5 Marketing Resolutions to Help You Make Your Numbers in 2019
New Year’s Resolutions clearly draw out a lot of mixed emotions, and many CMOs and marketers probably have stories of how previous years’ resolutions didn’t always pan out as well as expected. Many have already broken a few of their personal resolutions, always a downer, and are so busy holding down the fort that the long-range marketing planning that goes hand-in-hand with the start of a new year seems like a luxury. And if you’re at a brick-and-mortar retailer, you have a right to be appalled more than almost anyone by the cataclysmic events that rocked retail in 2018, from the demise of Sears and Toys “R” Us to lackluster in-store sales for the industry as a whole. All that is true.
But let’s look at the case for optimism in 2019, even in hard-hit sectors like retail marketing: It’s also true that new technology has finally reached the point that it’s possible to know your customers better, target them more precisely, and reap more revenue than ever before.
Better Martech to Grow MROI in 2019: The Case for Optimism
Companies that are learning to use martech and customer data better – to make it easy to buy – are not only surviving; they’re prospering. They’re seeing higher ROIs and MROIs, better customer engagement, higher customer retention, and higher customer lifetime value (CLTV). So maybe your FIRST new resolution should be: Decide to use data more effectively. The following rules all flow naturally from that one decision.
If a world-champ marketer like Oprah can face 2019 with optimism, maybe there’s something to that? So whether your market goals include increasing MROI, improving conversion rates, or growing sales revenue, here are six martech-assisted ways to achieve your marketing objectives and make your numbers in 2019.
5 Steps to Achieving Marketing Goals and Resolutions in 2019
- Break down organizational and IT silos. You’ve already made marketing investments in e-mail marketing, social media marketing, mobile engagement and location-based appeals, signage and Web marketing. What you might be missing is the benefit of creating one complete, 360-degree targetable view of each of your customers – even if there are millions of them – efficiently and at scale. Customer data platforms are a great way to do this; they’re efficient, economical and easy-to-use, and they integrate, consolidate and unify the information you already collect. For more on CDPs, check out this summary and link to The Dummies Guide to Enterprise CDPs.
- Plan your events strategy so you don’t miss important shows, conferences or happenings. Do it now, before things get crazy as the year progresses. You’ll get better venues, booths, and deals if you do it early in 2019. Here’s a list of next year’s big marketing conferences.
- Get your house in order when it comes to data, measurement, metrics and analytics. Do more of what works, less of what doesn’t. That’s what Shiseido’s Kenji Yoshimoto, chief analyst for direct marketing, was able to do with the data and analytics his company collected from its new CDP.“Blasting emails to everyone who tried samples or bought a product won’t lead to customer delight,” says Yoshimoto. “But detecting a mood swing in each customer and changing the tone of push notifications [based on data collected], does.”
- Personalize, personalize, personalize! The tools now exist to do micro-targeting and retail personalization on a huge scale, and it’s paying off big for many retailers. “The more we invest in data to personalize the recommendation experience, the more we see improvement in conversion rates,” says Peter Szulczewski, CEO and co-founder of Wish.com. Since the company started using the Arm Treasure Data CDP, Wish.com has gained a powerful combination of an enterprise consumer data platform and AI-powered analytics, which have dramatically increased the company’s performance on key metrics. By 2017, the Wish.com app had become the #1 shopping app on the Android and iOS platforms.
- Commit to better security, data governance, and safeguarding your customers’ privacy. Many data privacy surveys done in the wake of new privacy laws such as the GDPR and the California Consumer Protection Act (CCPA) show that customers care about data privacy, and in many cases, are more willing to do business with companies they think are more responsible with their customer data. Also, the GDPR and are changing the requirements marketers must meet in their data collection and protection, for a new regulatory framework. Marketers ignore this groundswell of support for privacy at their own peril.
A Takeaway from One of the World’s Best Marketers
And if you’re looking for another reason for optimism, consider these sentiments eloquently voiced by world-class marketer and branding queen Oprah Winfrey: “Year’s end is neither end nor beginning, but a going on, with all the wisdom experience can instill in us. Cheers to a new year, and another chance for us to get it right.”
Better Martech, CDPs Put a Better 2019 Within Your Reach
So while 2018 was a tough year in some ways, these new advances in martech and marketing practices might just tip the scales in favor of a better 2019. For more on how to realize your vision of what success looks like for you and your company in 2019, check out this helpful Forbes article, or get more information about enterprise CDPs here.