Digital technology has empowered today’s consumers to radically shift how they interact with brands throughout the purchase cycle.
At the same time, as consumers are relying more on technology to dictate their product research and purchases, they are generating reams of data that brands can use to improve how they market to customers and prospects.
For example, 72 percent of more than 300 chief marketing officers in the US say that building capabilities in digital marketing is vital, according to a recent survey.
CMOs say that they know that they need new technology and tools to succeed in an environment where consumers are demanding highly personal messaging that is relevant and targeted, according to an article in strategy& magazine.
“The good news for CMOs is that digital marketing can offer detailed data on and analysis of consumer behavior, as well as precise results about a marketing program’s effectiveness, with a degree of detail and precision that previous generations of CMOs could hardly fathom,” the article notes. “The challenge is that these new technologies and consumer behaviors are raising the requirements for what will succeed in the market.”
The authors of the article have identified four successful digital marketing models:
- Digital Branders – mainly consumer products companies or other marketers focused on building and renewing brand equity and deeper consumer engagement. Their primary goal is to garner new consumers for the brand and drive loyalty through multiple brand experiences.
- Customer Experience Designers – use customer data and insights to reinvent how they interact with customers to offer superior brand experiences.
- Demand Generators – focus on driving online traffic to generate as many sales as possible.
- Product Innovators – (typically retailers) use digital interaction with consumers to gather insight to unearth and develop new products and services to build new sources of revenue.
“Much of today’s ‘customer journey’ occurs in the digital realm – a place beyond the direct control of companies, but highly sensitive to efforts to provoke and amplify social engagement,” according to the article. “As a result, marketers need to adopt digital marketing models to better engage customers before, during, and after the purchase. They need to ‘pull’ consumers into an ongoing conversation about the company’s products and services.”