The New Role Of Marketing: Drive Business Growth By Reimagining Customer Engagement
We live in unprecedented times.
This is the new normal.
These times represent a great reset.
The market is shrouded in uncertainty.
Downsizing and quiet resignations make talent retention difficult.
All the given statements are true. Things seem to be moving faster now. Technologies are developing at an accelerated pace. Customers are becoming more networked and thoughtful in their discussions. Values play an important role in decision-making and brand relationships. As a result, companies cannot afford to rely on outdated approaches to business transformation, customer engagement, IT or branding. Nor can companies adapt as quickly to the new or future normal. We now live in a new economy, a time where relying on the assumptions, checklists, and textbooks of the past will only hinder your ability to take advantage of the unique opportunities of the CTRL-ALT-DEL moment. The question leaders need to ask is: are we starting over as a digital version of our past, or are we improving efficiency, compliance and agility?
To be competitive in this new economy, companies must move faster, innovate, understand and even anticipate the unique needs and expectations of the people who make up their markets. Therefore, meaningful change must always begin with understanding how to make it better and better for stakeholders, customers, partners, the planet and people as a whole.
According to Salesforce's new State of Marketing report, companies are organized around four areas: understanding, 3) breaking down individual data to optimize data and insights and improving customer experience, and 4) innovating to meet changing customer needs.
Marketing seems to have taken off, with 87% of marketers saying their work is more valuable today than it was a year ago.
As Marketing Director Sarah Franklin said. “This is a time of massive change that requires us to rethink the way we connect with customers and personalize every interaction; achieve our budget and business goals in an uncertain economic environment; and adhere to our values to help shape a better, fairer and more sustainable future.
He is not alone. A Salesforce study found that 91% of CMOs say they need to constantly innovate to stay competitive.
Meaningful change begins with faith
Connecting the dots and building new bridges between brand, business value and customers is not the least of the challenges. Resources are limited. Supply chains are strained. Budgets are being cut. Macroeconomic uncertainty is widespread. To make significant progress, marketers must go back to the basics.
In a separate State of the Connected Customer report, Salesforce learned that 88% of customers believe trust is most important in times of change. CMOs are particularly focused on this, making "building trust" one of their top three priorities. Building and maintaining customer trust was also identified as a fourth key challenge.
Marketers prefer tools and innovations to stay ahead
According to the Salesforce State of Marketing study, marketers are focused on optimizing their investments in technology and resources. Limited or unoptimized use of tools and technologies is considered one of the biggest challenges and priorities for marketers.
In this new economy, consumer preferences are changing, buying behavior is changing, and customer expectations are rising. Marketers look to the future and make "testing new marketing strategies" their second priority.
A new center for business strategies for digital modernization and innovation
Marketers help change business strategy by focusing on growth opportunities and improving customer relationships.
Marketers report success in opening new customer segments. They are also investing in digital experiences for digital first customers. As a result, it forces companies to change their business models, expand their product offering and territory, and change the way they work.
Collaboration technologies and process/work automation bring disparate teams together, freeing up talent to focus on more creative work. This highlights the importance of increased productivity, efficiency and creativity. Moreover, these investments are considered long-term or permanent strategic changes.
Improve customer relationships by putting data and information at the center of your digital business
According to a recent study, 56% of customers expect offers to be personalized regardless of channel. And CMOs cite customer expectations as a major influencer of digital strategy.
With trust central to what customers expect from businesses, authentic, personalized and relevant interactions become paramount. Data is at the heart of this transformation, and actionable insights are redefining the meaning of best-in-class customer engagement. Marketers strive to break down the disconnect by effectively combining data to build relationships throughout the customer lifecycle.
Brands are increasingly using digital tools, CRM systems and artificial intelligence to create unique customer profiles, automate data-driven campaigns and deliver personalized and scalable customer service.
To meet customers' expectations of their definition of personalization, ie. "know me", companies must continue to prioritize customer-centric business transformation.
In addition to known transaction data and digital identities, 75% of merchants still use third-party data such as device identifiers and cookies from data aggregators or intermediaries. 68 percent say they already have a fully defined strategy for the transition to original and zero data. And more than half of marketers are encouraging the sharing of customer information (56%) and investing in new technologies such as customer data platforms (51%) to supplement customer data profiles without third-party files.
According to the Gartner Cross-Functional Customer Data Survey 2021, only 14% of organizations have a 360-degree view of their customers. And of those who did, 44% say their 360 view is on a customer data platform.
Asset value increases
For today's consumers, products and services are part of what is important to them. As customers struggle to keep pace with a rapidly changing world, values and integrity are at the top of the list, with trust critical to their decision-making and brand engagement. 88 percent of customers expect companies to clearly articulate their values.
Companies that don't lead with values and rethink them can pay a heavy price. One study found that 66% of customers stopped buying from a company whose values did not align with their own.
Leading companies not only listen, they make their business a real platform for change. 93% of high-performing marketers say their external messaging reflects their company's values, compared to 70% of their underperforming competitors.
Traders explore future frontiers
If we've learned anything at the start of this new economy, it's that digital transformation is a constant. As marketers make "testing new marketing strategies and tactics" their second priority, it makes sense that tomorrow's digital trends will find a place on today's radar screens. Digital trends defining the future web, such as virtual/augmented products, augmented and virtual reality, cryptocurrencies, NFTs, Metaverse and Web3, top the list of experiments.
For example, 51% of marketers said they already have a Web3 strategy. And the main elements of web3 strategies are focused on virtual products, VR/AR and cryptocurrencies.
What is measured in real time determines how a company competes and thrives in the digital world
As marketers play a greater role in business transformation and innovation, KPIs evolve with real-time information.
Marketers are increasingly investing in real-time analytics to gain a clear picture of the impact of their messages, campaigns and marketing spend. The sooner they have this information, the sooner they can respond to customer needs and expectations. The goal is to make informed decisions, provide personal and relevant customer interactions, and facilitate rapid and scalable business growth.
Nearly three-quarters (72%) of high-performing marketers can analyze marketing effectiveness in real-time, compared to 61% of low-performing marketers. This gives real-time organizations a competitive advantage when it comes to responding and optimizing campaign performance. And believe it or not, a third (33%) of marketers say their marketing attribution is a manual process.
In the new economy, maintaining the right standards is a business imperative. By looking at marketing budgets, analytics provide managers with the information they need to optimize spend, reduce acquisition costs, and improve the accuracy of marketing results.
In addition to traditional metrics, marketers now track KPIs that align with business performance. Revenue, customer satisfaction, customer retention and customer lifetime are at the top of the metrics tracked by the most successful marketers. But marketers also cite measuring ROI/marketing attribution as their second challenge, which means there's more work to be done.
Investing in an innovative sales organization secures the company's future
Clearly, market dynamics and new technologies are changing the way companies connect with their customers.
The new economy will continue to evolve as part of continuous change. Evolving with the times, trends, tastes and technologies, marketers can help companies get closer to their customers, deliver more of what matters to them in a relevant, intuitive and personal way, and use next-generation technologies to help companies innovate. and compete.
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