The digital revolution has fundamentally altered the daily routine of Marketing CEOs and their departments. Yesterday marketing activities were conducted using a negligible collection of information, personal experience and 'gut feeling'. Nowadays it's all about managing a rapidly-increasing flood of data from a variety of sources and generating as large a profit as possible. This means that the marketer's already expansive range of tasks has become even more complex on the one hand. But on the other, the digitalised world presents a whole new perspective on the design and assessment of marketing measures.
Never before has so much detailed data on customers and markets been available. And never before have there been similarly efficient analysis platforms which can assist in translating the huge amount of raw material into reliable indicators and substantiated bases for decisions. Those in marketing departments can access a significantly better overview than before, but more importantly, the intelligent linking of data sources can deliver increasingly precise connections and facilitates increasingly precise forecasts. Consequently, marketing departments are perfectly equipped for the substantial strategic challenge of the coming years: they will be able to understand customer needs promptly as well adapt individual products and services in a targeted manner.
The range of activities in the marketing sphere is constantly growing - and with it the responsibilities of CMOS. On a day to day basis, this means monitoring a wide variety of activities and performance indicators. There is always the danger of losing the overview.
The CMO Dashboard can help as it combines all the relevant areas and represents them in a clear and transparent way - e.g. Brand Value, Customer Lifetime Value (CLV), Online ROI or Social Media Engagement. Meaning that you as Marketing Director have an immediate overview of how specific measures contribute to the success of the company as well as an understanding of the relationship between cost and effect. In this context, modern analysis platforms provide not only a high level of data quality, but also informed and meaningful visualisations. At the same time, detailed data from the most various of sources can be interlinked and used to generate new knowledge as well as a substantiated basis for ad hoc decisions.
Today, more so than ever before, the individual customer is the focus of all marketing activities. And he/she will increasingly be the starting point of a company's entire strategic plan. Fundamental to these strategies is as accurate as possible an understanding of the customer's behaviours and needs. Up until very recently, this much-vaunted 360 degree view of the customer was simply wishful thinking. Modern methods of data management and data analysis however, mean that this ideal is closer to becoming a reality.
The process begins before the contract is signed: If the contract is agreed and signed online, then the new customer can already be categorised based on his previous online behaviour. So even at this early stage of the relationship, you are in possession of a reliable forecast of revenue and actions which can be expected in the future. This profile can be specified ever further over time, though only intelligent interlinking of data will lead to new knowledge gains and the associated competitive edge. Any contact or activity with products, every contact made via the branch, by telephone or online will generate new details on the customer's desires and habits which can be combined with existing information. You also have the option of accessing and including information from social networks and mobile computing.
The result is not simply a far more accurate Customer Lifetime Value (CLV) which can be enriched and refined with other analyses. You are also accessing a substantiated basis for decision-making in relation to products, services and conditions which can be offered individually via specific channels to the customer in question in the future. The more precise the segmentation and behaviour predictions, the higher the response rate and the quota of contracts signed or extended. And last but not least, customer satisfaction and loyalty increase based on the reduced discord cause by the 'incorrect' customer approach.
Many markets are characterised by minimal change barriers as well as increasingly identical standards of service and quality. Consequently the customer is happy to "churn" - i.e. change to another provider. With the help of detailed customer profiles, you can reliably identify potential change candidates with churn management. This means you have the opportunity to take advance counter-measures by introducing individual offers and use targeted campaigns. At the same time, inclusion of the CLVs ensures that only lucrative candidates are approached.
Lasting levels of high customer satisfaction is the way to prevent customers from looking for new providers. For example, the intelligent linking of call centre and social media data can give you valuable information on the status quo as well as potential optimisation ideas. Targeted analysis means you are able to assess the most important topics so that you can specifically adjust the goods, services and even the day of the customer contact. In addition, you will be able to uncover any weaknesses existing within the organisation and gain insights for possible staff development programmes and ideas.
Your campaign planning can also benefit from a modern Business Intelligence or Big Data solution, delivering increased accuracy. Here again, intelligent interlinking with existing data is the starting point for successful knowledge gains: detailed knowledge about customers' preferences and wishes are the cornerstone. A broad range of knowledge from market and competitor analysis as well as from previous marketing exercises can be entered into the platform. So, for example, the comparison between individual banner ads, recommendations on representative portals as well as the customer's purchasing patterns can contribute to a targeted positioning of your offer and advertising activities.
In addition, you can gauge the effectiveness of your activities precisely: By linking campaign costs, revenue data as well as leads and customers generated, the costs per lead can be accurately determined. The total value of the campaign is simultaneously determined. As well as that, you can get a differentiated representation of which leads were won by marketing measures and which were won by sales activities.
The sources which enable you to assess and optimise your product portfolio are wide-ranging and difficult to ascertain. BI and Big Data solutions can help here too. Marketing directors have great opportunities to draw valuable conclusions from the huge diversity of data and recognise current trends. This means that more and more products are constantly supplying information throughout their use, allowing a detailed user profile to be generated. On the basis of the different behaviour patterns, you can constantly adapt your portfolio and also define individual offers beyond the standard offers.
Meanwhile you can determine the attractiveness of products as well as your position in relation to the competition more exactly with the help of industry-specific comparison portals. The data will tell you which offers the customers prefer. You can also conduct a comparison of typical customer groups and their preferences.
Long-term comparisons will ultimately show how your position changes in relation to the competition in the case of different inquiries. Opinions from social media and user forums can also be easily processed by your analysis model, despite the enormous influx of data. This is a measure which makes sense for everyone Customers are particularly open about their opinions relating to products and services on these forums and networks.
Web-based marketing measures reveal the full power of current Business Intelligence Big Data technologies. In this context, constant streams of detailed data are produced which facilitate precise management and performance assessment of all activities in targeted evaluations. Example website: You can learn where the visitor comes from, which areas they are looking for and how often and for how long they look at individual sub-pages or categories. In addition, you can track their transactions in your online shop, step-by-step. Many reference points and indications of the areas of weakness in your company are thereby highlighted as well as opportunities for improvement. Linking costs, leads and customers generated as well as the CLV give you, in addition, exact information about conversion rates and return on investment.
Search engine marketing (SEM) works just as efficiently. Connecting search impressions and positions with the leads from the manual search as well as the search engine advertisement (SEA) allows you to determine clear statements about the success of the activities undertaken. You will simultaneously receive a specific basis for decision-making in the areas of SEA and search engine optimisation (SEO).
How successful is my presence on Facebook or Twitter? Where do investments pay for themselves? And which channels are actually relevant for me? Social Media marketing raises many more questions. Current analysis platforms provide the necessary answers as well as transparency. So you can create a clear differentiation between the individual stages of user commitment by linking different performance indicators. For example, the number of page visits and call-ups in connection to leads generated as well as holding times provides reliable information about the visibility of your social media activities. Meanwhile, the engagement of the visitor can be gauged using follower figures and interactions like subscriptions, purchases and forms. Active recommendations can measured by means of 'likes', 'posts', comments and shared content.
In addition, new-wave Social Listening Tools offer you the opportunity to follow activities on social networks in real time and represent them with clear diagrams. An alarm function refers you directly to relevant expressions of opinion and makes a direct reaction possible. This means you are well-equipped to defend your brand in the event of any so-called 'flaming' incidents. At the same time, you can identify influential opinion leaders and address them in a targeted manner.