The New Marketing Reality
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Transcript of The New Marketing Reality
![Page 1: The New Marketing Reality](https://reader031.fdocuments.us/reader031/viewer/2022022202/58b8a1541a28abc06d8b5397/html5/thumbnails/1.jpg)
Copyright © Econsultancy
The New Marketing Reality
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Copyright © Econsultancy
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• Based on an online survey of more than 1,000 client-side (in-house) marketers.
• Research conducted between October and November 2016.
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How organisations rate their ability to understand the customer journey
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Percentage split between organisations customer data sources
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Data sources used to understand the customer journey
• Most marketers are making use of free or cheap tools to measure the success of their campaigns.
• CRM data and first party sources make up the majority of activities.
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How organisations are joining the dots between online and offline consumer visits
• Voucher codes and promotional coupons are still the most popular way of trying to track online to offline journeys
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Data-related functions that organisations practice
• At the most basic level, most marketers have been able to segment their audiences
• But the majority become unstuck once they move forward to customer journey mapping and the activities that depend on it.
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Advanced/intermediate use of customer data
• Understanding customer needs and behaviour is the number one priority for executives but few are confident they do it well.
• The data is still being used to optimise marketing spend, rather than enhance customer experience.
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Beginners use of customer data
• Beginners struggling to use data at all
• They’re missing out on economies and efficiencies but most of all, they are falling behind on the critical factors behind implementing customer experience
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Beginners versus advanced marketers
• The amount of work needed to close the gap between beginners and experts is significant and that gap is growing.
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Organisational barriers faced in trying to build a joined-up view of the customer journey
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Technical barriers faced in trying to build a joined-up view of the customer journey
• Where beginners are lagging behind is getting a grip on the basic organisation of their customer journey mapping and the tools they can use to do it.
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The rise of dark social
• Only 6% of advanced or intermediate organisations rate dark social as a technical barrier to building a joined up view of the customer journey.
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Two-thirds don’t know the LTV of customers
• Marketers still don’t know how to measure customer lifetime value or what it should be. Technological competency is needed – and is lacking across the board.
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Marketers still channel focussed
• 68% executives agree that they have started to join the dots… but that there’s a long way to go.
• 80% of beginners have either ‘little integration’ or manage channels in silos.
• 5% of advanced/intermediate companies agree that touchpoints are fully integrated.
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Channels optimised to enhance CX
• Lacking data capability, marketers are taking the path of least resistance –optimising what they can. Web-based AB testing is easier than optimising apps and offline journeys.
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Optimising for social
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AI is currently the best of both worlds – a timely answer, a correct answer and a personal answer. The best of humans and the best of tech.
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#tinderization
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Revenue split between customer acquisition and retention
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Organisational focus – acquisition versus retention strategies
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Main business benefits of understanding customer journeys
• With a focus on acquisition, executives’ main aim is conversion rates.
• Focusing on customer experience however, they should be looking more to renewal, cross sell and brand perception.
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Rate of dedicated budgets for understanding customer journeys
• Budget levels are an indication of the degree to which customer journey mapping is valued in an organisation.
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Metrics used to evaluate journey efforts
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Who owns the customer journey?• Marketing is best
placed to pick up the baton for driving customer journey mapping and implementing customer experience.
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Concluding thoughts
• The New Marketing Reality is all about customer experience.
• Great customer experience = extended customer lifetime value
• Understanding the customer journey = Great customer experience
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the speaker
28
Philippe LitièreWatson Marketing
BeneluxIBM
Philippe Litière
@Plitiere
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QUESTIONS?