Customers have countless opportunities to interact with online brands every day. However, a BCG study reveals that only 9% of companies use data and technology to create tailored experiences at every stage of the customer lifecycle.
Brands who measure multiple moments across the purchase journey have outperformed competitors. According to Google’s research, these industry leaders were 2X more likely to grow their market share over a 12-month period and outperformed their competitors with 29% higher cost savings and 18% greater revenue.
3 Key Trends Shaping The Future of Digital Engagement
As consumer behaviours shift, three top trends are driving digital engagement.
These are not passing trends; they will continue to gain speed going forward. Less digitally mature brands will lose ground to those that are prepared to move fast.
Demand volatility
A huge number of consumers prefer online engagement. Research shows that more people are discovering new goods, familiarising themselves with upcoming brands, validating reviews, and buying products online across various sectors.
- During April and May 2020, digital sales jumped from 16% to 27% in the US and from 18% to 30% in the UK, surpassing the e-commerce growth of last decade.
- The change was lightning-fast. What would have taken a decade was accomplished in just eight weeks.
Personalisation
Even before 2020, consumer expectations for personalised experiences were on the rise—both online and offline.
- A study by Avioos, Bank of America, found that 78% of online consumers are more likely to purchase when they receive personalised recommendations.
- As more digitally native generations become prospective customers, this trend is expected to continue.
Privacy
As consumer privacy concerns grow, new regulations are reshaping industry data practices.
- Large tech companies’ new privacy stances and the depreciation of third-party cookies are transforming how brands engage with customers online.
- According to BCG research, 80% of customers are cautious about sharing their data, yet they still expect personalised experiences.
How To Fast-Track Your Digital Marketing Maturity?
Build a virtuous cycle around 1P data
Top brands understand the data they need and why, and are ready to try persuasive incentives to acquire first-party data. This exchange is a win-win: the company benefits by delivering a better customer experience and more effective marketing, while the customer gains useful information, assistance, and offers.
Invest in end-to-end measurement
In a cookie-free era, measuring the impact of different types of interactions is increasingly crucial. It’s crucial to move towards end-to-end measurement and comprehensive tracking of customer journeys using predictive models to bridge the gap.
Prioritise agility and a test and learn culture
Building good data practices and applying a test-and-learn approach to measurement is challenging within legacy organisational models. To unlock the full potential of data-driven decision-making, prioritise inter-team collaboration to break down silos and accelerate their ability to respond to market shifts.
Embrace new skills and partnerships
Retaining top talent is essential. Top brands respond to skill shortages by upskilling their own people and developing retention programs to attract and retain talent. Conduct a thorough analysis of your internal and external capabilities to determine the best balance of skill development and partnerships.
Your Roadmap To Digital Marketing Maturity
The Digital Maturity Benchmark is a diagnostic tool developed based on Google’s in-depth research with BCG.
Google’s tool assesses your data-driven marketing maturity and attribution capabilities.
With this tool, you can:
- Discover your data-driven marketing potential
- Benchmark against industry leaders
- Gain expert insights
- Unlock actionable recommendations
- Optimise your marketing efforts and drive growth
How It Works
Benchmark which stage your organisation is at on the digital maturity scale.
- Nascent: Often rely on external data to buy ads, but these ads don’t always lead to many sales.
- Emerging: Automatically buy ads based on their own data, trying out different options in one place.
- Connected: Data activated across channels with demonstrated link to ROI or sales proxies.
- Multi-moment: Dynamic execution across multiple channels, customised for individual customers and help them achieve a number of transactions.
6 Dimensions Of Digital Marketing Efficiency & Profitability
Examine your organisation’s performance in detail across the six dimensions of digital marketing efficiency and ROI.
Organisation
How can you foster a collaborative culture that empowers teams to make data-driven decisions and achieve shared goals?
Analytics and Measurement
What key metrics should you track to evaluate the ROI of our marketing campaigns and optimise resource allocation?
Assets and Ads
What creative strategies and ad formats can you employ to optimise your ad performance across various digital channels?
Audience
What personalised targeting strategies can you implement to engage and influence your target audiences?
Access
What tools and technologies can you utilise to optimise your ad spend and maximise reach within our target market?
Automation
How can you automate marketing operations to streamline workflows, improve efficiency, and drive profitability?
Insights
Want to drive your organisation to the next level? Use the insights from the assessment to identify where you fall short and work with your partners to achieve growth.
To start the assessment, click here.
Need a fresh perspective? Let’s talk.
At 360 OM, we specialise in helping businesses take their marketing efforts to the next level. Our team stays on top of industry trends, uses data-informed decisions to maximise your ROI, and provides full transparency through comprehensive reports.
