In times of volatility, using static consumer profiles based solely on demography or geography will no longer be effective in reaching the right audience, which can waste a marketing budget on advertising aimed at consumers who don't want the product. To create a better strategy, companies should use their own data to find new audiences with attributes similar to those of their paying customers. If they don't have their own data, an advanced pixel can be used to understand website audiences and their behavior. This data can provide marketing teams with important information about the ROI of marketing, allowing them to make informed decisions about how campaigns can be further optimized in the future.
Rather than relying on traditional ads that simply broadcast a message, modern CMOs should focus on creating interactive campaigns that engage customers and collect data. These digital ads invite interaction, ask questions, offer personalized options and experiences, measure preferences or feelings. All of these methods for collecting non-privacy data help brands to understand their target customer group in a direct and detailed way, eliminating any assumptions about customer intent. Combining qualitative research such as focus groups and customer interviews with quantitative research methods can provide a more comprehensive view of the effectiveness of any marketing campaign.
Complete customer profiles can help assess the motivation and buying habits of the target audience, and give a better idea of what and with whom they are already interacting. Modern digital marketing is based on technology to analyze the comprehensive performance of a company's marketing campaign and help guide the future. Data security is also an important consideration for CMOs. Not only is a data breach costly for an organization, but it also rightly decreases the trust that customers place in the brand and can irreparably tarnish the public's view of the company.
In addition to the potential impact on sales and revenues, a data breach puts customers at risk of hacking, fraud and financial hardship, depending on the type of PII collected by data management systems. By staying informed and up to date on the latest trends and best practices, CMOs can stay ahead of the curve and be successful in their role, even under difficult circumstances. Using a Customer Data Platform (CDP) is one way to ensure that all customer data is secure while still being accessible for analysis. A CDP allows identifying data sources and connecting with them to keep up to date with changes and make necessary corrections to ensure data quality.
When creating a multi-channel plan, campaigns should work together on all channels that target audiences interact with to increase chances that messages reach them at the right time. CMOs should also consider who their target audience is, what platforms they use frequently, and what messages they respond to. Optimizing the media mix is an analytical process during which marketers evaluate performance of various campaigns. Strategic hashtags can be used and users encouraged to share content with direct response marketing.
Modern marketing means likely using many platforms and services to implement strategies, such as data warehouses, location data providers, email servers, CRMs, social media platforms or mobile advertising providers. By understanding how all these pieces fit together into an effective strategy for reaching target audiences, CMOs can ensure that campaigns are successful.