Here are the top 3 trends CMOs need to master in 2018.
By Yu Anran (NUS Quantitative Finance/USP), Ang Zheng Shun (NTU Business School), and Andrew Ong (NUS Business School/USP)
Digital Marketing Interns
The role of CMOs will change radically over the next few years due to changing customer behaviour and the revolutionary advancement of marketing technologies. (David Court, McKinsey).
Here are the top 3 trends that CMOs need to understand and master in 2018 to execute a great marketing strategy.
1. mastering moments marketing
Customers no longer follow a linear purchasing path, but bounce unpredictably from device to device, known as “moments”. Based on research by Think with Google (ZMOT Handbook, Google), customer touchpoints or moments are now key evaluation points for a company’s brand and influence. Customers now expect brands to provide reliable and timely content in the right locations.
Successful marketing strategies are able to provide the right information at the right time for the right people, by identifying and serving customer needs at each moment across multiple devices and channels.
2. personalizing the customer experience
Customers want to buy and not be sold to. Traditional, static, and one-size-fits-all content does not work anymore, as customers can turn easily to alternative options for a better experience and engagement. Individualized messages help serve each unique customer’s need, engaging them and priming them for a future conversion.
According to Marketo’s research, customizing mobile and web experiences can lead to a 30% increase in conversion rates and up to a 270% increase in content consumption. Data and analytics must be leveraged to understand customers, followed by customized ways to serve these needs.
Successful marketing strategies deliver a unique experience for each customer that syncs perfectly with their specific needs and preferences.
3. investing in visual-rich content
No matter how advanced the technology or the speed of change, people never change – we still connect with emotional messages and stories. Images or video that evoke a connection and emotion leads to action and potential conversions, or even brand advocacy. (Thibault Imbert, Kissmetrics).
Video is an increasingly utilized channel as consumers have a deeper experience from dynamic video content. Successful brands constantly explore delivering rich content that drives emotion and inspires customer actions.
what should CMOs consider now?
These new digital marketing trends and changing customer behaviours are complex and difficult to master without leveraging on the power of technology, such as marketing automation software.
CMOs should consider the adoption of new technology and software to adapt to the changing demands of consumers, and explore best practices and strategies for applying these tools.
David Court. The evolving role of the CMO. Retrieved December 18, 2017, from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-evolving-role-of-the-cmo
Jim Lecinski. Winning the Zero Moment of Truth – Google. Retrieved December 18, 2017, from https://www.thinkwithgoogle.com/marketing-resources/micro-moments/2011-winning-zmot-ebook/
Marketo. 10 Steps for a Successful Personalized Web Engagement Strategy. Retrieved December 19, 2017, from https://www.marketo.com/ebooks/10-steps-for-a-successful-personalized-web-engagement-strategy/
Thibault Imbert. 6 Types of Visual Content You Need to Use in Your Marketing Campaigns. Retrieved December 18, 2017, from https://blog.kissmetrics.com/visual-content-you-need-to-use-in-your-marketing-campaign
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