March 11, 2020
With a wider remit than ever before, marketers today face a range of challenges. Most of them would agree that personalization is at the top of their to-do-list because it should significantly raise their ROI. However, 80% of marketers are actually thinking of abandoning personalization efforts in the near future. How is that possible?
1. The continuous search for ROI
Paige O’Neill, CMO of Sitecore, outlined the current situation at Sitecore Experience in London and offered the following explanation: 80% of marketers are thinking of abandoning personalization efforts in the near future either because they cannot find the ROI they are so desperate looking for, or they cannot get their data in such an order that would them to use it to their advantage. We at Valtech have to agree on the data point: if you put bad data in, you cannot expect good decisions to be made based on that data. Crap in, crap out. Now finding ROI is a different topic, from our point of view. Whilst teams and budgets are lean for most, there is also a growing need to demonstrate marketing´s value, and there is no better way to do that than with success. You need to do your homework, though. And that means: Know your (potential) Customer.
Easier said than done. A whopping 42% of companies don´t listen to their customers, according to a Forrester study presented by Mrs. O’Neill. Even more alarming, only 12% of customers believe that companies do put their interests first, contrary to all statements to the contrary by those exact companies. So what´s missing to make the equation work? Personal connection.
2. The answer lies within personal connection
Yes, you read that right. Personal connection may be the solution to your ROI problem. Emotion first and foremost drives buying behavior, not logics. We feel first, and think second. Just think of the latest toy you just had to have, and then justifying the purchase later to your spouse. Same dynamics at play. Applied to business, how we can power CX through human connections?
- Lead with Heart. Be authentic. Mean what you say.
- Create empathy, not content. Care about your target group. Know thy customer.
- Be more human with AI. Make better decisions based on good data.
3. Combine marketing and sales to close the loop
Breaking that down to Marketing ROI, we believe there´s a strong case to be made for dedicating time and resources to establishing links between marketing activities and sales results. This means using both marketing software and a CRM solution, and then to close the loop between your marketing and sales efforts with a Service-Level Agreement (SLA). That way, you can directly see how many leads and customers are generated through your marketing activities.
If you would like to discuss your ideas or need helping building an ecosystem that fuels your drive rather than inhibiting it, don´t hesitate to get in touch.