Consumer Centricity is the new "black" between a retailer of consumer goods. Knowing who is buying your products when and where – the purchase path – is fast becoming table stakes for marketing competing for the attention of walletshare and poor consumers. It is an easy task, considering the diversity of points of contact and data-dependencies illustrated by Don Scheibenreif Gartner Customer 360 Summit recently:
Consumer Insight
Sometimes we start from the ruler the silo and often outside data consumer generated by numerous agencies employed by digital, brand and shopper marketing. This data – and analysis of data derived from it – can inform intra-and cross-brand marketing aligned to key decision points along the path to purchase, through channels such as the web, email, social media and mobile. Is a powerful concept that we talked recently to the Teradata Conference APEX, and relies on technology management leadership and commitment.
This requires not only a change in the mentality around the consumer data (which is good), it takes a commitment to ongoing commitment of consumers that differs from seasonal and promotional marketing-driven. This type of dialog with consumers launches the switch on the product-driven messages to those that instead of serving the consumer so friendly and considerate. Doing this well depends on a living record of every consumer and shopper who does business with your brand.
Before embracing this approach, some struggle with a perceived disconnect between marketing budgets shrinking or static and the need to increase the level of interaction with consumers and buyers. "Out of sight out of mind" never applied more than brands that today given the saturation of messages aimed at consumers online or in-store. Thus it requires a real commitment (Executive) for the commitment (albeit respectful permissions preferences and communications).
Marketing Resource Management
For this reason, other consumer goods organizations approach this opportunity operationally focused on the efficiency of the marketing organization, people and processes. Marketing Resource Management or MRM, is more easily explainable as an ERP system for marketing ". Garter defines as:
"... .a set of processes and features designed to improve a company's ability to orchestrate and optimize resources, internal and external marketing. "
As the functionality for data management and engagement, Teradata solution for MRM is also ruling class (the MRM Magic Quadrant shown here).
The three key functional areas of MRM – spend management, workflow and asset management-bring automation, supervision and simplification for burdensome manual processes involved in working with and paying agencies, develop and launch campaigns and leveraging the content and activities developed over time by the entire marketing organization. The savings can be significant – as in tens of millions.
Increased efficiency leads to newfound agility. Understand what works and what doesn't-faster than before-then deploy more resources for winning marketing programs help to adapt to the digital world real time consumers operate today.
More efficient resource allocation supports investment in a continuous engagement strategy aimed at buying test, repeat and referral marketing higher performance. If these efforts can still be mapped to consumer and unified profile data from shopper, minus the MRM facilitates improved performance within a brand or a marketing channel as an integrated strategy data comes online.
Ultimately, the campaigns are no longer defined or constrained by long internal processes. Instead they become engagement engines create permanent consumer connections that inform product development, marketing, sales and distribution and supply. That is the data driven marketing future that all consumer products companies should aspire to.
Bassett GiB
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