220 Members of The CMO Club weighed in on the hot topic of Getting to the Omnichannel Promised Land. Conducted in partnership with Bill Muller at VisualIQ, the results are noteworthy and still hold true a year later, which is why we’re bringing it back to the front.
Where is the Promised Land and why aren’t we there yet?
“The Promised Land is a place where CMOs can measure the impact of all the marketing touches experienced by every individual who is exposed to their organization’s marketing efforts – across all channels, campaigns, tactics, and devices. In this land, they can then translate that measurement into individualized optimization strategies to maximize the performance of their overall marketing ecosystem.
The Promised Land CMOs dream of is, in actuality, what the marketplace has come to call omnichannel marketing. However, the findings of the survey that’s at the heart of this study indicate that there are two distinct “bridges” that CMOs and their organizations still need to build to get to that Promised Land.”
The first bridge that needs building is the harnessing of Big Data. At its core, omnichannel marketing is a Big Data exercise. Within the study CMOs list “Harnessing of Big Data” as their single highest priority. In addition, CMOs list “Customer data and customer interaction data is unavailable or spread across many different ‘data silos’” as their largest obstacle in attempting to implement an omnichannel strategy.
The second bridge is the implementation of advanced (algorithmic) cross channel marketing attribution to process organizations’ Big Data. Without objective science applied to marketing performance data, skewed, subjective results are produced – which are ill-suited for informing an omnichannel strategy. The survey reveals that only about 5% of organizations have implemented algorithmic marketing attribution. Moreover, when CMOs were asked how they feel about their capabilities, skills, and confidence in deriving the level of insights and optimization typically produced by organizations that practice advanced marketing attribution, more than 80% rate themselves as “Fair” or “Poor.”
Download The Promised Land now to learn more about:
- Measuring the effectiveness of your overall marketing ecosystem
- Quantifying the impact of one channel’s performance on another
- Establishing common KPIs across all channels
- Measuring combination of touches to establish the optimal marketing mix of touches
- Tailoring combination of touches to a specific audience
- Quantifying offline stimulation channel impact to online response channels and vice versa
- Identifying what combination of channels and tactics yield the highest value customer segments
- Obstacles in the way of implementing an omnichannel strategy
Why are all these points so critical? They are foundational for advancement in addressing other business challenges, such as Data Storage, CRM, Business Intelligence, Loyalty Programs, Leveraging New Technology and Marketing Platforms, and are often inter-dependent.
What’s your omnichannel priority?