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Did you know that about 78% of Enterprise companies either have or are planning to implement a Customer Data Platform? Yet, according to Forbes, only 13% of companies are considered leaders in leveraging their data.
So, where’s the disconnect? How is it possible that so many companies are implementing CDPs and so few are truly harnessing their power?
We think the answer is a simple one: Technology is only one part of marketing success.
It’s a necessary part, yes. Without the tech collecting, resolving, storing, and segmenting data, we’d have nothing to work with. Without machine learning and real-time segmentation, our marketing departments would never be able to keep up with ever-changing user needs.
But the truth is that having all that data at our fingertips isn’t enough. Strategy, people, and process are equally vital to marketing success.
Which is why Craig Schinn, our VP of Strategic Services here at Lytics, recently put together a webinar on Marketing 3.0—what it is and how companies can get there by focusing not just on the tech but on the people, processes, and strategy behind it.
We recommend watching the whole webinar, but if you’re in a rush, here are some key takeaways:
We said it once and we’ll say it again: You need great marketing technology and an organization that’s set up to support it. All the CDPs in the world won’t save you if teams won’t give up their siloed data, if marketers and developers won’t communicate, and if your organization is unwilling to change.
The first step toward marketing 3.0 is simply that: Setting up your organization to succeed from the inside.
How mature is your organization? Do you have the technology in place to collect and harness customer data? Are your MarTech systems connected? Is data available in real time? Where does your data live, and do teams managing each marketing channel have equal access to it?
Understanding where your business is today and where you want it to be is foundational to any data or marketing strategy you put in place.
The single biggest predictor of marketing success is the relationship between internal teams. Are they collaborative and integrated? Are marketing requests a priority for the development team? Is there mutual respect? Do they work closely together?
The most successful client outcomes we’ve seen have come from teams that are collaborative and integrated.
When moving from a marketing 1.0-mindset full of siloed data and duplicate efforts to the one-to-one marketing promised in marketing 3.0, there’s always a learning curve.
In the webinar, Craig identifies five common stages we see as clients evolve their marketing. Each stage is one step closer to a fully integrated marketing effort where data, content, and customer journeys are fully centralized and aligned across all marketing channels. And each stage takes time.
Instead of focusing on how far you have to go, focus on the quick wins. Often, with Lytics CDP, we see small wins and proof of concept happen in just a few weeks or a couple months. It’s a classic case of eating the elephant. It’s still an elephant, but bite by bite it gets smaller every day.
Curious about Craig’s five stages of evolution? Not sure how to take your CDP and marketing efforts to the next level? Check out the full webinar recording here, read Craig’s white paper on The New 5 Ps of Marketing, or reach out to us with questions. We’d love to set up a demo or chat about your specific challenges.