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8 Contemporary Marketing Practice

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109 views17 pages

8 Contemporary Marketing Practice

Uploaded by

wolfdrobe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 17

WMG Full-Time Master’s Programmes

Strategic Marketing

Contemporary Marketing
Practice

Dave Harvey

November 2019
Key trends and challenges
 Customer experience all-important
 Data Unification and wider range of data sources
 Artificial Intelligence (AI) and data-driven
personalization
 Real-time engagement across channels
 Shorter planning horizons and use of ‘test and
learn’ approach
 Collaborative consumption
2 07/07/2024
Customer experience
 80% of customers say the experience a company
provides is as important as its products and
services (Salesforce survey 2018)
 Customers demand to be truly known and
understood as individuals
 In a culture of immediacy, customers expect
engagements at their exact moment of need and
across their entire customer journey

3 07/07/2024
The customer journey
 High-performing organisations succeed with
strategies that consider customers’ entire
journeys
 Compared to the competition, they have better
collaborative relationships across their
organization and channels
 They effectively unify and apply customer data to
engage their customers and prospects in real-
time
4 07/07/2024
Marketing and technology as integrators

 High performing marketers bring together


previously separate teams and departments by
sharing technology and data
 Alignment of objectives, resources, workflows
and metrics
 Synchronisation of sales, e-commerce, bricks and
mortar, social media and customer service for
true cross-channel shopping experiences

5 07/07/2024
Data unification
 More sources of data
 More sharing of second-party data
 Not just about collecting data – being able to process,
integrate and interpret the data is key
 Different systems, e.g :- ESPs (email service providers),
DMPs (Data Management Platforms) and CRMs (Customer
Relationship Management Systems) are owned by various
departments:- this makes unification a challenge
 A single default solution for customer identity is the goal

6 07/07/2024
• New functions and Chief Data
Officer

organizational structures Finance

are being driven by the Human


importance of unifying
I.T.
Resources

data from across the CEO


Development
Operations
R&D

organisation Manufacturing

• (suggested by Porter &


Heppelmann, 2015, Marketing

Harvard Business Review ) Customer


Success
Management
Sales

Service &
Support

07/07/2024 7
AI applications in marketing
 Current
– Personalised channel experiences and overall
customer journeys
– Dynamic landing pages and website
 Emerging
– Programmatic advertising and media buying
– Automated social and messenger app interactions
– Predictive journeys

8 07/07/2024
Inputs to DMP
(Data Management Platform)
 Web analytics tools
 Mobile web
 Mobile apps
 Behavioral and demographic data
 CRM data
 Point-of-sale data
 Social networks
 Online video
 TV data
 Amazon Echo (Alexa) etc
9 07/07/2024
Test and learn
 Digital marketing technology now allows
marketers to carry out large numbers of different
tests and experiments on very small segments of
existing and potential customers
 "Test and learn" is a set of practices which can
predict the likely impact of alternative marketing
programmes, before full-scale rollout

10 07/07/2024
3 key questions for test and learn
 What impact will the programme have on KPIs
across the network or customer base?
 Will it work better for some customers or stores
than with others?
 Which components of the idea are actually
working?

11 07/07/2024
Examples of test and learn
 Retail banks and credit card companies (e.g. Capital
One) running different commercials in different
markets.
 Fast food restaurants launching a new menu item or
product for a limited time in select locations
 Retail chains evaluating “store of the future” programs,
such as self-scanning tech
 Companies evaluating pricing strategies
 Retailers testing merchandising layouts across their
door base
12 07/07/2024
Test and learn can be expanded and accelerated with
digital marketing

 Lots more tests


 Instant results
 Evidence-based practice
 Reduces the need for long planning process
based on making lots of assumptions and
forecasts
 Marketing 'in the moment'
 Lessons can be learned with minimal risk
13 07/07/2024
Collaborative consumption
 Disruptive trend which makes use of digital
devices and platforms
 For example Airbnb, Uber, Freecycle
 May involve renting, lending, swapping, reselling
or donating
 Users may play the role of producer, consumer or
both

14 07/07/2024
Collaborative consumption
 Can create value in 3 ways:-
– Increases choice and can become a source of extra
cash
– Enhance trust and bonding among otherwise
unknown others, increasing social capital
– Facilitates the use of underutilized assets and avoids
waste

15 07/07/2024
However…
 Many exchanges are not taxable, reducing state income
 Consumers lacking technical skills and from a different
background can be excluded from these markets
 Consumer rights may not be enforceable
 May not be environmentally-friendly e.g. car-sharing
may reduce the use of public transport
 Airbnb may increase travel & tourism, whilst reducing
housing availability for the local community

16 07/07/2024
Some ethical questions…
 Price discrimination and yield management
– Is it ethical to vary prices and other aspects of the
offer for different customers and at different times?
 Can you think of examples of prices varying?
 Have you been affected?

17 07/07/2024

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