Accelerator 1: First-Party Data
Privacy concerns and regulatory changes have increased the importance of first-party data.
First-party data sources can generate 1.5 times the incremental revenue from a single ad placement, communication, or outreach, and double the improvement in cost efficiency over companies that have more limited data integration capabilities.
Reinforce value and trust by pursuing a three-step process to build virtuous data cycles:
Define a clear strategy for the first-party data needed and platform tooling such as FB & Google Conversion API but also work with sign in mode, loyalty programs and integration to marketing automation.
Develop a compelling value proposition for the consumer or customer exchange.
Leverage multiple iterations of testing with consumers to perfect campaign execution and learn which experiences most effectively promote the value consent exchange.
Accelerator 2: End-to-End Measurement
With the impending loss of third-party data, precision marketing must evolve toward more predictive marketing.
By establish true end-to-end measurement capabilities, brands evolve from focusing on consistent KPIs through cross-channel and cross-device measurement to deploying predictive models along the entire purchasing journey.
Predictive models help companies gauge the probability value of the different occasions when a customer or potential customer comes into contact with the brand, which in turn enables ROI optimization.
Accelerator 3: Agile Performance Loops
The importance of the two technical accelerators has drawn renewed interest in organizational agility.
The first step toward establishing agile teaming and a fail-fast test-and-learn culture is to ensure that key functions work together.
- Colorate cross-functional teams
- Promoting test-and-learn
- Use digital signals to trace changes.
Agile teams can identify solutions to new needs and get them up and running in days.
Accelerator 4: New Skills and Resources
Successful companies establish cross- functional teams that combine the relevant expert disciplines – creative, content, operational, and social media, shop marketing, and marketing intelligence and bring together offline channel and online marketing to work more closely together.
Having the right talent on hand is imperative for the digital success and knowhow will have to be spread throughout the organization e.g employees creating copy for products need to be aware of the latest SEO techniques.
To ensure access to skills and resources, brands can first fill skill gaps through partnerships and then develop a more in-depth analysis of the best balance of internal and external capabilities.