2021 brings us into the verge of many changes in work & company culture, in acceleration of digital transformation efforts as well as in marketing, customer experience and advertising practices.
Labrys believes this is the time for a new approach to marketing, where data is vastly available and ready to be used for creating a meaningful engagement, hence experience with the customer, regardless of channel. In order to accomplish this, a modern CMO approach is required at first. Secondly, a modern framework for marketing needs to be defined for all organizations.
Within this context, Labrys is proud to present its “Labrys Modern Marketing 2.0 Framework”. Today’s marketing organization needs to feel comfortable with understanding, manipulating and creating data & audiences from the vastly available Big Data for Marketing & Advertising. There are multiple sources to this, where the majority will constitute of consented 1st party data from now on. This is one of the most important transformations in marketing & advertising approach in 2021 & beyond as 3rd party data use would drastically be adversely affected due to the cookie apocalypse. Forming consented data coalitions to share 2nd party data and to some extent usage of strictly controlled & verified 3rd party data should be designed to enrich the base 1st party interactions. Too many online & offline data sources are there for the new generation marketer to enrich what’s at hand and build new revenue streams or create cost efficiencies for the brand. Naturally, gathering only basic footprint data is not always enough. Brands would benefit from well-structured data layers on their digital assets by combining it with their Analytics & AI applications. This would be one of the major skills and tools for understanding the behaviours in-depth and enriching this data in order to gather actionable insights and create dynamic target audiences accordingly.
Streaming Smart Audiences populated out of this Big Data for Marketing & Advertising would be the key for success in designing & constructing the True Omnichannel Experience, whether it would be on inbound or outbound channels or on platforms build by the brand. It is crucial to reach out to the hyper-targeted audiences with the right offer at the right time, regardless of where they interact with the brand, online or offline. Today, branding lies in the experience as all brand awareness investment is in high risk to be devastated in a single moment of a dreadful engagement with the brand either on any communications channel or on any platform.
At the end of the day, a modern CMO must prioritize engagements, created on any platform, channel or through any experience over TV GRPs, or banner impressions, or number of emails sent. Having said this, Labrys Modern Marketing 2.0 Framework acknowledges and classifies a banner impression, or a call center call taken, or an e-commerce transaction, or any engagement created on the platforms, inbound or outbound channels as an “engagement” in broader terms. All engagements shall feed data to the first stage, where Big Data for Marketing and Advertising is constructed. So, today, engagement is not a term referenced to digital interactions but has a broader meaning for the marketer that covers all communication spectrum with the target audience.
Within this flow of a multi-pillar and multi-stakeholder process, marketing operations (or marketing execution) will be the foundation for success for brands as outputs of these operations would be the customer facing representatives of the brand, especially in digitally enhanced interactions. In a world where brands need to respond in near real-time either to competitive actions or customer behaviours, the extent of content, the number of creatives with respect to various audience profiles and channels as well as their production timeline become critical to create a smooth omnichannel experience.
All in all, 2021 is a new start to get separated from the chaos, accelerate marketing transformation, adapt new business and operating models and understand the opportunities that lie ahead.
This is not the time to fear but this is the time to act.
This is not the time to stay in the comfort zone, but this is the time to sail to new frontiers and learn.
This is not the time to stay inside your shell, but this is the time to take leadership and grow your companies, by bringing in new revenues & creating cost efficiencies.
This is the time for the new generation marketer!
Reach out to us to organize a call to discuss this new framework or to learn how we can help you on the marketing and CX transformation roadmap.
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