by Paul Kim, June 2014
In today’s "everything is digital” and “always connected" world, it is surprising to find many companies are still heavily relying on traditional static marketing practices which used to be successful in the old days. Whether they are in B2C or B2B space, companies have institutionalized traditional marketing practices that typically center on static segmentation of the market and launching marketing campaigns through channels that used to be effective.
In many marketing departments, the limited market intelligence leveraged for the segmentation, targeting, and positioning (STP) process is based on static information, tricky focus-group interview survey results, or executives’ intuition. To make matters worse, marketing activities across different channels and stakeholders tend to be happening in silos, so that the message or unique value proposition corporate is driving is not consistent across different marketing channels and internal operations. This ends up creating frustration for modern customers who can be highly influential through social networks.
Making the transition to modern marketing is about understanding how to laser in on your customers with relevant messaging by using dynamic customer insight.
Making the transition to modern marketing is about understanding how to laser in on your customers with relevant messaging by using dynamic customer insight. When it comes to executing a modern marketing strategy, you will need to develop solid technology enablers to bring unified customer insights into the marketing departments and support actual campaigns and measurement of the outcomes. Technological innovation is the key driver of changing customer interactions with products and services.
A strategy for modern marketing includes three key steps:
Paul Kim is a senior director on the Insight and Customer Strategy team at Oracle.
Figure 1. Key Characteristic of Modern Marketing and 3 Major Strategic Steps
With these three steps, companies can become faster, more agile, and more intelligent in their marketing activities.