Archives for consumer decision journey

Organizational Challenges of Digital Marketing

Posted on by in Digital Marketing Strategy, Marketing Strategy | Leave a comment

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)

Cross-functional alignment
On consumer decision journey, digital strategy, goals

Project management support
With engaged executive team

Talent development & recruitment
Analytics, experiential design, mindset evolution

Responsive flexibility
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:

Measuring Your Marketing Assists

Posted on by in Corporate Social Strategy, Marketing Strategy, Social Media | Leave a comment

The Harvard Business Review has a great article, Advertising Analytics 2.0 in their March edition where they discuss marketers common habit of measuring performance of each channel as if they worked independently of each other.  They use of the metaphor of swim lanes and suggest how marketers need to think in terms of cross channel path-to-purchase and start to pay attention to how certain channels give an “assist” in terms of influencing a consumer to buy.

I continually see companies, both big and small, continue to view their marketing and ad campaigns through a narrow lens and fixate on channel which lead to a direct sale.  There’s a lot of consternation about the ROI of social media sites but it helps to understand the support role these channels play in getting a customer to convert. The graphic by HBR demonstrates this well: