According to 9Strategic’s study of marketing performance in Australia’s mid-market sector, CEOs overwhelmingly believe that their marketing is simply not working – and they don’t believe this can be measured or changed.
What can Marketing do to turn these results around?
There are 3 big challenges marketers can take ownership of in order to prove their worth through delivery:
Challenge 1: Build a molehill out of a mountain
While big data is here to stay, don’t let the “big” in “big data” be an obstacle. The key is in understanding the value of the opportunity you are chasing.
Start with the data already available to make informed decisions about your strategic planning and innovation goals. You’ll be surprised by the wealth of information you are sitting on. Use it to answer some simple questions:
Sector insights – What’s going on in your industry?
Customer insights and foresights – What’s keeping your customers awake at night?
Competitor insights and foresights – What are your competitors doing to gain future competitive advantage?
Challenge 2: The new customer mantra – “it’s all about me”
The integration of our digital and physical experiences is creating new opportunities to deploy digital technology across product, channel and customer experience.
Digital information is a critical strategic marketing channel capable of delivering rich data, plus a significantly greater interaction with the core of a company’s business – its customers. And customers are dictating a requirement for instant gratification and feedback, plus transparent customer service for all their interactions.
Ultimately, this is all about treating customers as individuals, something which digital technology now enables more than ever before.
3: Marketing and sales, not sales and marketing
The shift in customer buying is destroying traditional sales. This trend is closely aligned with both the rise of big data and the closing gap between our physical and digital worlds. Sales and marketing teams are facing the challenge of adopting a judgement-oriented approach as opposed to a process-oriented approach. This revolves around insights and understanding how they apply to sales. Culturally it means that marketing must take the role of guide and mentor – supporting sales teams to educate their clients, rather than rely on process.