[Ed. Note: This is a guest post authored by Nick Patel, Worldwide Market Segment Manager, IBM ExperienceOne Digital Analtyics]
Leading CMOs deliver above-market growth in their category while differentiating the customer experience, delighting customers and increasing marketing productivity. They are the voice of the customer in their organization and drive innovation, engagement, insight and revenue holistically across the enterprise.
But only 32 percent of surveyed marketers say they’re highly effective at engaging with individual customers, according to the IBM Center for Applied Insights.
If you want to achieve above-market growth within your category, you need to understand your customers and the market to grow revenue and market share. Critical to success is marketing organizations’ ability to:
- Develop an accurate view of customers in the moments when they engage or could engage with the organization
- Understand the full picture of the customer information needed and have a well-defined plan to acquire that information
- Understand customer behavior patterns and what drives most profitable customers
- Create predictive models to understand future customer behaviors and needs
- Determine who in the organization needs that information to engage more effectively with customers
Smart use of customer data is critical for creating differentiated, rewarding customer experiences in order to:
- Deliver deep context in real time by personalizing content based on sophisticated techniques for gaining consumer insight such as machine learning, text analysis, geospatial analytics, entity analytics, image recognition and more.
- Apply real-time sentiment analysis of social media to effectively respond and improve the customer experience.
- Provide information, in context, to marketers at the right time to generate the appropriate actions delivered through Big Data solutions.
- Map the customer’s journey to understand and determine which moments the organization will own (positive moment, or reversing a negative one)
- Know customer preferences and preferred engagement channels
Working with the right solution partner to co-create authentic brand experiences with employees, customers and other vendors will lead to more recognizable products, offerings and service innovations that extend the brand and ensure a solid understanding of corporate character among employees, enabling them to deliver on brand values in customer engagements.
Marketers who want to increase marketing productivity should spend more on retention than acquisition. A recent survey indicates that 44 percent of marketers will invest in customer retention and monetization because it is more efficient and profitable than subsidizing new customer acquisitions, says the CMO Council.
In 2015, digital marketing will continue to average about 30 percent of overall marketing spend.
Companies that invest in digital marketing solutions like IBM ExperienceOne and LiveRamp achieve better customer experience across all channels, resulting in improved engagement, reduced cycle times and lower costs. LiveRamp, for example, onboards offline CRM data – i.e. anonymizes and matches point-of-sale transaction data to online devices, and then distributes this data to IBM ExperienceOne.
That means clients now can attribute online impressions to offline, in-store conversions, in order to run more efficient and effective marketing campaigns. LiveRamp provides the bridge between offline and online to enhance analytics within IBM Digital Data Exchange.
An advanced computing platform like IBM Digital Data Exchange allows user-developed marketing applications to quickly ingest, analyze and correlate customer information as it arrives from thousands of real-time sources.
CMOs expect superior end-to-end customer experiences. It’s critical to success and worthy of great attention. If you want to deliver on those high expectations, recognize that exemplary organizations have taken this to heart, and you can be the one who shows the way forward for many others.
|About the Author
Nick Patel – Worldwide Market Segment Manager, IBM ExperienceOne Digital Analtyics
Nick blogs about all things related to marketing and technology from exceptional leadership to product innovations to new-edge best practices.