Many companies face deep organizational challenges in terms of aligning their marketing initiatives with their customer’s decision journey. This is certainly the case with large organizations but also with small and medium sized businesses.
In a recent McKinsey & Company article, they surveyed executives across 20 industries about the role of digital in their companies and found a startling difference between the high and low performers. With best-in-class companies 70% of managers could identify and speak to their digital KPIs, indicating that their digital marketing efforts are a priority for the company.
“When it comes to measuring impact of digital spend through effective ROI techniques, the best-in-class companies can measure the impact of 85% of their digital spend. For those in the bottom quartile, it’s 10% again.” – McKinsey & Company
While this survey mostly concentrated on bigger businesses, SMEs should definitely take note and look to emulate what the best-in-class companies are doing in terms of shifting their focus around the customer’s path to purchase and making sure their marketing and IT departments are informed and working together
Here are some key elements on shifting priorities to concentrate on that consumer journey: (McKinsey & Company)
On consumer decision journey, digital strategy, goals
Project management support
With engaged executive team
Talent development & recruitment
Analytics, experiential design, mindset evolution
To the market, to results, evolution of customers
Test and learn
Relentless part of the operational DNA, culture shift
Here’s a presentation by David Edelman speaking to this subject: