Dimensional marketing: A new view for digital Bookmark has been added
Dimensional marketing: A new view for digital
Digitally connected customers have changed the dynamic between customers and transactions. Customer expectations have magnified in terms of relevancy, intimacy, delight, privacy, and personal connections. Communication has shifted from broadcast to conversation. Marketing as a discipline has followed suit. Marketing’s front office is recasting around connectivity and engagement while its back office is transforming through new technologies for accelerating and automating campaigns, content, and positioning—fueled by data and analytics. It’s a model that is far more complex than linear constructs, such as the four P’s (product, price, promotion, and place), that served well in the past as a foundation for marketing strategies.
Today, we’re in a new era, where many companies are structuring strategies dimensionally to include engagement, connectivity, data, and technology. Organizations that learn to use these to engage audiences on their terms and through their interests—wherever and whatever they are—can gain a significant advantage in the marketplace.
This shift is a new breed of marketing. It’s what we call dimensional marketing. CMOs hold a key role in helping their company embrace the reality that the marketing levers of the past no longer work the same way, if at all—and that they should embrace the four dimensions of this new reality.
The engagement revolution: Experience is everything
Over 86 percent of Americans have Internet access. 64 percent have smartphones, and 42 percent have tablets, according to Pew Research at the time of publishing. Consumers are now using new technologies to research products and shop through a variety of channels. These connected consumers can buy from retailers regardless of geography or store opening hours. The consumer experience now demands a balance of form and function. Experiences should be personalized, contextual, and real-time to “me” in the environment and with the method that makes the most sense at the moment.
Organizations are armed with deep, granular knowledge of individuals. Just as importantly, they have access to multiple channels through which to conduct personalized outreach. Every experience can reflect the brand, transcending campaigns, products, sales, service, and support across channels. User experience and great design should be cornerstones of every solution, which requires new skill sets, delivery models, and interactions between the business and IT. Behind the scenes, content and digital access management are critical to a seamless integration of campaigns, sales, services, supply chains, and CRM systems.
The connectivity revolution: Relationships are built on interactions
One-way communication with consumers is a thing of the past. Marketers should build sustained relationships through a deep and meaningful understanding of individual customers. After all, effective relationships drive loyalty, build communities, and cultivate influencers. Meaningful relationships also require dialogue. A recent Deloitte omnichannel study found that being broadly present across channels, and enabling each channel to serve the customer at any point through the purchase journey, raised brand awareness, and drove loyalty. The study also found that leading retailers with a presence across in-store and non-store channels succeeded in capturing additional sales from non-store channels due to increased awareness of their products, expanded market share and/or a greater share of sales captured from competitors, and access to fast-growth channels. Social (both social technology and real-world social behavior) plays an important role by and sustaining (or heightening) their interest through tailored, relevant content delivered on their own terms and in their own words.
Intelligence is targeted: The data revolution
Deriving meaningful customer, sales, and product insights require an appetite for enormous amounts of data and analytics. A Teradata survey found that 78 percent of marketers feel pressure to become more data-driven, with 45 percent agreeing that data is the most underutilized asset in the marketing organization. Real-time analysis can drive adjustments and improvements to market campaigns and promotions. Intelligence gives marketers the technical capability to close the loop and measure real business results by providing multiple ways to interpret and make use of data. Better targeting and visibility across the full customer lifecycle enhance the use of standalone tools in areas such as campaign automation and bid management systems—indicative of the trend to understand individuals versus broad segments.
Channel orchestration is multidimensional: The technology revolution
A new vision for marketing is forming as CMOs and CIOs invest in technology for marketing automation, next-generation omnichannel approaches, content development, customer analytics, and commerce initiatives. Plus, channels and customer touchpoints are constantly multiplying. Marketers now own or manage the marketing platforms, architecture, and integration required to provide a consistent experience across channels.
Dimensional marketing brings it all together
Although marketing has evolved from broadcast to interactivity and now finally to digital, many organizational capabilities still remain in silos. With dimensional marketing, traditional, digital, customer, and enabling business systems are converging into one integrated offering that operates simultaneously in harmony. This harmony can require platforms to accommodate multiple devices and touchpoints. Contextual architecture should provide data, images, video, and transactions dynamically—and be based not just on who the customers are, but where they are, what they’ve done, and what they’re likely to want next.
This article is based on a chapter of Deloitte’s 2015 Tech Trends Report, co-authored by Mark Singer, Mike Brinker, and Nelson Kunkel. To explore the topic further, check out the chapter on Dimensional Marketing.