Continually improve the return on investment (ROI) from their insight-driven, real-time messaging across channels and touchpoints to engaged prospects and customers.
That’s what every CMO desires from their marketing team today. (Expects, really.)
After all, these execs need to prove to their C-suites their growth marketers are contributing to business growth (e.g., total revenue) and doing so in a scalable manner.
But these business leaders don’t just expect ‘good’ marketing ROI from individual campaigns and customer lifecycle orchestration efforts. They also expect meaningful results from their tech.
That is, they expect the solutions in their stacks to streamline their marketing programs.
And that’s why so many CMOs now use customer data platforms (CDP) to help accelerate growth — and increase the revenue generated from their personalized marketing efforts.
Improving your marketing ROI with the right martech — and approach
The ideal business technology doesn’t just help companies elevate their marketing ROI over time. It also enhances the operational efficiency of the entire marketing organization.
(As well as other growth teams: customer experience, analytics, ecommerce, et cetera.)
The quicker you understand which solutions help you execute your marketing activities and extract valuable audience insights with greater ease, the more capable your marketers are when it comes to understanding and interacting with individuals.
And the more capable CMOs are of calculating marketing ROI and sharing growth metrics with their C-suites. (Something that can help them secure more spend to work with.)
As the authors of the regularly published CMO Survey noted for Harvard Business Review:
“Executives in other functions want to be assured that marketing is minimizing waste and staying at the frontier of effectiveness, efficiency, and agility.”
Simply put, if you feel your current tech isn’t helping your marketing organization best analyze and engage your target audience, achieve their KPIs, and help bolster the business’s bottom line, it’s time to invest your marketing dollars elsewhere.
Specifically, on an advanced system that democratizes first-party data and makes all critical marketing responsibilities (segmentation, analysis, modeling, and activation) far easier.
With thousands of tech options available, it’s hard to narrow down your list and choose the ‘right’ tools to advance your engagement efforts and generate greater marketing ROI.
But there are certain questions you should ask these companies to ensure they meet your requirements. Nielsen offers 10 such questions to ask, the most important of which are:
- Does your tech support some, most, or all of your long-term business use cases?
- Will your tech seamlessly integrate with all the other platforms in your stack?
- Can one person own the tech entirely? Or do you need one team to operate it?
- How will the tech ultimately help you better understand and engage customers?
Ask prospective marketing technology vendors these questions (among others specific to your organization’s particular tech needs and business use cases).
Then, present your business case to leadership for the top choice(s) you think will move the needle for your company. (And simplify and streamline marketers’ work.)
That’s how you can pinpoint the right platform(s) for your organization.
It undoubtedly takes a fair amount of time and resources to find the right martech.
But if the implementation of said tech leads to greater marketing ROI — for tactical metrics (e.g., greater brand awareness, social media ad engagement) to more strategic ones (including and especially improved operational efficiency) — it’s worth the person-hours put in to find and ultimately invest in it.
Achieving better marketing ROI with a pure-play customer data platform
Harvard Business School’s Jill Avery indicated there are two key benefits for day-to-day marketers and CMOs alike to regularly measuring marketing ROI and performance:
- 1) They can justify their marketing spend (assuming they achieved the desired results).
- 2) They can use those justifications to get more money for additional tech resources.
Specifically, tools that can take their marketing strategy to new heights, help marketers bring more revenue in their door, and elevate the efficiency of their everyday work.
And there’s no more proven technology to augment one’s marketing ROI than a CDP.
In particular, a pure-play customer data platform that enables more efficient and effective data liberation across channels and unlocks revenue opportunities for the marketing organization.
When you incorporate a CDP in your stack, you put first-party data at the fingertips of acquisition specialists, retention, and demand-generation specialists: those in marketing charged with driving growth and interacting directly with individuals.
For instance, BlueConic offers dynamically updated customer insights in persistent profiles (i.e., updated in real time) based on data synced from across systems and sources.
That means the aforementioned teams can streamline their work. In other words, they can:
- Create multi-dimensional segments in a matter of mere minutes — not hours, days, or weeks. What’s more they won’t have to rely on costly external sources (agencies, consultants) to segment audiences and pull data lists — requests that take time and require a considerable amount of marketing spend.
- With dynamic segments, marketers can more easily evaluate audience behavior, engagement, interests, and preferences and adjust their engagement accordingly. For instance, they can suppress messaging to highly active segments (e.g., those who buy often without the need for discount messaging).
- To make their marketing even more intelligent, CDP users can also implement out-of-the-box predictive models. BlueConic offers ones that predict customers’ propensity to churn and buy; lifetime value; and recency, frequency, and monetary value. All of which can inform and strengthen your engagement efforts.
- Arguably the biggest differentiator for BlueConic compared to other CDPs (and legacy activation tools) is Lifecycles. Our customer lifecycle orchestration capability empowers marketers to send only the most relevant, timely messages to individuals as they move throughout their distinct customer journeys. Thus removing the need for static, outbound marketing campaigns. (Ones often based on latent and/or inaccurate data.)
There is no singular, magic ROI formula for marketing success today. Nor is there a sole ROI calculation used by companies across industries to gauge the performance and successes of their marketing campaigns and engagement activities.
But there is one specific solution that — when connected with all other tools across their tech ecosystem — enables organizations of all kinds to systematically grow their marketing ROI.
And it’s become an essential element of modern martech stacks.
With a CDP connected to all your other data sources and systems — and, in turn, a constant stream of data coming in and out of your platform and a true single customer view — your marketing team can accomplish so much more (and more efficiently).
Watch our on-demand webinar today to learn how leading companies across industries boost their marketing ROI and accelerate business growth with our pure-play CDP.