August 7, 2020.
Written by Sharoon Emmanuel
For the modern consumers of today, relevant and personalized digital engagements are expected. Consumers out there expect to receive assistive real-time outreach and connections that forecast their needs both offline and in the cyberspace.
For most marketers, using digital information to craft relevant yet helpful experiences across all points of the consumer’s journey remains a goal to achieve. The new formula for hacking growth in the digital hemisphere is the ability to understand your consumers’ needs using data insights and technology.
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The main challenge for businesses in terms of putting this into practice is the inability to build in new skillsets, modify organizational SOPs and make the right judgments about positions, roles and functions that are vital to enable complete digital transformation.
Adopting new methods without plans for success that are centered on measurement and optimization can be expensive, especially if you're experimenting. Thinking of goals and setting expectations can comfort the consternation of entering an unknown channel and will help in discovering new marketing opportunities.
For planning ultimate success, CMOs should be aware of the segments of the digital marketing maturity model. The stages mentioned below revolve around measurement, testing, targeting, nurturing and effectiveness: -
Campaign based execution primarily utilizing external data and direct buys with partial links to sales.
Limited use of possessed data in automated media buying with single-channel optimization and testing.
Data integration and activation across channels with established links to ROI.
· Multi- Moment
Dynamic execution optimized towards singular-customer business results across channels.
Companies from the APAC region are yet to realize the potential of data-driven marketing. Regardless of its least adoption, there are organizations operating on the marketing maturity model to not only succeed but lead the way.
As per BCM’s recent research, acting according to the norms of the digital marketing maturity levels can help save organizations cut costs and increase revenues on a large scale.
To ensure success in the long run, C-suite professionals must take into consideration the following factors to enable them to steer coherently with the maturity curve.
1- Connected Digital Insights
CMOs are required to link their digital information for a better understanding of their customers. Utilizing this centralized data, the c-suite can apply new technologies to business practices for not only succeeding in marketing but also streamlining and optimizing other functions.
2- Automation & Integrated Technology
Companies of the digital age require a plethora of marketing technology tools that allow automation on a large scale. These tools include a CRM suite, web analytics capability, an integrated marketing technology stack and automation tools for all communication channels and content.
3- Actionable Measurement
Insights and data can help marketers to identify the value of each touch point of the customer’s purchase journey to apprise Key Performance Indicators and link these engagements to business aftermaths such as value proposition, sales and profit. In order to get better insights, CMOs are required to think like their customers in terms of what they are thinking, what encourages a purchase, why a specific product or service is being sold and on what point of the purchase journey they stand.
1- Strategic Partnerships
As ecosystems are the backbone of technology, the key for CMOs is to collaborate with all verticals of the industry and beyond including agencies and marketing tech providers. The process of forming strategic partnerships should never ignore the importance of maintaining ownership of technology and digital information.
2- Specialist Skills
Hunting and training awesome talent is one part of the game but to stay ahead of the curve, integrating these people with other members of the marketing department is important to develop effective cross-functional teams.
3- Agile Teaming and a Fail-Fast Culture
An agile transformation positively impacts everything from internal processes to how teams at the company operate to how they interact. Requiring re-modeling of structures, reporting lines, compensation and career paths, it is difficult yet the most important step to take to bring everyone on the same page. Here, C-level support is vital as the process centers on a fail-fast, learn-fast model.
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Though maturity is a hard nut to crack, it comes with its long-term benefits. Conquering multi-moment marketing will enable key stakeholders to personalize campaigns, build fruitful customer relationships, increase loyalty and eventually revenue. The sooner this transition takes place; the sooner organizations will start to see the benefits of digital maturity and experience accelerated growth.
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Originally Published March 8, 2019 12:00 AM, Updated March 11, 2019.