We all want to be customer-centric with our marketing. Forrester calls it customer obsession; others go so far as to call themselves customer companies. But, let’s step back and look at where we really are — and how far we still have to go.
CMOs face a dilemma. They’re being tasked to innovate and lead their companies into the digital age, at the same time that 75% of CEOs want marketing to generate revenue and become more ROI-focused.
The only way to do that is modern marketing—an always-on, multichannel, content-driven approach to marketing that is optimized for the digital, mobile, and social activities of customers and prospects.
As marketing teams move in this direction, however, a formidable challenge stands in their way. The explosion of digital channels has created a fragmented customer experience. Only 21% of customers say they receive a personalized experience across channels, and 70% of delivered marketing content goes unused.
The experience can be just as impersonal on social channels. On Facebook, for example, only 16% of brand posts get delivered to customers who “liked” a brand page, while only 15% of the ads use personalized data.
These fragmented experiences are the result of disconnected technologies, data, and processes. With so many marketing systems operating as silos, only 12% of CMOs enjoy an integrated view of customer interactions across their brands.
The unfortunate reality is that, contrary to what they say, most companies aren’t truly customer-focused. A recent Corporate Executive Board survey discovered that 77% of customers have no relationship with a brand. That’s right, nada.
The challenge of managing multiple channels and systems has introduced many pain points for the marketing leader, especially around driving demand and delivering stellar customer experiences.Connecting engagement points from interest level all the way to advocacy.
We think there are three reasons companies are falling short.
1. The customer experience is broken.
• 94% of customers have discontinued communication with a company because they receive irrelevant promotions and messages. -Blue Research
• Only 22% of customers receive a consistent experience across channels. -Accenture
2. The marketer’s experience is broken.
• 82% of enterprises have no synchronized view of customer interactions. -Forrester
• 70% of marketing projects don’t leverage big data and analytics. -CMO Council
• 65% of CMOs can’t measure the ROI of marketing activities across channels. -Columbia
3. The marketing and IT divide prevents progress.
• Only 1 out of 10 CIOs and CMOs feel that collaboration between the two is at the right level. -Accenture
• CMOs’ #1 priority is to deploy better marketing execution and platforms. For CIOs, that’s #6 on the list. -Accenture
• CIOs’ #1 priority is to focus on better marketing measurement and campaign optimization, which is eighth on the CMOs’ list. -Accenture
It’s time for marketers to take a different approach. Today we’re officially launching Oracle Marketing Cloud, which provides a way to simplify the marketer’s experience and empower CMOs and their teams to deliver on the promise of customer centricity. Oracle Marketing Cloud combines the capabilities of Eloqua, BlueKai, Compendium, and Responsys with the social relationship management components of Oracle Social Cloud.
With all of these capabilities brought together, Oracle Marketing Cloud provides the industry’s most comprehensive suite of tools for unifying customer data, analyzing behaviors and sentiment, and executing precise marketing programs that resonate with each and every customer.
The Holy Grail for customer personalization is rooted in a deep, meaningful understanding of our audiences and communities. As a result of the proliferation of data sources, we’re able to capture data across owned, earned, and paid channels. This valuable data can inform our strategies as marketers in ways that allow us to deliver much-improved customer experiences.
The potential benefits are massive for CIOs and CMOs who can come together to lead this charge. That’s right—I’m talking about marketing and IT alignment.
And make no mistake, CIOs and CMOs are well aware of the business benefits to be realized when they work together like a well-oiled marketing machine. In a social business survey, the benefits of CIO-CMO collaboration included better marketing messages, faster time to market, and faster updates to products and services.
Only Oracle offers a unified Modern Marketing platform with integrated cross-channel marketing, content marketing, social marketing, and data management for enterprise B2B and B2C—all designed to help you create and attract ideal customers. Learn more at www.oracle.com/marketingcloud.