In 2005, seven advertisers in the Nordic region came together to discuss their main challenge: how could they ensure that the return on marketing investments would be better next year, while adhering to the same budget as the current year? They all had tons of research and sales data. Their calendar was filled with reviews and planning meetings. But the complexity had exceeded their ability to understand what really worked. They needed clarity, not complexity. A tool for systematic learning.
They decide to invest €100,000 in a very simple idea, presented by founder Henning Tunsli: a systematic approach towards measuring and evaluating campaign and brand performance. The idea is to have a common definition of cause and effect measures. The result is two tools for more efficient learning: benchmarking and a 360° view.
Seven marketing directors launch the new and improved way of measuring marketing performance at a Nordic seminar hosted by the Norwegian Association for Advertisers. The platform is made available to all advertisers in the Nordic region.
Around 3,000 users from 2,000 business units across Europe receive reports from Penetrace. Over 100 brand trackers are imported weekly to Penetrace and approximately 300 post-tests are reported.
The first global client signs a long-term contract with Penetrace covering Asia, Europe and America. A team is founded in Sweden and a strategic partner in Denmark. All four strategic partners (media agencies) are about to receive “The Agency of the Year” award in the coming years. The Nordic market is a tough market, but the real test comes when addressing international companies in countries such as the UK. Upon signing with an award-winning partner in the UK in 2016, Penetrace is good to go for growth in the global advertiser’s arena.
New technology handling big data is tested successfully. It enables our users to do sales modelling in a fraction of the time and understand more of the model than they are used to. Machine learning is now implemented and the results are stunning. Understanding the “recipe” for client growth with data driven prediction will disrupt a market filled with “black box” suppliers. We simply give the power back to the advertisers in 2017.