Today we hosted a webinar with Ozan Bayulgen, Partner at Bain & Co., and Omer Artun, CEO at AgilOne, where they discussed the best customer strategy to achieve full potential and growth, and ways think about the customer data platform maturity model.
The webinar began with Ozan discussing how things have changed over recent years. While the fundamentals of marketing have stayed consistent over the years, and spending has surpassed $1 trillion in global spend, it is always under pressure and evolving at a rapid pace.
Overall goals and roles are changing, the speed of adoption and success is accelerating, and complexity of technology is killing companies off. So how can you ensure your company stays at the forefront of marketing trends? A great place to start is with these seven core beliefs, developed by Bain:
- CMOs need to focus on orchestration over sophistication; having all the pieces and people in the right place to get results.
- Marketing has to be the cornerstone of your customer growth strategy; treat it is an engine for growth and not an expense that needs to be managed.
- CMOs must bridge the gaps between strategy, financial performance and creative.
- Companies must learn to engage with their customers, not sell to their customers.
- Timing is just as important, if not more important than audience types; while you need to know who you are targeting, it is increasingly important to target them at the right time.
- Success in this new marketing world requires new, integrated and agile marketing operation models.
- Both ROI and LTV are critical to measure marketing excellence.
Evolving Towards the Adaptive Customer Journey Management Strategy
Industry leaders have been evolving to an Adaptive Customer Journey for success. This includes:
- Contextual targeting
- Automated journeys across all channels
- Utilization of digital channels and digital marketing
- Real-time marketing
- Real-time analytics
In order to shift your company towards this successful marketing model, new capabilities and ways of working are required. This includes ensuring your team has data-driven marketers that can not only think creatively, but discern actionable items from your data, the resources to crank our more personalized content to support new workflows and automation, as well as the ability to continually test and learn.
While building a sophisticated Adaptive Customer Journey will take time, it is important to step back and set yourself up for success; don't rush into this model at full speed until you have established what your untapped profit pool is, and who your highest value targets are within this pool. This will guide your new strategy, and allow you to scale your successes along the way.
How a Customer Data Platform Plays an Integral Role
One of the first pieces of technology marketers will need to invest in for success in this new model is a customer data platform. Without bringing all your data into one central platform, you will never have full insight into your customer behavior, nor will you be able to deliver on real-time marketing messages.
A customer data platform will play a key role across all stages of the customer lifecycle: acquisition, engagement and growth. With a CDP in place, you will be able to:
- Acquire high value customers at a lower cost
- Increase customer engagement by treating customers personally
- Target the right offers and customers to maximize margin and retention
In the webinar, AgilOne CEO Omer Artun dives into the marketing maturity model, discussing key use cases during the starting, intermediate, and advanced phases. To learn more about questions you need to ask, the actions you need to take, and what data you need to integrate during each phase of growth, check out the full webinar recording!