Consumers today expect the ads they receive to be relevant and personalized; they want care experiences that anticipate their needs in real time during interactions and even make them personalized offers of brands and stores, both online and offline. However, using the digital information available to create an adequate and useful advertising experience throughout the journey of the customers is still a pending task for many marketing professionals.
The future of business growth lies in the ability to meet the needs of customers using data and technology. What prevents many organizations from beginning to adopt this strategy? In many cases, companies have difficulties trying to acquire the necessary new skills, change organizational practices and make difficult decisions regarding positions, positions and functions that a complete digital transformation entails.
However, there are companies that meet their objectives and are pioneers in the development of marketing. According to the information gathered by a recent study by Boston Consulting Group, these leading companies are managing to reduce costs by up to 30% and increase revenues by up to 20%.
During the study to find out the most effective best practices, Boston Consulting Group identified six factors common to all the leading companies that allow to reach the level of development necessary to obtain benefits.
1. Digital Data Connected
To better understand the customer, the most developed marketing professionals connect the information they have. In the digital age, marketing alone is not enough, it is essential to apply new technologies to the needs and functions of the company.
2. Automation And Integrated Technology
Nowadays, companies need a series of technological solutions that allow them to automate marketing on a large scale. Among other tools, web analytics platforms, a CRM system, an integrated stack of advertising technology and an ad and creative personalization solution are needed.
3. Useful Measurements
Marketing professionals who follow data-driven strategies can identify the value of each point of contact with customers throughout the purchase path. In this way, they can evaluate the importance of these taking into account the KPIs and relate these points with other business results, such as sales or the effect they have on revenues. This type of marketing professionals know what their customers are thinking, at what point they are on the shopping route and why they buy what they buy.
4. Strategic Collaborations
Being part of the technological ecosystem is fundamental for companies; there are few that can stand without help, not even companies founded during the digital era. For digital marketing professionals, it is essential to collaborate effectively with marketing solutions providers and agencies without losing their own technology or digital information.
5. Specialized Knowledge
Finding, hiring and training new in-house workers with skills to be data scientists or measurement experts is only the first step. To make the most of them. they should be integrated with other marketing staff members and, in this way, create multi-purpose and effective teams.
6. Agile Teams And A Positive Mentality In The Face Of “Rapid Failure”
If an agile environment is properly promoted in the company, it will change in all aspects, from internal processes to the day to day and the interactions of the workers of the organization. To do so, organizational structures must be rethought, communication between hierarchies, compensation systems and career possibilities in the company. When adopting a positive mindset in the face of “rapid failure” and the willingness to learn by trial and error, it is essential that managers support such change: in many companies this is the most expensive step, but once it is done , the other changes follow.
Although companies must overcome some obstacles in order to grow, the Boston Consulting Group study highlights that a good level of development is beneficial. Companies that master multi-moment marketing can customize large-scale campaigns, build relationships with customers, build loyalty and increase revenue. Therefore, the sooner companies develop or accelerate their digital marketing, the sooner they will begin to see the related benefits.