Modern marketers know that effective technology application largely hinges on the proper collection and management of data. Partners are critical to helping marketers drive top line and bottom-line performance across the enterprise. Success requires the integration of data, technology, and creativity, and clients look to partners for much-needed expertise and resources.
As the lines blur between agencies, consultancies, and service integrations, each partner brings a specialty to the table that helps marketers succeed in modern marketing. With this blurring of lines comes changes. In a study by Forbes Insights and sponsored by Oracle Marketing Cloud, 60% of brand and agency executives say their roles and responsibilities have changed significantly over the past two years.
Oracle Marketing Cloud brought together a panel of experts to discuss what is driving this adoption of technology by marketers today. The group assembled recently during Advertising Week in New York City, and shared their perspectives on how technology is transforming the advertising industry and the role of agencies and consultancies in driving this transformation.
Here are tips to manage the convergence of AdTech and MarTech that came out of the discussion:
Never Forget That Data is Your Greatest Asset
Long gone are the days where a consumer was loyal to a brand just because of the brand itself. In other words there is no resting on any laurels. Consumers today are in control and are fickle and they expect brands to know what they like and dislike based on their actions a.k.a. their data.
Marketing leaders must create a data-driven marketing culture and organize the required people - both internally and externally, processes and systems.
“The old world of database marketing became the MVP in the new era of digital media,” said Gerry Bavaro, SVP of enterprise solutions and digital strategy, Merkle. “Those who have made data relevant to creative planning and who can tie it back to identity are winning.”
Work Together With Your Agency Partners
Technology is giving agencies and consultancies the opportunity to deliver game-changing performance and strategic value to their clients. According to McKinsey, global marketing spend exceeds $1 trillion and has been rising faster for several decades. They estimate that 15-20% of marketing spend can be optimized through better marketing ROI efforts. That’s potentially $200 billion globally per year.
By understanding how to maximize the assets and value of partners, marketing leaders can tap a wealth of knowledge and insight to fuel decision making. A customer-first mentality helps devise the most effective strategies.
“The new type of agency is part of the convergence,” said Glen Hartman, Senior Managing Director, Digital Transformation, Accenture Interactive. “There are so many different interdependencies — analytics, design, creative — [and agencies have to understand] how it all impacts the full experience. There are new ways to measure success. Rather than saying I need brand effectiveness or ROI, look at the customer and ask how to help them achieve their goals. The new agency is to reverse engineer and drive a business outcome, such as acquire or attain more customers. This is to redefine performance.”
For more highlights on the convergence of AdTech and MarTech, check out our Brief – A Better Customer Experience: Where MarTech and AdTech Meet for Performance Advertising Success.