Various studies have proven that video content helps you achieve your marketing goals – but don’t cut corners; amateurism will have the reverse effect.
As changing consumer behaviour, channel proliferation and technological advancement all converge, corporate infrastructure must be re-engineered if brands are to thrive in the digital age, argues Matt Holt.
As a result, 63 per cent of CMOs are prioritising investment around delivering deeper, more relevant customer experiences this year.
These are the results of a new Institute for Business Value study by the IBM: Redefining Markets. Harriet Green, general manager, IBM Commerce, said: “Large scale industry disruption caused by IoT, cloud and mobile technologies is forcing CMOs to reinvent how they interact with customers.
“We are working directly with the world’s leading CMOs to help them seize the opportunities in cognitive commerce so they can rethink every aspect of their strategy, design and operations to enhance their customer experiences.”
The report surveyed 723 CMOs across the globe – including North America, Central and South America, Western Europe, Central and Eastern Europe, Middle East, Africa, Asia Pacific and Japan (click here to obtain the full report) – in 18 different industries. Surveyed CMOs identified the following four top priorities in 2016:
Enrich the Arc of Engagement: CMOs consider creating better customer experiences their top priority. Three-quarters of leading CMOs are using more event and experiential marketing than market followers.
Embrace ‘Creative Destruction’: 67 per cent of CMOs are assessing their strategic direction in the light of technology disruption. CMOs from leading organisations are more likely to embrace the ‘creative destruction’ and build more open and collaborative business models to effectively drive innovation.
Inject Data-Driven Insights into Every Marketing Decision: Although CMOs have made great strides in data analytics, 60 per cent of CMOs prepare to bring in more data driven insights into marketing campaigns in the next three to five years.
Increase their Digital Acumen: 79 per cent of CMOs plan to hire employees with digital skills to improve their marketing function’s digital literacy. Most are looking for resources outside their own businesses — three-quarters plan to either partner with other enterprises to tap into their digital expertise or work with consulting firms.
As chief customer officer, ING Bank, Lisa Claes commented: “Industry competition is heating up and businesses must sharpen their focus on the customer or risk losing them to the competition.
“By embracing the latest analytic and cognitive commerce technologies, marketers can tap into this explosion of data to deliver a personalised customer experience precisely at the right time and place.”
As part of this study, IBM identified two distinct subgroups of CMOs: Torchbearers (those who come from enterprises with strong financial track records and equally strong reputations, as reported by their CMOs), and Market Followers (those who come from businesses that are less successful financially and have lower market profiles). Differences between these two groups were distinct:
James Brooke explains how simultaneously improving the reach, quality and agility of digital content performance is vital to retail sales performance – something few retailers have got to grips with.
Emma Reeve examines the relationship between the law and a new breed of business rising from the shadows of online, looking at whether more branding conversations need to he held in order to update the current legal system to bring it in line with issues faced by 21st century start-ups.
Loyalty cards linked to mobile apps experience rise in activity rates.
The new research, Mobile & Online Coupons: Redemption, Loyalty & Consumer Engagement 2015-2020, found that brands and retailers are increasingly responding to consumer demand for mobile integration, with many now offering customers the opportunity to store their loyalty cards within a dedicated digital wallet.
Crucially, the research argued that the improved targeting and personalisation made possible by digital coupons was leading to greater activity rates, thereby resolving a key failing of traditional schemes where the lack of relevant offers had resulted in a downturn in usage.
However, the new research found wide variations among retailers and other reward card providers with regard to the extent of digital loyalty integration. In the UK, it observed that around 40% of Nectar card holders had acquired the loyalty app by late-2015, but less than 4% of Tesco Clubcard holders. It found a similar disparity between US retailers Walgreens, where 61% of card holders had linked their card to an app, and Target which had only 27% of cardholders linked.
Research author Dr Windsor Holden said: “These disparities are likely to result from a number of factors. While in part they may reflect the level of satisfaction with the app and/or the features it offers, they may also be attributable to a greater degree – or greater success – of retailer marketing of their digital loyalty options.”
The research warned that retailers that did not offer mobile integration were likely to have far lower levels of visibility on consumer activity. As a result, it cautioned that they would be at a disadvantage when seeking to tailor offers and thereby increase the lifetime value of the consumer.
The complimentary whitepaper, ‘Coupons ~ Personalisation Goes Hyper’, is available to download from the Juniper website together with further details of the full research and the attendant Interactive Forecast Excel (IFxl).
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Focusing on MMT Digital’s work on the UK’s Compare The Market’s hugely popular ‘Compare the Meerkats’ campaign.
Tina Judic explores ways marketers can leverage the power of video advertising in their campaigns.