The role of marketing has dramatically changed in recent years with more and more data available to marketers to make decisions, and better segment and target their audience. We’ve seen the transformation – from how marketing data was traditionally collected through planned actions, such as surveys, to now a flood of both structured and unstructured data. Marketers can take advantage of extensive range of marketing technologies – from predictive analytics, to data management, to content management platforms, thus changing the marketing profession dramatically. Data has been the backbone of this shift. But data has also changed the CMO and marketing executive role from one of just “commercialization” to one with a broader strategic remit, including product design and customer experience.
A key part of this shift is now that the marketing role now includes customer experience. CMOs and marketers are the voice of the customer in today’s organizations. This customer has more power than ever before, resulting in customer experience becoming a critical business priority. Creating a great customer experience necessitates the involvement of marketers in product development, as they are uniquely positioned to involve the customer’s voice. While the CMO may not need to fully own product development, it’s amiss for product managers not to seek marketing’s insight during the development process.
At the heart of this shift to CMOs becoming more involved in software product development is data. From the product use data of your mobile application, to social media data, to purchase and transaction data, there are more and more possibilities to understand the customer journey and create and modify the touchpoints at each stage of this journey.
The involvement of CMOs in product development also creates a virtuous cycle. There is the concept that some CMOs refer to as the “app as the brand” – if your company develops a great application or software product, and customers use it, and tell their friends about it, this is the best marketing an organization can have.
Leading retail companies have brought together the latest big data technologies, with machine learning and analytics. The aim here is to use these technologies to generate a much deeper and richer profile of their customers using data. By doing this, the company can understand the different points along the customer journey, and make sure that at each touchpoint, their software or application is meeting the customer’s needs. With big data the companies can consider and choose the most appropriate type of data, and also how relevant different data streams are – for example the ability to see in real-time how the customer is using a product may be considered more important than historical transactional data.
The key challenge of course is how to integrate all this data from disparate systems and organizational siloes, and turn it into insights which make a tangible difference to your next product iteration. In Belatrix’s upcoming webinar you can find out more about the impact of big data on the role of marketing. Register for the webinar here. I look forward to seeing you there!
April 23 / 2020
As we gradually get used to our new COVID-19 reality, daily life from just a few weeks ago now feels like a lifetime away. For businesses this has created,...Read post