Brands that plan to survive in the digital age need to utilise their existing technology stack or risk alienating customers, a new report finds.
The report, Introducing the Next Generation Marketing Technology, has been produced by The Drum in association with global marketing technology company Mapp Digital.
Customer preferences have changed drastically in the past few years and chief marketing officers (CMOs) are under increasing pressure to adapt their marketing functions to the new digital age. According to research by Deloitte, 75% of CMOs see their roles as increasingly influential to business success.
Marketers have also become increasingly dependent on technology. According to Gartner, marketing leaders allocate 27% of their expense budget to technology which is equal to 3.24% of overall revenue.
But as Deloitte’s research found, while two thirds of CMOs use analytics to make key decisions, most recognise they are not maximizing the full potential of data. 83% find their biggest challenge to be in acquiring new skills to adapt quickly to changing business needs.
In addition, as the report suggests, in the rush to adjust to the speed of digital change – most brands have responded by building disparate advertising and marketing technologies across their businesses. This has only exacerbated existing silos between customer acquisition and customer marketing.
This report highlights how brands can converge marketing and advertising technology into one customer-centric ecosystem – allowing marketers to deliver relevant and personalised messaging to every single customer interaction throughout the entire customer journey from acquisition to loyalty, all from one place.
Industry experts outline how to use the right channel at the right time, how to own the data agenda and why a single technology platform can personalise customer engagement across channels with a simple dashboard to optimise performance and engagement in real-time.
It contains contributions from Shilpa Patel, Boston Consulting Group partner and managing director, London; Nicole Perrin, executive editor at consultancy eMarketer; Matt Isaacs, founding partner and chairman of Essence; Alex Dunsdon, founder of ad-tech accelerator The Bakery London; and Omar Janabi, Mapp Digital senior marketing director.