One of the most interesting insights we have gathered from the data collected from the CMO Outlook survey we conducted in partnership with Campaign Asia is the urgency felt by marketers to close the “lost mile” of marketing – the area between advertising and conversion which is filled with first-party data and provides the much-needed link between advertising and sales. This part of the marketing process is also a complex ecosystem, with multiple partners involved from retailers to payments issuers.
This is an issue that marketers will address in the next 12 months, and below we provide 3 top-line insight on who might be involved, where guidance will be obtained and where budgets will be spent.
Wanted: Data + Strategy + Conversion
Marketers will increase their search for teams who can convert data intro strategy and transform strategy into conversion. This is not to be misinterpreted as a need for more “data scientists” as talent and roles are not the same thing. The missing piece of the marketing puzzle will be filled by a synergy of skills. Whether this will be delivered by external partners or sit within in-house agencies will be determined by who can most quickly fill the gap.
Google Is the Pied Piper of Adland
More than half of respondents cited that their decisions will be strongly influenced by Google, which reveals just how integrated the company is within the entire marketing journey, from search, to purchase and selling ads online. When Google sets the rules, a domino effect ensues. A note of caution that looming privacy legislation and ongoing investigations mean marketers will need to audit their data policies and anticipate potential impact of wider industry best practice.
CX Technology Will Turn Data Into Diamonds
Data is the most valuable commodity companies own today thanks to the influence of online platforms on brand awareness, engagement and sales. This is reflected in the intention of more than 85% of participants to invest in platforms that can use the data to improve the customer experience. We expect the search for specialist vendors to intensify as companies migrate their data into business intelligence tools and look for AI-powered technology to generate personalized moments.
