Businesses can never realize the maximum potential of their tech-investments unless the relevant stakeholders operate efficiently in their respective roles
With the rapid evolution of technology, it has become more challenging for marketing leaders to manage the growing number of stakeholders relying on the marketing data. Businesses can only succeed if they do a good job of balancing and aligning their framework with –the right people, processes, and technology. Effective management of these stakeholders can be the key to deriving the best business benefit from the Martech stack.
CMOs Leverage AI-Powered Data Analytics to Drive Better Strategies
Use data to drive informed decision making
Analyzing Google’s search results can give marketers greater insight into Google’s understanding of queries and what is believed to be the best answer. This is precisely where data can provide marketers with the perfect knowledge of customers’ intent, needs, and wants. The local and on-site search analytics layer on a new understanding of audience intent. What attracts a person to the site, where they spend maximum time, how they navigate through content, what actions they take, and other behavioral signals- all help marketers to understand their customers and drive well-informed decisions.
Hence, search marketers are valuable stakeholders in understanding customer expectations. In particular, the search marketers can help others understand which insights and metrics are most relevant to inform other marketing channels, as well as other departments such as R&D, design, sales, customer service, and operations.
Empower the marketing team with AI
Artificial intelligence is transforming business operations, and it is entirely natural that employees harbor some anxieties about their job security. AI-powered tools in Martech augments and enhances human performance, rather than replacing it. Marketers can now gather and analyze massive datasets in real-time, triggering actions based on the insights gleaned from analysis, and even adapt better with ML recommendations.
Regardless of all these benefits, just 20% of firms surveyed by KPMG recently confirmed that they actually went beyond the pilot stage to implement ‘up and running’ AI efforts. Team members need ongoing training to stay relevant as AI-powered Martech evolves. They need the support of marketing executives, allowing them to experiment, fail fast, learn, and move on.
IT + marketing decision-making = better results
CIOs and the CMOs are now realizing the benefits of a more collaborative approach. Marketers have greater responsibilities to ensure proper data governance and enforcement of user privacy compliances. Naturally, this falls under the IT domain, which can provide support execution and guidance.
CIOs need to move away from a mindset of prevention and control, to that of an enabler and facilitator. CMOs, for their part, need to possess a clear set of measurable goals along with the willingness to collaborate and communicate with IT in ways that benefit both parties.
Martech Innovation, CMOs Should Look Out For in 2020
Improve data inputs for team collaboration
Across the board, marketing leaders can support the stakeholders by ensuring that the data is verified, high-fidelity, and compliant. Data governance is immensely critical to the protection of customer privacy, consumer trust, and preventing data breaches.
Marketing leaders need to be clear about their data sources and the potential risks associated with it. They also need to be cautious about where and how the data is stored. Holistic data management is the realm of the CIOs and the CMOs. AI can help identify issues and prevent errors with data quality, but only if the employees are aware of their capability and responsibility.
Without the people operating to their full capabilities in their respective roles, firms cannot realize the maximum potential of their investments. As businesses streamline omnichannel strategy, optimize spend, and focus relentlessly on improving the end-user experience, they need to prepare to manage their stakeholders effectively.
Technology can never be successful without the right people mooting for it.
