How to get started with Proof BusinessGPS?
To get started, there are some elements that a customer must have in place before they can start using Proof BusinessGPS. And also a few steps to follow to actually get started using the tool. Here comes the 5 elements/steps that need to be taken into consideration step by step.
1. The idea of what the business needs to measure
First of all, they need to have some sort of an idea of what it is the business wants to measure.
Let’s say senior leadership is interested to know how marketing is impacting online sales of a specific product in a specific country.
The first objective for a business leader is to formalize this need into specific business questions that an analyst can start working on.
In this case, the business question could be, What impact does our current marketing tactics have on online sales of let’s say a particular flat-screen TV, in let’s say the United Kingdom.
2. Sales and marketing data
The second element needed is sales and marketing data – both historical and real-time data. The main requirement is that the data must be relevant to the business question. The analyst working in the tool must ask him or herself.
What data do I need to in the regression model when trying to answer the business question?
In our example case, the clue is in the question. To make sure the outcome is accurate, the analyst would need access to the country- and product-specific sales data, for example through Salesforce.
And they also would need access to historical marketing data from all relevant marketing channels that have been used to market the product in that particular country. For example, data generated in their social media engagement with prospects, email campaigns just to name a few.
Should the analysts want to dive deeper into answering the business question, additional data can be added. Data such as consumer confidence data, brand reputation data, customer satisfaction data, or anything else that may have had a positive or negative impact on the actual effect.
To help customers get access to their data, we at Proof have partnered up with several data aggregators. Through these, the analyst working in the tool will be able to easily ingest data into the tool. Data that today may be spread out over multiple channels and formats but thanks to the data integration, can easily be accessed by Proof BusinessGPS.
3. Create a regression model to answer a business question
Once an analyst has ingested all relevant data into Proof, he or she is now ready to start working on creating a regression model, designed to answer the business question.
Working in the tool, the analyst will select data variables he or she thinks might impact the objective, set a confidence level threshold for the candidate data variables, and finally execute the model.
Any data variable that does not meet the confidence level criteria, will be disqualified and excluded from the regression model going forward.
4. Use the Insights to make multiple projections on future marketing performance
Once the regression model has been executed, the analyst will be able to clearly see which historical marketing tactics had the highest multiplier effect, what the calculated time-lag effect was between the marketing tactics being executed, and when that tactic materialized into, for example, sales.
But that is simply the starting point.
The regression model that was just created can now be used by both the business leader and the analyst to make one or multiple projections on the future performance of those marketing tactics that had the biggest impact on the priority.
5. Start making more informed decisions about future marketing engagements and investments
The fifth and final step is for the business user to start using the regression model and to start making informed decisions about future marketing engagements.
In short, Proof BusinessGPS is an invaluable resource for business leaders who need to make informed decisions about marketing initiatives and the priorities these initiatives need to support
Do you feel it hard to understand the business model and pricing for Proof BusinessGPS™? Then you can sit down and relax when we walk you through or 3 different packages and how it’s tied to our different solutions.
Proof BusinessGPS on AWS Standard pricing and costs
The standard licensing for Proof BusinessGPS on AWS includes the following.
Let’s start at the top.
Standard Licensing includes 10 Insights. Those 10 insights give the customer the ability to ask 10 business questions and the ability to build multiple regression models in the tool, associated with these business questions. 10 insights equal 10 business questions and associated regression models.
To ensure easy and automated access to relevant data sources needed to answer those business questions, we have included the ability to automatically ingest 10 data sources, with up to 100 accounts for each data source.
Unlike most cloud-based tools, there are no limitations on how many individual users have access to tools, either when creating the regression model or when consuming the insights these regression models deliver OR when creating alternative, future scenarios.
So just to be clear, we do not limit the number of users on the platform. Our standard licensing is built on the number of Insights a customer needs. And it starts with 10 insights.
So how much would an Insight cost then?
Well, one Insight costs $349 per month. The minimum number of insights is 10 and the minimum term of the contracts is 12 months. This means that the minimum annual cost for a customer is $41.880.
On top of that, Proof will charge a mandatory $2000 one-time onboarding fee.
Now, we fully appreciate that 10 insights might not be enough for some customers. And that’s why customers can buy more Insights, should they need to increase the number of business questions.
The license cost for these additional Insights is exactly the same, $349 per Insight, and will be added to the contract and co-terminate with the original purchase of licenses.
Should the customer need access to exclusive data on, for example, a specific brand, perhaps their own or a competitor, they can do so by buying access to Proof’s Brand Reputation Benchmark Data, starting at $1990 per month per brand.
We continue to add new elements to the platform, hence we recommend you stay up to date by checking our pricing page on our website regularly.
Proof BusinessGPS on Salesforce Standard or Enterprise pricing and costs
The other way of consuming Proof BusinessGPS is to do so on Salesforce.
Should the customer want to consume Proof Business GPS on Salesforce, there are two flavors a customer can choose between.
Standard and Enterprise.
The Standard package on Salesforce is very similar to the Standard Package of Proof BusinessGPS on AWS.
A customer gets 10 Insights and access to up to 10 data sources, and up to 100 accounts per data source, just like they would on the Standard package on Proof BusinessGPS on AWS. The pricing is exactly the same.
$349 per Insight per month, the minimum number of insights being 10 and with a minimum term of 12 months, taking the annual cost to $41.880.
The one difference between Proof BusinessGPS on Salesforce and Proof BusinessGPS on AWS is that Proof BusinessGPS on Salesforce comes with Marketing Planning capabilities.
This capability is part and parcel of Proof BusinessGPS on Salesforce and comes loaded with licenses for 10 users at no extra cost.
Should the customer need more user licenses for the Marketing Planning capabilities, these can be added throughout the contract term.
The cost of a new user license is $149 per month and will be added to the contract and co-terminate with the original purchase of licenses.
And just like in the case of Proof BusinessGPS on AWS, additional data can be added to the platform, should the customer decide to do so. Proof’s Brand Reputation Benchmark Data comes in at $1990 per month per brand.
And as before, it’s worth mentioning that more data options will be added through the year, so stay up to date by checking our pricing page on a regular basis.
There is also an Enterprise bundle available for customers who need something bigger.
Instead of just having 10 Insights to start with, a customer choosing the Enterprise package will get 20 Insights as part of the Enterprise package. The number of Data Sources is still kept at 10 with the ability to add up to 100 accounts per data source.
We’ve increased the number of included user licenses for the Marketing Planner capabilities from 10 to a whopping 50 users to encourage wider adoption of these capabilities.
The total annual cost of the Enterprise package is $113.880.
A mandatory one-time onboarding fee of $4000 will be added to both the Standard- and the Enterprise package.
Proof BusinessGPS was created with a clear vision in mind – to help business leaders make informed decisions by providing these with real-time business insights – including the past performance of the business but also projections on the future performance of their business.
The development of what was to become Proof BusinessGPS started more than a decade ago when the company’s founders began working on the idea of automating what was already then, an established methodology called Marketing Mix Modeling.
This methodology was and still is the “gold standard” when analyzing the impact of current marketing efforts and when building mathematical models to make projections on the future impact of planned marketing engagements.
These mathematical models used in this methodology are called Regression Models and the mathematics used to create these has been used by analysts for decades and has proven its accuracy time and time again.
But the traditional way of creating regression models comes with its own set of challenges. It’s often done manually and therefore incredibly slow and costly.
Traditionally, it has also often been limited in scope and often cannot be updated or tweaked with new data variables, once the model has been created – a common requirement that analysts are faced with when, for example, the business landscape changes.
This means that the model can easily get skewed and is no longer accurate when it comes to making future projections.
Proof BusinessGPS was developed to solve these challenges.
Delivering business insights quickly and reliably must be based on having automated access to both historical data AND the latest available, real-time, data and to be able to update the regression models as the operating landscape changes and new requirements are introduced.
Also, users, today must have the full freedom to create as many regression models as they want, be able to update these whenever they need to, and through experimentation extract and unlock the business insights that may be hiding deep inside their data.
The only way this can be done, though, is if the following three criteria are met:
1. The solution is delivered through the cloud
2. It’s easy for a regular business user to consume
3. And the cost is kept at a reasonable level
We tick all those boxes with Proof BusinessGPS.
But before we start looking at how Proof BusinessGPS works, let’s ask ourselves why customers of all sizes and industries need the tool.
Unsurprisingly, it’s all about time and money.
We live in a world where changes in the business environments are quick, often unexpected, and sometimes even dramatic. These changes, shifts, and transitions are felt particularly hard by business leaders whose priorities are spread over time.
Things they might be working on right now may only impact the business months or in some cases even years from now.
One example of this is marketing.
As you know, marketing is a function where the end goal is to try to deliver on one or many business outcomes. These outcomes are often critical to a company and range from customer acquisition, product marketing to awareness- and brand building, just to name a few.
But in times of uncertainty, business leaders need to know that the money they spend on marketing is well spent. After all, that money could have been spent elsewhere.
Any successful business is making decisions on what to invest in based on expected returns of investments.
This goes for product development, sales, and of course marketing. And in marketing, the term most often used to describe the return on investment on marketing is ROMI. Return on Marketing Investment.
There is, however, a fundamental shortcoming in measuring ROMI.
Whilst it’s absolutely fundamental when measuring how well a specific marketing campaign is performing, it’s only measuring the quantitative impact of single marketing activity.
For example, $100K spent on marketing might have generated $1 million dollars worth of sales leading to a calculated Return on Marketing Investment of 10x.
The challenge here is that this way of looking at results can be very misleading as it says nothing about the qualitative impact of marketing and not take into consideration the full mix of marketing activities and its impact on other priorities that go beyond pure sales numbers.
Thing is, business leaders also need to know how well marketing is performing against the key business priorities. And not just how well marketing performed in the past. But the ability to make projections on the future impact of marketing.
What they need is a solution that uses historical data from a wide range of data sources. A solution that is always up to date with the latest data. And if the business environment changes, allows the user to build alternative routes to reach the target by recalculating a new route to value.
A solution that guides the user to a target destination, just like a GPS device guides a traveler to his destination, Proof BusinessGPS helps a business define the route to better outcomes.