In the previous article, we looked at the increasing responsibilities of chief marketing officers (CMOs), and at how smart, integrated approaches to data can help them attain their goals. In this article, we’re taking a closer look at closely at what connected, data-driven marketing looks like, and what it can achieve.
In its recent report, “A New Playbook for Chief Marketing Officers,” the Capgemini Research Institute (CRI) found that data-driven marketers outperform their counterparts in other organizations in four key areas:
1. Data-driven marketers can make the most of real-time marketing
For instance, 88% of highly data-driven marketers say they can adapt and change content based on real-time data (versus only 38% of other marketers), and 79% also say that they can deliver content based upon real-time understanding of customer needs (compared to 38% of other marketers). In addition, 77% say they can decide the next best course of marketing action based upon data and insights collected (against 48% of other marketers).
2. They realize better business outcomes from real-time marketing
Data-driven marketers also report better performance against key metrics for real-time marketing campaigns. These metrics include improved brand awareness/consideration; improved customer satisfaction; an increase in conversion rates of prospects to customers; and an increase in customer retention.
3. They have well-rounded talent
Data-driven marketers have a greater supply of data and technology talent. For example, almost three-quarters of data-driven marketers (72%) say they have the data analytics and data-science skills they need (against 40% for others). They also have a greater supply of core marketing skills, as well as soft qualities and skills such as empathy, collaboration, and emotional intelligence.
4. They foster creativity
Creativity and data are often considered opposites. Creativity is seen as requiring a more artistic and emotional mindset, while data skills are regarded as needing a more analytical and methodological viewpoint.
However, data – especially the insights obtained from first-party customer data – can be used to enhance the creativity of marketers. The CRI research finds that data-driven marketers nurture creativity, which can take one of several forms:
- Building quick responses for changing trends
- Syncing data and creativity in customer engagement:
- Understanding consumer intent across different channels
- Delivering new ideas for personalized content
- Driving hyper-targeting in customer engagement
- Pairing data and creative talent.
Drawing on its research and experience, the CRI identified six focus areas in its report that are critical to ensuring CMOs are prepared for the future in a data-driven marketing environment:
- Create a clear vision for the marketing strategy – ensure data-driven capabilities are at its core, and define the roadmap for transformation
- Implement a framework-driven data-collection process – consider data from emerging digital touchpoints, and unify internal data silos
- Ensure talent is equipped with data, creative skills, and specialists – focus on developing analytical mindset in your team, and upskill on digital and performance marketing. Establish a center of excellence – and, in general, develop a learning culture
- Accelerate collaboration across the marketing ecosystem – collaborate with key functions, such as IT, sales, and finance, and also with external partners
- Reimagine the customer journey with real-time engagement – implement a customer data platform, and make use of listening tools to understand customer intent. Have a clear content management strategy, with appropriate solutions, and use automation tools for delivery
- Integrate long-term brand building and short-term marketing engagements – allocate separate budgets for long-term and short-term marketing engagements.
Data is growing at explosive rates. It’s being driven by the quickening pace of digitalization, and also by the rise of e-commerce, which is itself accelerating because of the global pandemic.
This data growth is enabling marketing to achieve its potential. Marketing has never been more integral to business, as the CMO role has broadened and become more holistic, with many CMOs now responsible for customer experience and growth strategy. Given the need for marketers to understand how customers interact with brands and companies, and to know when and where to engage with them, real-time data will be a critical enabler for CMOs to deliver their broadened remit.
Successful organizations are reaping benefits ranging from more effective decision-making, better business outcomes, and the ability to perform real-time marketing that consumers increasingly expect.
In short, it is critical that today’s marketing teams be data-led, so they can drive sustainable growth.
To learn more about how Capgemini’s Connected Marketing Operations unlocks enhanced brand value and revenue impact through frictionless, digitally-augmented marketing operations, contact: email@example.com
Read the full CRI “A New Playbook for Chief Marketing Officers” report to learn why CMOs should enable real-time marketing to drive sustainable growth.
Abha Singh drives large transformation and consultative sales, presales, and marketing projects for Capgemini’s clients, bringing innovation into the core of every area of her work.