The marketplace is neither charging the business for this service or providing special treatment – if a better performing merchant comes along, it catches you later.
Connected Data. This is the ability to link all a company’s data sources, online and offline, to build a complete customer picture. In the digital age, connected data is increasingly essential not only to marketing but to applying new technologies to a host of business needs and functions.
Automation and integrated technology. Companies need a variety of marketing technology tools today that allow for automation of data and content at scale. Some of these include a web analytics capability, a CRM suite, integrated advertising technology, and the automation tools used to tailor messaging. These technologies open a world of possibilities.
Actionable Measurement. Data driven marketers are able to attribute value to their touchpoints with consumers along the purchasing journey to inform KPIs and link these engagements to business outcomes such as sales and profit impact. They know what their customers are thinking about, where they stand on the purchasing journey, and why they buy what they buy. One office equipment retailer uses a conversions API and custom attribution models to combine online data with offline transaction activity into one omnichannel report so it better understands how digital campaigns perform in-store as well as online.
Strategic Partnerships. Technology is about ecosystems. Few companies, even digital natives, go it alone. They key for marketers is collaborating with agencies and martech providers effectively while maintaining ownership of technology and data. This approach puts all the expert disciplines (creative, content, operational, and social media, among others) in one place. The company has developed standardized ways for its agencies and marketing team to collaborate on campaign development, including performance review against pre-defined shared marketing objectives, as well as budget, quality and timeliness criteria.
Specialist Skills. It’s one thing to identify, hire and train technical talent, such as in-house data-scientists and measurement experts, it’s quite another to integrate these people with other marketing staff into effective cross-functional teams. The lack of organizational connection between branding and online marketing staff led one online retailer to establish multi-disciplinary marketing teams in which experts could work closely together to create one experience for customer.