Posts

Why CMOs Must Prepare for Real-Time Customer Marketing

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, datadriven 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.

 

 

Product Marketing is Dead. Long Live Customer Marketing

One of the biggest challenges businesses face today is how to market to an ever-demanding customer. A customer who wants us to know their every need and want, deliver a hyper personalized experience, including messages and offers that are personal and relevant, in real-time.

A Shift in Company Culture is Needed

This is a shift of enormous proportions, particularly for those companies who continue to be driven by traditional business models that place the product front and center.

Engaging today’s customer not only demands more modern marketing strategies, but also, a shift in company culture. And, frankly, we are not moving to this customer-centric culture quickly enough. A Chief Marketing Officer Council study found that 56% of companies said they’re extremely customer-centric, but only 12% of their customers agreed. And, if that isn’t convincing enough here’s a statistic from Forrester’s State of Customer Experience that should strike fear into the heart of any senior executive — 89% of consumers have stopped doing business with an organization after what they perceived to be a bad customer experience.

Breaking Free of Traditional Marketing Models

What constitutes a bad customer experience? For marketing, a bad customer experience can often be attributed to outdated technologies, processes, and marketing techniques. Breaking free of traditional marketing methods is the key and demands not only new more modern thinking but also more modern techniques and tools. Addressing groups of customers with batch outbound messages needs to be replaced with a deep understanding of customers as individuals. Outbound batch messaging superseded with individualized inbound real-time interactions.

A New Standard Drives Differentiation

Our ability to break free from our traditional marketing methodology and our ability to migrate to individualized messages, whenever and where ever the customer shows up, is the very crux of successfully transforming from a product marketing strategy to one that puts the customer first… For our customers, a personalized interaction creates a positive customer experience, which is the new standard for driving differentiation.

To learn more about how to move to customer-centric marketing and kick your customer experiences into high gear, download our whitepaper, Paving the Path to Better Customer Engagement: 5 Ways to Kick Your Customer Engagement into High Gear, 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.