In a recent study published by the Fournaise Group, respondents stated that:
- 80% of CEOs do not really trust marketing because they “are too disconnected from the short-, medium- and long-term financial realities of companies”
- 71% of CEOs believe that marketing is already too focused on technology to generate customer demand, yet still failing to deliver the incremental demand expected of them
Most companies are still trying to find the right way to cull insights from online and offline data to create tailor-made campaigns that are contextual and relevant. (Note: Adopting new technologies to do so is a good start, but it should not be done in a way that creates silos or decreases overall return on investment.)
Do you sense the entire campaign management process could be planned and executed better?
If you said YES, you are not alone. It’s true the marketing landscape has gotten much more complex thanks to channel proliferation, a multiplicity of devices, and the ever increasing demand for personalization. While content is still king, segmentation and context have become indispensable ingredients to a successful campaign…that observation neatly summarizes the transformation the campaign marketing has gone through in recent years. This movement took modern campaigns from....
- Mass messaging to personalized messaging
- Product- to customer-centric
- Rule-based to data-driven targeting
- A Channel-centric approach to a multi-channel strategy and channel attribution
In the last few decades, progressive marketing organizations have evolved dramatically.
Current and upcoming challenges
Automation platforms available in the market claim to be the panacea of all ills in campaign management. Now, while such platforms do help in some cases, their full potential remains under realized primarily due to:
- Scarcity of skilled resources
- Cost intensity of platform/implementation
- Nonstandard campaign management processes across products, channels, and geographies
- Lack of intelligent segmentation
- Lack of team coordination across multiple functions- product, planning, compliance, legal, IT, creative, agency, analytics, direct-marketing, and campaign management
- Lack of integration between offline and online data
On aggregate, these issues negatively impact speed to market and create sub-optimal returns on marketing investments.
A way forward
A structured approach to campaign management that delivers optimal, best-in-class results has five key steps:
- Benchmarking campaign processes on analytics maturity, process maturity, time to market, and accuracy of campaigns
- Identifying gaps between best-in-class operational metrics and the current quantified benefits
- Develop a Roadmap to indentify and incorporate: process standardization, upstream and downstream platforn automation, smart utilities, campaign-request forms, audit trails, governance, and work flow tools
- Work with operations to realize those benefits through more manageable, modular projects
- Develop a framework to sustain improvements and develop incentives for teams to keep pushing the boundaries for continuous improvement
Genpact’s ‘MarkAce’ program has incorporated these five steps into a standard consulting and deployment toolkit. Genpact has delivered up to
- 50% reduction in time to market for campaigns
- 99.97% accuracy for campaign volumes above 40,000 per annum