In the 17th century, the British Navy commenced a domination of the world’s oceans that was to last nearly 300 years. But one thing held it back: navigation of the vast distances its ships covered couldn’t be accurate until the Navy had clocks that operated at sea.
In 1714, the British Parliament offered — 20,000 for the first reliable method of determining longitude on a ship at sea. It knew that longitude — which maps distance in minutes, not miles — can be found by comparing a ship’s local time to the time at the port of origin. The challenge was finding a chronometer that could keep time at sea, where temperature changes, humidity, gravity and a ship’s movement affected accuracy. While the earliest sailors had traveled the world by way of the stars overhead, the modern navy of 1700 couldn’t afford to wander through weeks of cloudy night weather. Plus, it wanted precision, not approximation.
Finally, self-taught English clockmaker, John Harrison, found the answer. After decades of work on large mechanical clocks, he realized pocket watches were a better choice for seamen. In 1764, the Harrison watch was proven an accurate tool for measuring longitude during a six-week voyage to Barbados.
Okay, why the history lesson? Because marketers at the start of the 21st century are in a predicament similar to that faced by the British Navy: They have vast opportunities before them, thanks to new technologies, new markets and new channels. But without effective metrics, they can’t accurately calculate where they are going or how far they have come. As Features Editor Matt Kinsman discovered when researching this month’s cover story (beginning on p. 44), the degree of urgency for better ROI metrics felt among brand managers varies widely. Some are desperate for better tools, some are willing to “sail by the stars,” and others are just drifting to the horizon convinced they will somehow find the course. None have claimed to have invented the ideal methodology.
But the incentive is certainly there. For the first innovators to crack this problem may not win £20,000; instead, their prize may be even more valuable. The genius who figures out a comprehensive system for measuring the short and long-term value stemming from an investment in stand-alone and integrated marketing efforts will get a winner’s share of the promotions industry of the future.
All you creative minds out there are welcome to send your ideas here.
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