4 Things That Should Be On Every CMO's Wish List
With Thanksgiving now in our rear view mirror, it’s time to focus squarely on those items we all crave, pine and dare I say, yearn for as marketers. Ok perhaps a little melodramatic but you get the idea.
As kids of course we would make our wish list, and if we were lucky get a few of the items on it, like that way cool 10-speed bike I got when I was 14. Man I was the king of the neighborhood cruising on that beauty. I can remember that time that I…
Oh, sorry… where was I?
Right, CMOs wish list.
1. Bask in the Glory of Mobile Marketing – Finally
Let’s cut right to the chase: Mobile has finally delivered on the promise of keeping customers connected to the brand – anytime, anyplace. If that’s news to you, stop reading. If you are keenly aware of this, however, you may continue. Mobile innovations have elevated consumer expectations faster than mobile marketers could rise to meet them; technology, budget, and expertise limitations prevented marketers from engaging with mobile customers
Now, it’s possible for marketers to fully incorporate mobile into their cross-channel marketing strategy and interact with customers whenever and wherever they are. But, in order for marketers to build a personalized experience around the customers, they need to employ data-driven marketing strategies by gaining customer insights across the other digital channels.
2. Use Data To Drive Your Marketing – Literally
Let’s repeat part of the last line above shall we? “…need to employ data-driven marketing strategies by gaining customer insights across the other digital channels.” How? First off marketing leaders must create a data-driven marketing culture and organize the required people, processes and systems. Marketing leaders also need to eliminate data silos and create a single source of truth.
Marketers need third-party data to fully know customers’ context, and orchestrate the most meaningful experiences for them for using only first party website data limits the analytics, targeting, and addressability of DMPs. Moreover marketers must have the ability to link online digital marketing efforts to offline purchases to give marketers the true ROI on dollars spent. All of this need to deliver the optimal…
3. Achieve Customer Experience Nirvana
Back to that whole “cutting right to the chase” mantra: Today’s customers have high expectations for a consistent, meaningful, personalized experience. Truly knowing your customers – their preferences, buying patterns, purchase history, key demographics, etc. – is at the core of providing a meaningful customer experience. The problem, however, is in most companies, the technologies, data systems, and people who are responsible for delivering that experience are not integrated, resulting in a disjointed, lackluster customer experience.
Marketers need technology solutions that will unify data and integrate across other CX applications, allowing them to finally deliver on the promise of a consistent and personalized customer experience.
4. Be Where Your Customers Are – On Every Channel
It’s no secret that the best customers are the ones who engage with brands across multiple channels. It’s not surprising, therefore, that the brands who deliver value to customers across channels see strong growth. How much growth? According to the Aberdeen Group, companies with strong cross channel customer engagement see a 9.5% year-over-year increase in annual revenue. And as per the IDC, cross channel customers who shop on more than one channel have a 30% higher lifetime value score than those who shop on only one.
Marketers must keep pace with the modern customer – who is fast, digital and unstructured – to outpace the competition. In order to keep pace with customers in real time and effectively personalize each customer’s experience, it’s up to marketers to bring all of a customer’s interactions, preferences, and behaviors across channels together in a way that allows them to get a complete profile of each customer that’s up-to-date.
5. (Bonus) – A Copy of Should the Chief Marketing Officer Oversee the Whole Customer Experience?
As customer expectations continue to rise, businesses need to appoint a senior executive like the Chief Marketing Officer to deliver exceptional, end-to-end customer experiences. It’s a tall order, but if done right, enhanced customer experiences translate into loyalty, repeat business, and revenue.
Download Should the Chief Marketing Officer Oversee the Whole Customer Experience? to learn more.
Source: ORACLE MARKETING CLOUD