Digital transformation can mean a lot of different things to different people. We see it as a process where marketing becomes data driven, and organisations use their data to generate and act on insights with the aim to gain competitive advantage.
Lets start with a Business Maturity Analysis
The use of data to target, optimise and evaluate your marketing is no longer exclusively available to the lucky few. Developments like the rapid shift to more online customer touch points and media consumption and increasingly intuitive tools to translate those data points into actionable insights, have created a competitive landscape where the clever use of your data has become a prime source for competitive advantage. Despite this being generally acknowledged:
Six out of every ten marketing decision makers said they struggled to access or integrate the data they needed last year. This challenge is relatively easy to solve and starts with mapping the data available, connecting use cases to them, designing processes to get it to the right place, and mapping important stakeholders and tasks.
Three out of every four marketers say the biggest barrier to using data insights is a lack of education and training on data and analytics. The second challenge is around evaluating tools and technology that are needed to adequately manage, derive insight from or activate your data. This stage would involve exploring current tools and evaluating whether pieces of the puzzle are missing. A critical part of this stage would be to get clear insight into both the costs and the benefits.
One out of every four CMOs is satisfied with the Digital IQ in their organisation. This challenge is around people. Have you hired the right skills? Do you need to assess internal or external capabilities to execute in a data and tech centric world? Have you hired the right partners?
We have heard these challenges from CMOs again and again. The end goal of our “business maturity analysis” is an actionable data strategy and a step by step plan to become a bit better at actioning your data every single week. Companies that have a proactive strategy for using data are more productive and more profitable than their competitors.
You could split this journey up in several wider interconnected topics. This is the order in which I would go about proceeding towards marketing maturity:
Feel free to reach out if you think your organisation could benefit from an external point of view. Or click through on any of the steps above to learn more.