Delivering Ubiquitous Customer Experience
"In God we trust. All others must bring data."– W. Edwards Deming,
“It's the age of data” and if you are not leveraging it today, then you are already behind time. Although data had made an entry into marketing at a very early stage but marketers are still struggling with suboptimal results. Especially when Marketers are dealing with a plethora of tools and channels to reach their customers for brand awareness, for acquisition, for retention, for engagement, for creating brand value.
With time, as the number of channels to reach consumers increased the tools to manage these channels also increased.
This year Scott Brinker’s marketing landscape has listed 7,000+ marketing tools. Marketers are now facing new challenge with data i.e. data lying in silos and each channel operating independently thus resulting into overall low ROI.
Let's evaluate what changed to understand what we need? and where do we need the intervention, to create the magic, the ROI, that is close to a marketer’s heart.
What changed in a decade?
●In the early 2000s, only 12 percent of the global population had a mobile. Now over 60 percent have access to mobile
●Over 30 percent of people in developing countries lived in extreme poverty. Now less than 15 percent do
●Facebook which has over 1.5 Bn users today was launched ~12 years back
●In the 2017 State of Marketing report, we found High performing marketing leaders say one-third of their budget is spent on channels they didn’t know existed five years ago — and they expect that to reach 40 percent by 2019
●About 75 percent of the projected 8.5 Bn people projected to be alive in 2030 to have access to mobile and internet
●The average consumer would be slightly older since growth among ageing populations in developed markets is outpacing growth in the younger demographics in emerging markets
●The middle class in emerging markets would be substantially bigger and its members better off than their parents (avg. wages in China likely to grow to 45% of those in US, up from 15% today)
"New channels coupled with evolving consumer demography and behaviour is the norm"
Impact Of Prevailing Trends On Consumer Industry
Five Prevailing forces
●Changing face of the consumer
●Evolving Geopolitical dynamics
●New patterns of personal consumption
●Structural industry shifts
Five Questions To Consider For Consumer Companies
1.What makes us distinctive?
2.How can we engage consumers in an ongoing dialogue?
a.Are we paying enough attention to social?
b.How can we involve consumers in brand innovation?
c.What new consumer touch points can we offer?
3.Are we setup to reallocate resources swiftly and at scale?
4.What strategic relationships should we seek out and nurture?
5.How can we use technology to differentiate, not just enable?
Consumers experience bad marketing everyday
The $1.2 trillion Marketing Industry operates like a game of chance!
The typical enterprise marketing stack is complex & disconnected
The way forward for Marketing is to deploy a System of Intelligence/ CDP, that should address
❖Scalability & Breadth of Integrations for universal data ingestion
❖Enterprise-wide Unified Identity Building
❖Real-time & AI led the next best action for enhancing customer engagement
And with evolving privacy laws your CDP should also support Consent management. Help enterprises navigate regulations around Consumer Data Privacy.