Optimizing the Return on Marketing Investment (ROMI) and increasing the product lift by delivering a superior and personalized omnichannel human experience for brands / products / services remains one of the top priorities for CMOs.
This overall focus needs to include all stakeholders in the process, such as partner and internal stakeholders, and should not be limited to only end customers. However, efforts in increasing the return on your marketing investment and the effectiveness of these strategies are often opaque. CMOs don’t have the visibility of which avenue is effective and which needs to be modified or replaced. But this is easier said than done, as there is no single tool in the industry which delivers the end-to-end metrics to enable this visibility. Therefore, the key ask is to enable this vision by building an integrated customer experience platform, which is scalable, configurable, and modern.
Companies need to adopt a mix of solutions to fulfill this need, combining the feature sets of multiple platforms available today (e.g., Adobe, Oracle, IBM, SFDC ). An example of one such integrated multi-feature approach is given below. This approach uses a custom-built mix of platform capabilities that uses the different feature sets to bring about enterprise transformation, targeted at improving the end-user customer experience. With the help of process optimization and the right mix of feature sets, it allows us to bring a significant improvement in engagement, product conversion, marketing attribution, and ROMI. Moreover, it allows us to track these metrics and ensures that we put our money in the right places.
The solution described above is one of the representations to demonstrate on how above-the-line (different functionality, business processes) and below-the-line (technology) orchestration and integration needs to happen for having a superior omnichannel customer experience. This also helps in rationalizing and optimizing the best of MarTech with process and KPI benchmarking.
This strategic initiative needs to be executed with partnership from the CMO, CDO, and CIO to enable a platform for marketing productivity and improved outcome by providing integrated methods, processes, tools, technologies, and analytics for the entire marketing and sales organization.
An integrated, full-funnel, multi-platform approach to solutioning will help in the end-to-end optimization of workflow and will reduce the in-market time for campaigns. It will also enable self-service capabilities and permit the application of best practices, freeing up more time for the marketer to focus on decision science activities. With the right set of governance and change management, companies can establish speed, agility, and automation in their functional processes, all while benchmarking the efficiency around people, process, technology, and analytics.
This is key to organizations that aim to connect associates, different functions, and associate systems to drive innovation, increase business agility, and unlock productivity. Below are some of the critical strategic long-term benefits of having an integrated customer experience platform:
• Engaging experience and closer relationships within the marketing, sales and services ecosystem
• A customer-first approach by building an omnichannel experience
• Build an integration between the CMO, CDO and CIO organization
• Agile and rapid development and scaling methodology
• A shift from near-time personalization to real-time personalization
• Increase in the return on marketing investment and better marketing attribution
• More innovation, creativity, and out-of-the-box thinking by leveraging experiences and marketing best practices
• Shifting of management, control, coordination and communication from organizational silos to a centralized system
• The capability to build scalable and flexible marketing operations effectively and efficiently
• More opportunities with new potential customers and/or cross-sell/up-sell opportunities for existing customers