The State of Marketing Report 2020 Unveils The Latest Trends
Marketers are frequently the first movers in the face of change. In this ever so evolving environment, marketing needs to change with every step to keep pace with technology. Marketing has evolved over the years, moving away from the product to the overall customer experience.
With the onset of newer challenges like AI or the more recent pandemic across the world, marketing needs to change yet again. Older ways have to accommodate a new way of living. For instance, marketers need to find a way to deal with the new, socially distant world.
To understand the current and future state of marketing, Salesforce has gathered insights from 7000 senior managers across the world. The report carries useful insights, challenges, and priorities that will lead the businesses back on track.
After all, repositioning the brand in the face of challenges is what marketing is all about. So, let us look at the highlights from the report that summarize all the insights of the marketing industry.
Technology is the driving factor in marketing
Marketing is a mix of art and science. It is the right play with words while giving due importance to the data facts. Collaborating insights from the customer journey and using data science to drive relevant results is an important part of marketing. Using analytical and measurement tools for data assessment is an important advancement in the field of marketing.
Another important technological advancement is the use of Artificial Intelligence. Marketers use AI for optimizing all activities, including social media platforms. With the shift to digital channels, social media and video marketing are gaining increasing importance.
Going beyond the traditional ways and channels
Following the traditional ways of marketing, by focusing only on specific stages of the sales funnel is no more useful.
Today, all stages of the customer's journey hold equal importance. Whether it is branding, customer acquisition, customer retention, and customer advocacy, marketers are focusing on all these factors.
Moreover, marketers are not dependent on a single channel of marketing anymore. With the expansion of digital worlds, the avenues for social media marketing has drastically expanded for the marketers. They are targeting customers from all fronts. For instance, search engine marketing (SEM), email marketing, mobile apps, and online forums are increasingly coming to use.
Connected Experience is what matters to the customers
Marketing is not a stand-alone activity. It is a wholesome experience that includes all areas of the business. A system of cross-functional collaboration between the colleagues of all departments is required. As customers are better informed now, they seek information from across the business. Hence, there is tight connectivity, especially between the sales, e-commerce, and customer service departments. Tactics like account-based marketing or a ticketing system help in setting up such cross-functional collaboration.
Empathetic marketing through customer data
Marketers have realized that the most efficient way of engaging with a customer is on a personal basis. The individual touch holds importance while influencing them.
78% of marketers say that their customer engagement is data-driven. However, the trick is not to collect or manage the data, but to use it effectively. The data is useless if not used within an accurate, timely, and desired manner. While putting marketing data to work is a challenge in itself, AI makes the job easier. AI is useful in personalization, segmentation, and deep data insights.
Empathetic marketing essentially deals with gaining the customer's trust. Hence, marketers are taking more privacy protection initiatives to protect customer's data. They are not only following but exceeding regulations like GDPR.
Marketers are increasingly focusing on insights relevant to business value
Markets are using a strategic approach towards the Key Performance Indicators (KPIs) and metrics. They are spending more time to scrutinize the various insights gained from the customer journey. With the increase in touch-points, the managers are focusing more on customer interactions. KPIs like sales effectiveness and revenue growth are further complimented with customer satisfaction metrics.
They are associating signs on success not only by the revenue level but also by referral rates and Lifetime Customer Value (LTV). Moreover, the traditional lead generation metrics are now being supplemented with Customer Acquisition Cost analysis.
There has also been a positive shift in the engagement channels to customer communities and influencers. Hence, there has been an increase in the value of the channels.
The Road Ahead
The next decade will see a huge jump in marketing innovations. There will be a total technological, legislation, and societal shift that will transform marketing. The change has already set in. While the crisis may derail the plan in the short term, there will be growth and transformation in the long term.
The marketers are expecting a major transformation in marketing with the introduction of 5G. Other innovations like the blockchain technology and virtual reality will follow the path.
To download the complete Sixth Edition of State of Marketing report by Salesforce, please click here.