The future of marketing is driven by data
The rise of digitalization and ecommerce during the past decade spiked last year with the pandemic, triggering a veritable explosion of data. As the dust settles, organizations are now aware of just how integral marketing is to business and how much broader the CMO remit has become. But do marketing functions have the capacity to deliver results? We wanted to find out.
For the latest Capgemini Research Institute report, A new playbook for chief marketing officers, why CMOs should enable real‑time marketing to drive sustainable growth, we surveyed 1,600 B2C marketing executives in the automotive, banking, consumer goods, insurance, retail, telecom, and utilities industries worldwide. We also spoke with 25 CMOs and other marketing executives.
We found that data helps marketing to achieve its potential as a growth driver and real-time marketing can help collect customer data, guide the customer journey, proactively engage customers, support customized content, and enhance the ecommerce experience. However, many marketers face serious challenges in capabilities, access, and talent. In fact, only 11% of marketers in our survey qualify as data-driven marketers. They drive effective real-time marketing initiatives and extract high value from their use – enjoying better business outcomes and possessing a well-rounded team skilled in data and technology and core marketing and soft skills.
To join the ranks of these data-driven marketers, CMOs need to have a clear vision for the marketing strategy and a framework-driven data-collection process. They must ensure talent is equipped with a baseline of data and creative skills, and that there is collaboration across the marketing ecosystem. Finally, they must reimagine the customer journey with real-time engagement and integrate long-term brand building and short-term marketing engagements.
For more information on data-driven marketing, download the report. Most importantly, be well and focus on the future you want.