Contemporary marketing practice should be driven by data, powered by automation and optimized by analytics. Latest research shows organizations are gradually making this shift but there’s still a way to go.
The transition being made by marketers to connect different data sources together to gain richer insights into customers and potential partner channels is evident. We can also see greater use of automation tools to manage a wide variety of channels and respond in real time with personalized communications. And analytics are being used to experiment and improve customer engagement and sales impact. However many organizations are still at an early stage in terms of digital marketing transformation, with investments in AI and machine learning expected to triple over the next three years.
To make this transformation happen, capabilities are needed in content management, data analytics management, platform and channel management, and partner management.
Marketers need to shift their focus from exposure marketing to engagement marketing – content that is tailored to interests, emotions and motivations based on insights from data analytics. This requires investing in new platforms, channels and marketing technology to automate and personalize customer engagement. It also requires building new partner networks to find and keep customers.
The challenge for organizations is to see these as investments instead of costs. For marketers, the challenge is to show the return on investment and the longer term effects on brand equity and customer lifetime value.
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