Modern businesses need a deeper understanding of the best, most effective ways to reach consumers at the right time. It sounds quite simple, but every year brings a new set of challenges that can derail and obstruct marketing plans. The last 2 years witnessed rapid changes in marketing as it moved online (albeit slowly) to maintain brand reach and engagement in the markets. Digital was no longer elective as it became a permanent shift for enterprises, large or small, to face the new market reality:
- A majority of consumers shifted towards digital platforms- which was a safe bet during lockdowns and contagion scare.
- Reduced physical interaction forced enterprises to prioritize digital interactions, closely understand online customer behavior, and add value across each stage of the buyer’s journey.
- Online lead generation became complex due to quickly evolving customer behavior.
Vanguard organizations used these disruptions to the best of their advantage. They unified their marketing/contactable database, obtained from varied sources, to identify and reach their target customer profile. They realized the importance of delivering personalized brand experiences at scale across a growing mix of channels and devices. Therefore, they focused on a narrower set of prospects lists that were more likely to convert and enabled the sales team to shorten the conversion cycle.
Trying to replicate similar strategies, many other enterprises failed outright in the absence of a tech-enabled, tactical approach. Another debilitating bottleneck was to break departmental silos and bring the IT, sales, and marketing teams on the same page. Also, without a broader understanding of what is happening in the industry and how customer behavior is evolving, enterprises are left a step behind. Companies looking to build a marketing database should examine some common hurdles on its path and prepare a long-range strategy to overcome them.