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While there is ample data available, there is also a lot of data that can distract marketers from providing customers value. In 2021, growth-minded marketers will cut through the noise and hone in on the two most important metrics when crafting their campaigns – prospect and product engagement.
First, marketers must focus on data that measures engagement at every stage of the customer lifecycle. In marketing speak, we call this metric “prospect engagement”.
Secondly, it’s vital that your brand pay attention to how your customers are interacting with your offering throughout their journey with you. This metric is referred to as “product engagement”.
- Chief marketing officers will be more cautious this year, with 73% saying they will rely on existing customers for growth rather than developing new markets, consulting firm Gartner found in a survey. The study also found that 39% of CMOs plan to boost sales of existing products to current customers, per an announcement emailed to Marketing Dive.
- Only about a third (34%) of CMOs plan to introduce new products to existing customers, continuing a low-risk strategy that was warranted during the uncertainties of last year. However, this approach also promises a low return and contradicts CMO goals to "reinvent and rescale key strategies" they had developed during that period of upheaval, according to Gartner.
- The firm recommends that CMOs try to remain agile during what is likely to be another challenging year and suggests they can do so by being selective in reinventing or rescaling initiatives from last year like virtual conferences and direct-to-consumer sales. Gartner surveyed 381 marketers from September to October, with 70% reporting that digital business initiatives accelerated during the pandemic while 51% plan to prioritize new digital experiences in 2021 and 48% named new digital sales or service channels as a top priority for the months ahead.
- Chief marketing officers next year will need to reinvent their roles at U.S. companies to make the consumer experience central to their operations, expanding beyond the management of advertising and promotional activities, Forrester Research said in a report emailed to Marketing Dive.
- Economic challenges going into 2021 will expose the deficiencies of some marketing technology, systems and processes that were able to survive under stronger growth. CMOs can expect a year of reduced media budgets, fewer internal resources and less support from advertising partners like agencies and ad tech companies, according to Forrester.
- To survive the tumultuous times ahead, CMOs will need to foster diversity and inclusion among their teams to reflect changes in the marketplace, upend their business models to prioritize consumer experiences and focus on retaining their most valuable customers. In addition, CMOs will need to be more engaged with their employees and show leadership by getting things done rather than delegating key priorities. This reinvention will help to create new opportunities for businesses coping with the disruptions of the pandemic.
1. Collect effectiveness data
If you’re not already running customer surveys to determine what your customers like and don’t like, you’re leaving valuable data on the table.
2. Create customer personas
3. Complete a customer journey map
4. Supplement with outside data
5. Use a voice-of-the-customer (VoC) program: According to Gartner, VoC programs “collect, aggregate, and provide the means to analyze direct feedback from surveys and interviews, indirect feedback from social media and customer care interactions, and inferred data such as web analytics and behavioral data.”
Forrester's SiriusDecisions Planning Assumptions will help leaders uncover key trends to prioritize their resources and investments in the year ahead.Key insights include:
B2B CMOs must be agents of change, not advocates for a comfortable status quo.
Chief sales officers must get adept at virtual selling for their sales organizations to address buyer needs.
Demand and account-based marketing leaders must find compelling ways to drive engagement across buying groups.
Marketing operations leaders must enable hyperagility.
Sales operations must improve capabilities to collect and analyze data.
- Organize your team for success
- Recognize technology that’s worth the cost: The important thing to remember though, is that no one type of technology will guarantee strong results. Before going all-in-one technology that might sound and look good, make an effort to understand the algorithms at play and how they provide tangible, incremental value to the marketing process.
- Know the data you’re using: To avoid the pitfalls associated with third party data, use your own data as much as possible.
- Reduce the partners on plan: It’s important to understand the outcomes you’re trying to achieve, and then choose the right partner for those outcomes. You need someone who can deliver on the various tactics needed to achieve your goals, and can do so without math that involves windows and ratios. The 200-pound gorilla is not your only option. Choose wisely.
In the luxury market, there are three possible strategies: luxury, fashion, and premium. The difference between these strategies is enormous: for fashion and premium strategies, classic marketing styles work quite well. However, when it comes to luxury, you have to rethink the typical marketing strategies. - The luxury strategy aims to create the maximum value for the brand and the full power to determine prices by exploiting all the intangible elements related to the brand identity, such as tradition, country of origin, history of craftsmanship, limited runs related to the scarcity of valuable raw materials, prestigious customers, etc.
- Fashion strategy is a totally different business model: here time is not decisive; fashion sells by being “fashionable”, i.e. a transitory value, an object of a programmed obsolescence, to borrow a term from high tech.
- The premium strategy is an eminently comparative strategy. It can be summarized as a “pay more, get more” strategy where you must prove to customers that they’re getting the best quality for the price within a given category.
In the same way that leaders may harbor an implicit bias about characteristics of groups of people, they may also harbor implicit biases about new technology — including new technology they might be considering investing in to improve productivity or competitiveness.
You may think that you make decisions about technology tools with an open mind and a clear process for evaluating options. But our review of hundreds of published studies on new technology adoption reveals that personal beliefs about new technology — that it’s wondrous, complex, and alien — prompt specific, unconscious biases about how and why it’s better than older options.
Implicit bias toward the dazzle of new tools can cause leaders to take unnecessary risks and ignore the advice of human experts in decision-making. Further, implicit bias toward new technology may lead to sizable investments in products and services that are unproven or even unsafe.
Despite years of mounting pressure within many marketing organizations between centralizing or decentralizing resources, a rapidly growing number of marketing leaders now prefer the centralized approach, according to Gartner, Inc. In fact, the Gartner Marketing Organization Survey 2020 of over 400 marketing leaders shows that nearly two-thirds of marketing teams are either fully or primarily centralized.
Resources that may have been decentralized to regions or other organizational entities are also being consolidated and centralized. This is consistent with findings from the CMO Spend Survey 2020 that show 79% of CMOs are no longer looking to new products and services, but rather existing markets to fuel future growth during the COVID-19 pandemic.
This reallocation of resources is contributing to fully centralized models where all marketing staff operate as a centralized entity or primarily centralized models where most marketing staff are centralized with limited staff distributed to regions or business units. Gartner research also shows that marketing organizations with a marketing operations leader are more likely to have a fully centralized structure (35%) versus those without a marketing operations leader (23%).
Leading data science company Claritas has released a new report entitled “Podcast Campaign Lift: A Guide to Accurately Analyzing Campaign Conversion Rates.” The report provides new insight into the return on investment (ROI) provided by podcast campaigns. It also shares how marketers can more accurately measure ROI on any marketing campaign.
Claritas set out to answer the question: “How well are podcast campaigns actually contributing to incremental engagements and/or conversions?”
To answer this question, Claritas analyzed 834 million podcast impressions that spanned across 158 campaigns over 36 months and multiple industries. The results were compelling: Lift rates in many key industries – including automotive, insurance, consumer goods, telecommunications and retail – ranged from 23.5% to 79%. That’s up to 30 times higher than the average lift rates for non-podcast channels such as digital display, print and linear TV, which average around 2.6%.
1. Diversify your presence.
2. Test new messaging and creatives.
3. Explore testing into new audiences.
4. Look for tactics with a large audience.
5. Automate your processes.
6. Create a flywheel or compound effect.
7. Put yourself in your audiences’ shoes.
8. Go back to basics.
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