Halloween is coming, even earlier than usual this year, judging from all the retail displays already in the shops! Although it is now more associated with children dressing up in scary costumes and demanding “Trick or Treat”, it is actually a Christian remembrance of the dead on the eve of All Saints’ Day.
So what does that have to do with marketing? Apart from the obvious effort of many companies to include the pumpkin shape, flavour or aroma in almost every product they make, at least in the US, marketing too has its scary moments doesn’t it?
What scares you marketers the most, or to put it another way, what keeps you up at night? One of the most recent studies on the topic, issued a few months ago, comes from The Marketing Institute (MSI) and was summarised by David Aaker of Prophet as seven issues, which he divided into three tiers:
TIER ONE: The hot topics
- Understanding customers and the customer experience with particular emphasis on the impact of social and digital.
- Big data and analytics, with how they will impact predictive modelling and the marketing mix.
TIER TWO: The other concerns
- Following on from the opportunities of Big Data, the next concern is Marketing Accountability and its ROI.
- Developing marketing excellence and the new skills required such as visualisation and storytelling.
- Leveraging digital/social/mobile technology and linking it to CRM
- Creating and communicating enduring customer value and how to measure it in the social environment.
- Developing and delivering integrated marketing
TIER THREE: Previous concerns getting under control
- Innovating products and services
- Global marketing
- Optimizing social contracts
What I find interesting from this and similar studies that I wrote about last year, is the overlap between many of these challenges. Marketers are really concerned about the wealth of information that they have on their customers and how they can manage to turn it all into insights, for more profitable actions and engagement. I therefore thought it would be useful to summarise the “so whats” of all these current challenges and propose actions that will help marketers get these issues under control, so they can change their scares into solutions:
Understanding the customer experience
SCARE: With the exciting new worlds of social and digital taking up much of the thoughts of marketers, they are struggling to find ways to think integration, but that is the only way to understand today’s customers.
SOLUTION: Starting from the customers’ perspective makes looking at the bigger picture much easier. Instead of thinking single channels of communication, think connection and engagement. (>>Tweet this<<). Instead of thinking purchase and loyalty, think advocacy. Creating value for the customer goes way beyond providing a product or service these days. (>>Tweet this<<)
Knowing what to do with data
SCARE: We have gone from an information rich environment to complete data overload. This challenge definitely keeps a lot of marketers up at night. They feel as if they have to use everything available but at the same time are also aware that they are incapable of doing so.
SOLUTION: The answer lies in the old “eating an elephant” solution. Rather than worrying about what is not being managed, marketers should review what they already have, and only then decide what else they could use to help answer all their questions. There is so much information available today that we can’t work with it all, but we can ask better questions that can be answered by analysing this data. Start with the right question and then use the data you have to answer it. (>>Tweet this<<)
SCARE: Every brand has some sort of web presence today. Whether that is a website, Facebook page or Twitter account, most companies have rushed into social media without a detailed understanding of why they are there. If this is your case, it’s time to take a step back.
SOLUTION: How are you connecting with your customers today, both offline and online? The two should be complementary. However if there is too much overlap and you are doing the same on both, then you are wasting your money. You are also wasting your money if you don’t know why you are online in the first place! (>>Tweet this<<)
I had a client once who wanted help in updating one of their websites. In running a first analysis of all their websites, I found that more than 80% of them were being visited by less than 30 visitors a month! We cancelled all those websites and invested the money in the remaining active ones, improving both their ROI and the engagement with their customers. Maybe it’s time to take a look at your own web statistics?
SCARE: Marketers are scared for their budgets and even more so for their jobs. With the rise in the importance of technology and IT, marketers need to move from branding and creativity alone, to embracing data and analytics much more than they have done in the past.
SOLUTION: Become friends with your CIO and see IT as a support of rather than as a threat to your budgets. Yes managing new technologies and data analysis will need more investment, but that won’t (shouldn’t) come at the expense of brand building. In fact with the increased power of the customer and the number of channels on which to reach them, marketing needs increased budgets to be where and when the customer demands connection and information. (>>Tweet this<<)
Acquiring new skills
SCARE: As already mentioned, marketers must get comfortable with large amounts of different data. They also need better ways to analyse and make sense of it all, often in near real-time. This is a challenge in itself, but the new skills they have to acquire don’t stop there. They also need to turn their information into actionable insights and then share them with the rest of the business to gain acceptance and impact.
SOLUTION: Your market research and insight colleagues are the best people to help in making sense of the data and developing actionable insights. It will be the marketer’s job to share these with the rest of the business in a more creative way. Visualisation & storytelling are the new must-have skills for today. No longer can you expect PowerPoint presentations to excite and engage your C-suite executives – if they ever did!
These are five of the most pressing current scares of marketing and some simple solutions to address them. Are you challenged by something else? If so, add a comment below and I’ll help you find a solution. Or if you prefer, you can contact me here.
C3Centricity used an image from Microsoft in this post.