This is one of the results from Forbes its research “Bringing 20/20 Foresight to Marketing“. It surveyed 321 senior and chief executives in the US and UK. The immense amount of new digital opportunities and the fragmented Web and assets where organisations can be visible make it a challenge to create consistent and cohesive experiences.
Forbes gives nine key findings, some of them will be highlighted:
1. Marketers’ priorities are customer-centric
Forbes’ research shows that duet o the transaction-driven online marketing, focus is shifting from branding to customer retention and acquisition.
Is the balance between short-term and long-term being disturbed by this shift?
If it’s being related to the title of this article there’s a discrepancy. Surely the accountability of Web executions offer lots of opportunity, but so it does for branding and experience. Think of personalizing content, attention and overall experience.
Because there are so many touch points, focus and attention on this challenge is appropriate. According to Joe Pine, the cohesive experience is the challenge. Amidst the infinite –digital- possibilities it’s key to understand how to be visible in a customer-centric manner.
Secondly, experience and branding produce bottom-line results due to the better and more relevant connect with the customer.
2. Marketing budgets mirror these priorities
What strikes me is that social media strategy and tactics are behind in terms of priorities. The other that is notable is the separate mention of it. When comparing it with the percentages of customer retention, acquisition etc, it means social media is not deployed for these purposes at large.
Because social media are cost-effective and experience-enhancing means, they can better the retention and word-of-mouth sales.
3. Online tactics will see significant lifts in budgets.
4. Greater emphasis is being placed on data-based decisions.
In this article the emphasis and importance of a data-driven –marketing- organisation has been explained. Not only is data being used to confirm or invalidate decisions, data is more and more used to take decisions.
Pitfall of all this data is the phenomenon “analysis paralysis”. A discovered challenge through the research is that executives have difficulties to create actions from these insights.
5. Marketers are challenged to understand the influence of their campaigns beyond the basic metrics of acquisition and conversion.
6. Marketers are not always clear on what tools they need to meet their top challenges.
7. Marketing is moving at light speed, but most marketers are not watching or adjusting their campaigns accordingly.
Just 20 per cent of the surveyed are evaluating their online marketing performance daily. The real value of proactive enhancements of campaigns is that they create personalised experiences that are being enriched by direct feedback.
8. Top performers are more proactive in tracking and adjusting their campaigns.
9. While nearly two thirds of respondents said they segment and target customers based on an integrated view of customer behaviour, that view is not necessarily complete.
Just 30 per cent takes into account mobile data and just 34% does that with social media data. Because data is not integrally being analysed, but in silos, organisations have difficulty in connecting the dots, understanding the relations between touchpoints and creating a cohesive and consistent experience as mentioned earlier in the article.