Today, you don’t need to be a media company to talk to your customers directly. Apart from content marketing, companies need to reconsider the ways they are talking to customers. How are media reacting to the change in consumer behaviour and who can brands react to the evolving consumer needs? This topic was discussed at the DLD digital conference in Munich. Let’s have a look at the key points brands including media brands need to consider.
Media consumption is changing – so is the role of the chief marketing officer (CMO)
Marketing has been routine to this day in the US. Although TV budgets keep going up, the audience has been moving away from television and into the digital. The business of television is booming, but it’s just not booming on television.
Although digital marketing hasn’t been used for brand-building & storytelling as heavy as television, this is changing right now, mostly because of social. With social marketing, you can tell stories and capture people.
Marketers need to become technologists
The marketers are now required to have a technology background, because digital marketing is about technology. If they don’t have respective technical skills, they still have to look for ways to at least understand the basics of the data architecture within their company.
Content is still important
Still, content and storytelling is still important, no matter what form it is in and who creates it. In that respect, marketers have to pay more attention to customer experience. The reason is: The consumers have never had more ways to connect with brands. As we are moving from attention economy to decision economy where consumers are confronted with a growing number of options, companies need to have to be where your customer is. As a marketer, you have to provide consistent touch points and a common brand experience for your customers.
Make better data-based growth decisions
Companies have to become data-driven and employ agile approach in their work. To make better growth decisions, brands have to understand what the interactions offline and online are (e.g. impact of TV on stimulating twitter or google activity), the variables that have impact on the way consumers act as well as deploy forward-looking analytics to make decisions and embrace velocity (you have to move quickly or the competition will).
Basically, there’re three activities that are now required of all CMOs as played out in this recent article in the Harvard Business Revue:
1. Discover data-driven insights that drive growth. That means churning through data to find insights that others haven’t seen and then developing the organizational capability to act on them faster and better to drive above-market growth.
2. Design the right strategies and processes to carry out the vision in a multichannel world. Any well-designed interaction starts with a clear understanding of customer needs and the capabilities of front-line employees. That means plotting and, in many cases, reformulating processes to create a smooth and satisfying customer experience.
3. Become the organizational “glue” to deliver change. If marketing is not driving the change agenda then either the agenda is wrong or marketing is not being effective. Deep insights into customer behaviors and market trends mean that the CMO needs to identify what changes are necessary. More importantly, the CMO then needs to motivate and help drive the required changes through the organization.