In today’s digitally empowered age, marketing has become one of the most progressive functions within an organisation - it has transformed from an intuitive art to a predictable science. With a rapidly expanding array of technology and communication channels, as well as an increasingly demanding and savvy consumer, today’s marketer needs to embrace innovation in order to evolve, keep up with this rapid pace of change, and of course, be ‘modern.’
So what is modern marketing? According to recent research we conducted with Forrester consulting, modern marketing can be defined as using a combination of real-time predicative models and statistical techniques to ensure personalised customer engagement throughout each stage of the purchase journey. This research revealed that Australian marketers are leading the way when it comes to adopting modern marketing in comparison to marketers surveyed in the US, UK, Germany and France.
According to findings in the study, one of the reasons Australians lead the way in modern marketing is that 83 per cent are willing to invest in marketing technology that supports a rich eco-system of complementary, partner-created applications. Also, more than half of Australian marketers deploy technology to build profiles to better understand customer needs.
This technology plays a critical role in shaping the marketer’s understanding of who their customers are and how to approach them, whether engaging online, on social or in-store – a strategic imperative in the world of modern marketing. According to the research, only companies that obsess over knowing their customers intimately will succeed in today’s expanding digital market.
With valuable data readily available from many platforms, today’s marketer has the opportunity to be customer centric and modern provided they are able to bring the data together in one place and understand how to leverage it effectively.
According to Oracle’s research, the modern marketer is making significant progress in doing so - 60 per cent of marketers globally say they’ve successfully combined real-time customer data with predictive models and statistical techniques to help engage customers in a digital dialogue, and more than 65 per cent cited having consistent data-gathering techniques to help improve data quality. This is key to maximising customer engagement and achieving greater marketing simplicity.
The global survey results clearly reveal how important it is for today’s marketer to understand the need to adopt modern marketing technology in order to meet customer demands. But what impact does this have on business outcomes? Organisations that embrace modern marketing processes outperform their non-modern marketing peers on key business performance indicators including:
As ever-increasing demands and complexities continue to shape the modern marketing landscape, it’s clear that today’s marketer can’t be narrow-minded about how they engage with consumers.
Despite what their traditional marketing practices may be, today’s marketer needs to be able to quickly refine and evolve their marketing practices to optimise the customer experience. Innovation is key to executing marketing campaigns that have a measurable impact on revenue – the proof lies in the research results.
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