5 Powerful Marketing Trends for 2014
Marc Darling, Sales & Marketing Director at Tibco Loyalty Lab says retailers should be getting much more out of their customer data to grow sales and customer loyalty.
It is time for your data to grow up
Marketers are trying harder to gather data, however the IDC predicts that 80% of customer data will go unused – due to a lack of maturity in “enterprise data ‘value chains’”, that is very common and costly to brands that want build brand awareness, increase profitability and create customer loyalty.
Tear down the silos
Despite this immaturity of the data value chain, marketing will become Despite the immaturity of the data value chain, marketing will become even more data-driven, requiring integration of data silos within marketing applications as well as across the enterprise information technology landscape. Managing marketing data effectively will involve the use of platforms that have integration capabilities built in. As reported in Forbes, “Tearing down silos isn’t easy.”It will take a strategy and cooperation with other parts of the organization, especially IT.
You need analytics talent
Analytics will be a highly sought after skill on the CMO’s team. Data discovery, developing hypotheses, and test and learn approaches will become crucial to compete with a wide array of brands gradually increasing their data management capabilities. CMOs will actively recruit analytics talent and will look more for marketing platforms with business-friendly analytics as part of the mix.
Data sources are increasing
More smartphones, tablets, and the Internet of Things means more sources where brands can directly find consumers and deliver highly relevant, situational, and personalised messages. This is the very near-term future for customer engagement management.
Loyalty is money
Loyalty is the increasingly important target of engaging customers. The high cost of customer acquisition and the move toward analytics and data-driven marketing make loyalty an over-arching trend in marketing for 2014
