• TheDigitalBox-marketing-data2019

    17 advices to face Marketing challenges in 2019

    Marketing leaders are caught in a vortex of destabilizing forces. Shifting consumer behaviors and technology innovation deprive them of equilibrium. Recovering it will require organizational alacrity, a laser focus on customer needs and a balanced embrace of automation.

     

    Strategic Planning Assumptions

    (according to Gartner)

    • By 2022, profitability will replace customer experience as the CMO’s No. 1 strategic priority, reducing investment in marketing-funded CX programs by at least 25%.
    • Brands that put in place user-level control of marketing data will reduce customer churn by 40% and increase lifetime value by 25% in 2023.
    • By 2022, content creators will produce more than 30% of their digital content with the aid of AI content-generation techniques, increasing productivity and advertising effectiveness but also disrupting the creative process.
    • By 2023, 60% of CMOs will slash the size of their marketing analytics departments by 50% because of a failure to realize promised improvements.
    • By 2023, autonomous marketing systems will issue 55% of multichannel marketing messages based on marketer criteria and real-time consumer behavior, resulting in a 25% increase in response rates.
    • By 2023, consumers will watch 20% fewer minutes of video advertising per day than they do today. Brands will adapt by embracing short-form video ads.

     

    What You Need to Know

    Through 2016, marketers rode a wave of increased commitment from the executive suite, garnering an incrementally increasing portion of the corporate budget for their activities. After hitting a small bump in the road in 2017, their share of the corporate budget is holding steady.

    Here 17 advices to face Marketing challenges in 2019

    1. Behavioral changes: Voice interfaces continue to improve and, as consumers encounter more opportunities to get what they want simply by speaking, they embrace the convenience. Whether in their home, in their car, in the office or out and about, consumers ask devices for what they want as they would a human being. At the same time, they are concerned about how marketers might exploit these interactions and where their utterances are stored. A Gartner survey reveals that 44% of consumers would be more willing to use a virtual personal assistant app if they knew that all their personal data remained only on the device.1Concurrently, consumer appetites for video show no signs of abating and the number of ways they can consume it increases.
    2. Regulatory pressures: The shift from analog to digital advertising powered a maniacal focus on customer data and rewarded those companies most adept at converting data into intelligence and action. As consumer advocates awoke to this reality and brought to light instances of data-powered overreach and missteps, government regulators have responded with strictures that threaten to neuter many common marketing practices. Marketing leaders now recognize that the European Union’s General Data Protection Regulation (GDPR) was the first instance of a contagion that is spreading globally among regulators.
    3. Organizational shifts: Executive scrutiny of investments in marketing analytics and CX initiatives is intensifying. Marketers’ unquenchable appetite for data creates a concomitant need for new talent: analysts and data scientists with the requisite skills to extract insights from vast amounts of data. These analytics departments continue to inflate, as do the expectations of marketing leaders. In parallel, marketers’ embrace of CX as a guiding company virtue has spurred investments in a diversity of CX initiatives.

    Disruptive automation: Machine intelligence has become a core functional element of nearly every category of marketing technology. Vendors promise that their AI will yield increases in marketer efficiency, delivering the optimal communication to their prospects and customers at the moment of maximal influence. Automation continues to find its way into new areas, and these incursions will have a disruptive impact on what members of the marketing team — and their partners — do and how they do it.

    Recommendations:

    1. Create a clear link between the leading indicators of customer experience success, such as positive NPS scores, and the lagging indicators of business success, such as customer revenue and profitability.
    2. Clearly and unambiguously promote customer experience success among key stakeholders in the enterprise. Focus on how programs are delivering sustained financial benefits.
    3. Create an economic valuation of the customer data you collect and retain, balancing the assessment of risk (e.g., improper usage, a data breach) against potential commercial value.
    4. Use sampled test groups to experiment with self-service portals that offer transparency on use of personal data and vest control with the customer. Then use game theory to model the relative merits of current practice versus customers’ expected deletion of classes of data based on experimental results.
    5. If your organization struggles with content creation:Re-assess your needs and possibilities in light of new automation capabilities. Run pilots to test the generation of expensive assets, like video, from other media types.
    6. If your organization has a mature content creation practice: Quantify the impact of accelerating and scaling up content creation using AI on your personalization, advertising and content marketing plans.
    7. Develop a scalable test-and-review capacity and formalize constraints on brand voice and imagery. Quantify ROI on creative AI investments with testing and benchmarking.
    8. Plan for hybrid creative teams that pair humans with machines and seek out skills and tools that can produce breakthrough outputs from these combinations.
    9. Adopt a nimble approach to managing marketing analytics. Design flexible, adaptable teams of multidisciplinary marketing analysts capable of delivering rapid results. Empower them to organize and lead themselves. Collaboration within marketing, and across different parts of your organization, ensures you have access to the right mix of technical skill and business acumen necessary to advance marketing analytics.
    10. Outsource and automate (or quit doing altogether) high-effort, low-impact tasks like data cleansing and custom reporting.
    11. Develop an approach for marketing data management by working with your IT team. Manage data across your marketing technology products, where possible, and evaluate opportunities to use APIs in instances where not possible.
    12. Establish a clear customer satisfaction baseline. Identify and extend customer experience measurements to set that baseline, and ensure that predictive deployment of messages actually delivers improved customer satisfaction around marketing.
    13. Invest in algorithm-accessible permission management along with other customer data integrations — marketing teams need to be confident that permissioned segments are truly eligible for campaigns. Ensure that your consent management and algorithmic campaign design approach offers appropriate levels of transparency and can be audited to retrieve and explain why individual messages reached individual consumers.
    14. Prepare for reduced labor needs in campaign management by retraining quantitatively inclined marketing and design team members and analysts as data scientists, dashboard creators or data integrators.
    15. Get to the point. Six second ads don’t have room for a lot of storytelling. Successful short-form creative must get the message across with scarce real estate.
    16. Complement other advertising and marketing campaigns. Brand advertisers can use short spots to create awareness and recall, setting the stage for future interactions, including longer-form ad views. Performance advertisers can use short spots as a hook or call to action for follow-up in digital channels like search and social.
    17. Take advantage of dynamic content and learning algorithms. Consider how to leverage emerging generative AI capabilities described above in the context of six-second spots. Think granular content elements, assembled dynamically to match the audience target.

    based on a Gartner research

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