The Gartner survey above shows how MarTech investment jumped 29% in 2018. Technology is disrupting the marketing industry by bringing new opportunities and challenges, even for companies that have not gone fully digital. Before, marketing teams worked on new innovation via creating new brands. But with data now at the center of all things marketing, how should businesses go about redesigning the customer journey?
The first step involves building out the customer data architecture for your company. You can start by conducting an audit for the different types of data you have in the different parts of your organization. Data can often be trapped in silos, which only makes marketers’ job harder. Lack of unified data across channels creates frustrated customers as well. With the explosion of digital channels, the number of touchpoints to the customers is increasing as is the amounts of information, but it has to all be put together and unified to create a consistent experience. How do you deal with what seems to be almost too much data? Try to focus on what data you need to design your customer journey, however. Plus, remember that the more you can make sense of the data available to you the more you can optimize it.
New tools and technologies require analytical skills with an eye toward a more data-based innovation design. Investing in the best talent and embracing the digital transformation are crucial steps. You also have to remain open to experimentation and to learning and continually improving yourself. A/B testing can help you optimize the offer and to maximize the bottom line.
This AARRR model was developed for e-commerce and startup growth. It looks at expected customer behaviors and how they can lead to revenue. Due to how important segmentation and ad persona development have become, knowing your customers better and following every behavior is integral to marketing plans. Therefore, this model can be useful to help chart digital marketing activities.
You can use this funnel to develop campaigns and measure each stage of the customer journey, beginning with how a target is acquired to how they nurtured and converted into a customer. The relationship with the buyers does not end after the transaction, though, as buyers can come back to buy again (the retention stage) or even bring in new buyers (the referral stage). With real-time analytics to measure buyer behaviors, you can work to optimize the buying circle.
Data intelligence not only helps you to optimize your marketing activities but also to bring you new business opportunities, even from different industries. Companies discover potential collaborations to provide new services to the similar customers. Agencies often partner with ecommerce companies for data monetization and technology. Another good example is when Consumer Packaged Goods companies work with retailers to add their transaction data to their complete set of consumer behavior analytics. Companies who are open to win-win partnering rather than focusing on their own business tend to have higher digital adoption and reach faster success.
To find out more about what data can do for you, read “Go Further with Data Management.”