp, etc) to produce an actionable forecast clients can use to show their executive team (and perhaps especially the finance department) a solid business case for their campaigns.
Get a Raise or Promotion — or Help You Keep Your Job
One constant concern for CMOs and the entire marketing team has always been that, even though there was no way to measure or forecast this, marketing campaigns have had to work within budgets. If your campaign miraculously stayed within budget and revenue went up, you kept your job.
If not — and though there was no reliable way to tie campaign success or failure to revenue — your job was literally on the line at times.
Those days are in the past, however, as it is now possible to reliably know if your campaign is staying within budget, and, more importantly, to see into the future and know, with a high level of confidence, if you should stay the course or change course, using an evidence-based plan.
This is due to the robustness of the forecasting ability in conDati RevenueLift. The solution provides change detection along with the forecasting, which effectively means that once conDati learns what your baseline is — what normal looks like for you — the solution can accurately alert you to changes and provide you with the time to proactively make decisions.
Help to Make Your Team Uber-Efficient
One of the key accelerators for creativity is the careful use of constraints. Much has been written of late about the impact of analytics and technology on marketing teams: on the one hand, there is heightened accountability — teams need to show a solid business case for marketing campaigns and adhere strictly to budgets that are tied to ROI. On the other hand, marketing still thrives on creativity and without some artistic license, campaigns suffer.
We’d like to introduce the concept that creativity thrives with constraint, and join the camp which looks forward to the (near) future when marketing teams achieve that perfect balance of profitable and yet still super creative.
It is possible, and, in fact, adding the assurance of knowing where you stand within your budget can make your team more efficient, more creative, more winning.
With solid long-term planning in place, you’re more free to focus on the artistic/creative side to your campaigns. Perhaps one way to think of this is that by focusing your teams’ efforts on the quant side in an efficient, cost-effective and timely manner, you can budget the time and energy to the qualitative side of your campaigns and really nail the message you need to send to your specific audience segment at the right time, through the right platform, and in a way that resonates with them — ultimately winning that elusive aspect of the marketing game while not only staying with budget but showing that you have a positive return on that investing into your marketing campaigns.
Compete with Larger Enterprises
In a mid-size enterprise, marketing teams have a great deal of license: the ability to reach audiences where they live online, while also not being held back by the massive and sometimes cumbersome requirements of a large enterprise.
It can seem daunting to learn about new initiatives such as Walmart’s Data Cafe. Walmart has at its fingertips 40 pentabytes of data in real-time from its over 20,000 stores in 28 countries. Wow.
Yeah, trying to even consider what that amount of data looks like requires a leap in consciousness that is daunting. Let alone imagining the insights that data will bring. However, by harnessing the agility of the newest advances in cloud computing, and combining that with conDati Data Science, a mid-size marketing team can solve its complex problems by analyzing massive amounts of data in a way that delivers insights that bring them closer to an enterprise with an in-house IT team and an in-house data solution.