Adoption of Digital Transformation boosting the importance of real-time marketing
The evolving role of CMOs
With digitization, the definition of what customer experience is continually evolving and is being redefined everyday with evol delight with personalization and customization efforts at every possible touch point. And technology plays a major role in delivering these experiences. Al, data analytics and use of innovative technologies, not only enhance the customer experiences, but also define how efficiently and effectively as a brand they are able to deliver those promises to customers, ultimately impacting the bottom line. Also, CRM enabled by right technology and analytics provides the opportunity to upsell or upgrade the customers, all at no or low acquisition cost.
Contribution towards strategic business discussions
There is increased competition in every category. The reasons could be easy to replicate business models, sameness of products/service and low entry barriers. Customers too are evolving at a rapid pace and their expectations from brands are ever increasing. In such a scenario, the role of CMO has never been more challenging.
As the landscape is changing fast, it is important to stay ahead of the curve and deliver on the brand promise with the sole objective of delighting the customers and driving business results; ranging from driving brand aspiration, to driving awareness to generating leads, to driving footfalls, to managing conversions to driving advocacy. On one end of the spectrum CMOs have the big data from various customer interactions and on the other they have the customer who is willing to engage provided they see value. What sense CMOs make of this plethora of data, distill these into actionable goals and delight customers through never-before experiences will decide the success.
Real-Time Marketing to Drive Sustainable Growth
As more and more customers are adopting digital means to engage, the importance of real-time marketing is growing. But it is important to define what experiences, and what not, will be addressed through real-time marketing. For sure, real-time marketing has to be done the right way rather than just being there at the moment. For ex; short term opportunities can be tapped to the advantage of the business while building on long term resilience, testing and learning will help to have meaningful engagements with customers based on their expectations and needs.
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