All businesses are on a journey of digital transformation in the ways they interact with their customers. But how is such a complex path navigated?
For many of us in marketing, it appears that there are solutions to some of the problems but nothing to provide the complete picture. Here at Bluefin, we have distilled the issues and found that there are three main pain-points, which you can probably relate to within your marketing team.
My marketing department has inefficient ways of working
The image below from chiefmartech.com demonstrates how crowded the marketplace has become for customer interaction and insights. As the solutions become more varied and complex, they are less able to work in synchronicity.
The integration between systems, both from a process and a data perspective, is complex and creates several challenges, including:
- Slow Campaign execution
- Poor Lead Conversion
- Higher marketing costs
In turn, it is becoming increasingly difficult to get an accurate 360-degree view of the customer. Without this clarity, it becomes impossible to execute a marketing campaign that works for the target audience and delivers value for money.
We don’t have a full 360-degree view of our customers
It’s great to see organisations embracing new digital marketing tools. However, in the rush to enable social media and mobile apps, existing data and more traditional channels can get missed. If a customer engages with a call centre, the chances are the agent won’t know what other interactions have been taking place on the newly implemented channels.
Receiving information about the customer is just as valuable as sending it out. Understanding how the customer has reacted is a whole different ball game. Yes, metric and response data is fundamental in building the picture of the customer, but without access to this data you’ll still be alone in the dark.
Traditionally, this vital information is housed within a central data warehouse that’s designed for wider business reporting. So, by the time marketing get access, it will more than likely be in the wrong format, focused on the wrong thing, out of date and pretty much useless.
To be effective in this fast-paced marketplace, information must be instantly accessible, enabling marketing teams to act before a potential opportunity passes.
Our marketing campaigns are not efficient enough
CRM has moved on, as have the expectations of the customer. Today the trend is for personalisation - the concept of offering an individual experience to each customer. This is great, as long you can be sure your information is correct and current.
Taking this from a marketing perspective, without the ability to provide a true personalised experience, what the customer ends up being exposed to is rarely effective, and at times even negative. (Just think about how you feel when someone gets your name wrong!).
People change, times change - so interaction data recorded three years ago could be argued as no longer relevant. Instead, organisations should be focussing on how the customer is behaving now, and then tailor the approach to them.
With predictive analytics and the ability to perform large-scale statistical analysis on behaviour, there is no reason why every marketing department shouldn’t be using scoring to dynamically pin-point prospective customers. This doesn’t have to be complex, and can begin with something as simple as recommending the right product, or segmenting the right customers based on a predictive score.
Now the good news. Gartner thinks SAP Hybris Marketing is a leader solution in its latest magic quadrant for Multichannel Campaign Management. With a solution like SAP Hybris Marketing, organisations now have the capability to overcome problems and emerge as a digitally transformed business. Good times ahead.
In my next post, I’ll be highlighting SAP Hybris Marketing key features and how this powerful solution is key to overcoming your marketing challenges.