Author: Ashika Balani
The days of telemarketers are long gone.
New business models are being created rapidly, harnessed by a proliferation of mobile endpoints and ubiquitous data that enables a meaningful shift in engagement. Just take a look at these progressions in the last few years:
These changes in business models have major implications for how marketers should reach and engage their buyers. Here are three ways that technology is transforming marketing:
Mobile is dominating your buyers’ mindshare. On average, smartphone owners spend two hours a day accessing apps and websites on their phone and pick up or glance at their phones 150-200 times a day, according to Forrester Research’s 2015 report, “Vendor Landscape: Mobile Engagement Automation Solution.” That amounts to 30 billion mobile micro-moments a day, and that’s just in the US.
As social media and email become more mobile-centric, they become significant drivers of revenue growth, especially in commerce. And the importance of mobile will only accelerate as mobile-first millennials become more financially independent. With more disposable income, they are expected to make a bigger impact on cross-channel activities that span from digital touchpoints to physical. So how can marketers seize this opportunity?
The evolution of consumer devices and marketing automation platforms has implications on roles across the organization, from marketing to finance to strategy to engineering. Sophisticated marketing automation platforms allow marketers to engage buyers across all channels and listen and respond to their behaviors and actions simultaneously. New opportunities to test ideas, products, services, and techniques will be available regardless of level and function. In a sense, marketing and the customer experience will soon be top-of-mind for everyone across the organization.
But keep in mind: as technology becomes richer, so does data—but not always in a digestible way. Marketing and analytics will soon become synonymous and the role of a marketer will be redefined as a technologist, analyst, and designer. Marketers are already coding their own emails, analyzing complex data to understand customer experiences, and designing their own assets. This all is made possible with technology, enabling them to become self-sufficient.
Learning to use data to reach buyers will be a priority in the next 3-5 years, stressing the importance of intent-based marketing and creating emotional connections. Research has shown that buyers cannot predict their future behaviors, making it difficult for marketers to predict how and when to engage them. Big data can help uncover these hidden insights.
To fully seize the potential of big data, it’s critical to adapt to evolving data models:
Big data will help marketers make smarter decisions and formulate more sophisticated predictive models. These advances will help you identify a need before your buyer knows it, thus shortening the purchase cycle.
According to a survey by The Economist Intelligence Unit, 86% of CMOs and senior marketing executives believe they will own the end-to-end customer experience by 2020. This implicates that the CMO’s definition of success is being redefined.
Marketing organizations are no longer tied to just acquiring customers and retaining them, but also improving the customer experience. Today, leading organizations like eBay have adopted goals such as incremental revenue and return on investment, translating to customer lifetime value. Marketers are now measured on product and technology investment returns, making it imperative to work closely with product, engineering, and sales.
Similarly, engineering is not just responsible for building the next product or upgrade, but also testing its marketability and brand alignment. Financial statements will have a breakdown not just by product but also by platform and marketing vehicles. And strategy needs to understand product-market fit and how it maps to relevant marketing vehicles.
Whether it’s new platforms, data capabilities, or technology, the way marketers connect and engage with buyers is fundamentally changing. Don’t get left behind—apply these lessons to every aspect of your marketing:
Marketing integration tools, rich data, and revolutionary marketing channels like virtual reality will continue to transform marketing. It’s up to you to determine how quickly you will adopt that transformation.
What other shifts do you see that are redefining marketing? Share your insights in the comments below.
Marketing Redefined: 3 Ways Technology Is Transforming Marketing was posted at Marketo Marketing Blog - Best Practices and Thought Leadership. | http://blog.marketo.com
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