A new 2018 study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed that many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects. Only 20 percent of respondents view themselves as a market explorer that identifies and maps new routes to revenue. Troubling, but not surprising, is that just 7 percent say they are the data guru that understands the voice and expectations of the customer. When our own CFG members were asked about their involvement in experience and data, we found similar patterns. Marketers of the future are going to have to be fully engaged in experience strategy in a meaningful, data-driven way.

 

Maybe this is part of the reason why: Forbes Insights found that only three in 10 marketing executives think analytics is delivering a significant shift in customer experience capabilities today; but 42 percent anticipate a shift up in the next few years as analytics efforts mature. There are some serious benefits, however, associated with a data-driven CX; benefits that transcend cross-sell, up-sell and marketing ROI including: faster decision-making, better insight into customers with a common view, more confidence in decisions by managers and employees, greater engagement with customers, greater collaboration between departments, and improved reaction time to market changes. 

These benefits are noteworthy because they highlight a very real cultural effect from the use of analytics; that is, success begets success. Customer analytics actually works to break down the very organization silos that impede a seamless and positive end-to-end experience. Better decisions, delivered faster and with more confidence is the analytical nirvana, isn’t it asked Lisa Loftis, Best Practices Consultant at SAS. 


So, while it is clear from our own members that their plates are already full of content, campaigns, etc., we know that if they want to up their game and be the rallying point for all things customer, they will have to find a way to engage with the experience teams and leverage the relationships they already have with their research, data and analytics partners. Think about the power of collaboration done around the customer!

 


55% of CMOs implement solutions to grow customer relationships
– Signal Marketing Group
 
 
MARKETING ANALYSTS HELP MARKETERS PRODUCE RESULTS.
Stan Ko, Director of Digital Marketing, Insights & Analytics at BNY Mellon, acts as a partner to his marketing colleagues. He thinks of himself as a business marketer, asking, how can I help marketers and sales teams understand what clients are doing with our messaging? What data and analytics can I provide to help them optimize messaging across channels, know what their competitors are doing, how effectively we’re interacting with our client base, and, how can I use that information to craft our department’s content and editorial strategy? What can I offer in term of insight, he asks?

Knowing that the client insights team creates engagement metrics, there was still the question about connecting those metrics to business outcomes. Stan and his team asked bankers, what is the perfect experience you’re looking for? They found the same outcome metrics across the board - I want the prospect to be engaged. So, they built a framework that looks at engagement from awareness to attraction to conversion to advocacy. Data enabled them to provide insight into the performance of campaigns and channels.

Applying the methodology to the business segments they were able to identify clients by segment and analyze what they were doing on the company’s website. Now they could tell their bankers what topics their account was looking for and what papers they were reading -- insights a banker (and marketer) could use in his or her marketing strategy. Supplement those insights with competitive information by business lines - including prospects’ competitors – and now bankers were excited to see what the experience looks like for their target clients.
Sounds a lot like Account-Based Marketing, heh? By the way, the marketing performance metrics played a critical role in demonstrating how marketing tactics incent prospects and clients to take a sales call.

Easy-peasy, you say. Well, there are some important elements, not the least of which is a unified CRM system that feeds into all the data sources. Only with this level of technology integration can you model market exposure to bank communications.

To get beyond campaign analytics to be predictive of behaviors and next purchases, “journey analytics” gathers information from all sources, including call center recordings (via voice processing), puts it all in a pot, and runs the analytics by channel and individual to learn what’s driving client behavior.

Soon, the attribution of ‘touches’ along the journey will be a reality. But, the important action today is to get the prospect or customer to engage online and complete your online form. Only then can your analytics teams assign a visitor ID to track activity and begin the attribution chain.
MARKETERS CREATING LEADS?    " "  ... says Sales.
So, the next time your skeptical bankers say, “marketing can’t really create leads,” connect the metrics you have with economic outcomes and show them how you helped get them to the table (and maybe even won a new piece of business)!

Here’s a great example of the power of metrics. One southeast bank linked their marketing softwares (Eloqua, pitch book library, client surveys, events, etc.) into one central database. This allowed the marketing team to aggregate and identify how pipeline came through some marketing activity. Through six months of activity, they proved that half of all new commercial pipeline and three-quarters of "won" revenue from that pipeline came from clients and prospects who engaged with some marketing activity. Further, they were able to tell sales that clients and prospects who have high engagement (engaged with 5+ marketing activities) have in-person meetings with bankers at 11 times the rate of clients and prospects that have no identifiable marketing touch. That is powerful!

Those types of initiatives and conversations help open up opportunities for sales and marketing to come together to do what we now know is ‘account-based marketing’. Lisa Loftis, SAS, Mack Turner, Bank of America Merrill Lynch, and Stan, advised marketers to ‘work small’ with sales. Find receptivity wherever you can and build momentum with small initiatives.
B2B marketing agency, Quarry, suggests these best ABM practices.

1. Start at the top: Marketing leadership needs to secure the buy-in of sales leadership. Convincing sales leadership to endorse the theory of ABM (even if they remain skeptical until shown quantitative proof of its merit) is critical to ensuring that the rest of the sales organization collaborates and cooperates as necessary.

2. Show them the numbers: Now that ABM has been more widely adopted, there are numerous reports and case studies that share the metrics that matter to sales. Look for examples from within your industry, or from organizations similar to yours, as they will be the most influential.

3. Set clear expectations: Sales is busy. If they believe ABM is going to demand more of their time and effort, no wonder they’re loath to support it. And ABM does require more active sales involvement. Be very clear about will be required of sales and when they will need to be involved, but for every step, be sure to explain the benefits to sales of this participation.

4. Run a pilot: In most enterprises, there will be a few sales team members who are keen to trial ABM. Conduct a pilot involving those lean-forward folks. Positive results should help convince the hold-outs.

ABM is less about more effective marketing than about up-leveling marketing’s support of sales: delivering better-qualified, more engaged accounts that have a higher level of sales-readiness. And while these outcomes will deliver tangible bottom-line benefits today, an improved marketing and sales relationship will deliver tangible and intangible gains tomorrow and beyond.

 
Facilitating this discussion was Lisa Loftis, Consultant, SAS Best Practices. Accompanying Lisa as panelists were: Stan Ko, Director of Digital Marketing, Insights & Analytics at BNY Mellon and Mack Turner, Managing Director, Market Research & Insights.

For more information about being 'data-obsessed' or reaching out to participants in this conversation, please contact CFG at info@cfgglobal.com.
              

Copyright © 2019 Corporate Financial Group, Inc., All rights reserved.


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