With more than $1.5 trillion spent on marketing and communications worldwide, there are significant incentives for global enterprises to improve the way they allocate, optimize, and justify spend. Functional marketing silos are being imploded and tightly connected for improved collaboration, integration, workflow, and use of critical data using advanced marketing automation platforms.
Determining the optimal way to go to market has never been more challenging. A multitude of new media channels and online/mobile avenues of market access are fragmenting media buys. Channels of distribution are multiplying, requiring broader, more diverse, and customized marketing support. Sophisticated customer information gathering and database marketing techniques are seeing big shifts of marketing resources in areas that allow for improved behavioral targeting and personalization to optimize response and revenue potential.
Market pace and velocity require more efficient and intimate online customer engagement, quicker product uptake, and viral affirmation through social and shared interest networks, as well as greater prominence and cost-effective prospect acquisition through websites and contextual search optimization, web content delivery, and pervasive mobile connectivity with customers.
Today's marketing planning process requires better data integration and analytics, more accurate forecasting and predictive modeling, higher levels of marketing group participation and accountability, as well as the deployment of closed-loop campaign performance dashboards. This will be driven by a wider embrace of marketing automation platform processes, continuous business activity monitoring, and intelligence gathering across all customer touch points, interactions, and transactions.
Customer expectation in the digitally driven world demands targeted, relevant, and meaningful engagement at every turn. As more customers consider defection from brands because the information, content, services, promotions, and engagements lack relevance and resonance, marketers must look to data-driven strategies that deliver the right message to the right customer at the right time—and in the right channel. This is data-driven precision marketing.