Consumers are demanding hyper-personalization and brands must step up with real-time customer marketing to effectively compete, or risk being obsolete. The bar for personalization will continue to rise, and CMO’s must help their organizations transition from the traditional marketing techniques of outbound targeting to the more modern (and competitive) approach of personalizing inbound customer interactions.
3 Reasons Why CMOs Should Invest in Real-Time Capabilities
1. Customers will pay more for a great experience. In fact, Forrester states 86% of customers will pay more for a better customer experience, yet only 1% think brands consistently meet their expectations. Compare this to another study that shows 80% of CMO’s think they offer a great experience. Clearly there is a big gap between what CMOs and their customers think. And, it is this gap that must be closed if brands are to effectively compete for wallet share and avoid customer defection.
2. The rise of digital transformation. BCG (Boston Consulting Group) states, “Companies that are on the forefront of data transformation are enjoying 20% to 30% EBITDA gains by using fresh, granular data in sales, marketing, supply chain, manufacturing, and R&D”. Digital transformation cannot be ignored and CMOs must team with other executives to determine the best approach to transforming business processes across their entire organization. Most transformation initiatives put the customer and customer data central to transformation efforts so CMO’s are often leading the change efforts.
3. 48% of Americans expect brands to know who they are and to help introduce them to new products and services. Marketing is all about understanding consumer culture. We live in a world where multiple consumer groups exist, each with unique and varied preferences, and cultural beliefs that are subject to change in an instant. Marketing needs to be empowered with high-quality, data–driven audience insights to connect, in real-time, with their target market authentically.
The Ultimate Value of Real-Time Marketing is Increased Revenue
Real-Time Marketing is now a prerequisite to engage with customers in a meaningful and relevant way. The upshot of this increased engagement is increased revenue. Customers are more highly engaged with your brand, they are less likely to defect and therefore, more loyal. And, with increased loyalty comes increased lifetime value. Solving each piece of the real-time marketing puzzle is worth the effort as it only results in upside. Not solving it will lead an organization down a path no CMO wants to imagine.
Our latest eBook, The Value of Context, Cross Channel and Real-Time Capabilities: Advancing Marketing’s Productivity, is designed as a guide to real-time marketing, It is available to download, here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.