To succeed, CMOs must use CRM data to capitalize on emerging opportunities and encourage their teams to continuously refine campaigns to boost performance. To make it happen, they never rely on one channel to serve as their main lens for optimization; they keep a close eye on their marketing systems to understand where ad dollars should be spent.
For instance, as adoption of mobile devices continues to explode, brands can build sophisticated audience targeting strategies centered on mobile. By leveraging native mobile marketing channels they’re able to tap many of the world’s biggest mobile ad suppliers (Google, Yahoo, Bing, Facebook and Twitter). Still, none of these channels or suppliers ought to be directing your brand’s media spend.
Agility only matters when it works. You must aim for the right goal, maximizing customer lifetime value (LTV), and base your adjustments on unbiased insights. (Don’t allow publishers to dictate your media mix. Here’s why.)
Make sure your teams work in concert to achieve this goal, and don’t let individual channels steer the team in the wrong direction. Whether you have an in-house team or rely upon your advertising agency of choice, take time to ensure that performance measurements match the bullseye in your sights. All too often, too much weight is put on soft cost savings and efficiencies gained through the use of software applications, but tech partners that provide sophisticated algorithms and advanced AI are most likely to enable greater return on your investment.
CMOs who embrace agile marketing software and plug it in to their CRM can quickly improve audience targeting and shift focus from insights to action. Today, for example, agile marketers already leverage data from search and social to better target display and in-app mobile ads to the right audiences. When someone searches for a pair of shoes and then goes to a website and buys it, connected agile marketing software and CRM enable you to recognize that person when you see them again on a mobile device. You’ll know who they are, what they bought last time, and what else they like; so you can serve an ad for a complementary upsell product.
To make good use of a CRM system, consider harvesting at least four types of insights:
- Intent insights: the actual search terms (shoe brand, size, etc. in the above example)
- Interaction insights: the purchase (the pair of shoes)
- Affinity insights: what else they like (soccer, basketball, etc.)
- Context insights: what device they’re using and where (phone in NYC)
The net of this approach is true “marketing to one”—right time, right place, right person precision marketing. This simply cannot be achieved with publishers running your marketing mix or static marketing software. Go beyond creating workflow efficiencies and leverage CRM to maximize individual channels. Focus on driving performance and monetization across all channels and making CRM the true north for your marketing efforts.
Ted Krantz is chief revenue officer of Kenshoo.
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