George S. Day, Professor of Marketing at Wharton Business School, identifies the interplay of three transformative driving forces to manage marketing activities in the digital age.
Firstly, the impact of digital technologies
Secondly, the changing role of the Chief Marketing Officer (CMO)
Thirdly, emerging organizational design.
Marketing strategy from a new perspective
With these forces of change, also the marketing perspective transforms. Instead of starting to build a marketing strategy to hit selected target groups. The marketer in the business environment of big data and customer analytics has to start with understanding and connecting with customers. Such an organization requires a flattening network structure that works with cross-functional activities and openness. Furthermore, the general marketing strategy is to empower adaptable capabilities. In order to stay connected and build new connections with the customers.
Tools for digital marketing
Research of 168 large companies’ sales methods by Accenture Institute for High Performance shows that 76% are targeting higher sales growth with machine learning. In the meaning that AI software is continually learning from big data and serves the human sales force in real-time with improved business intelligence to increase sales and improve marketing. The authors of the report, H. James Wilson, Narendra Mulani, and Allan Alter, identify three dimensions where AI helps the sales processes. It brings clarity to data. Secondly, it improves prospects of data-driven experimentation, and thirdly it automates administrative tasks which bring more time to sell for the human sales force.
More tools for digital marketing
The media company CBS in collaboration with Nielsen has developed a new method based on neuroscience to measure the performance of commercials. When adding all the neuroscience results together researchers could explain 77% of an ad’s strength. 60 video ads for the consumer market were evaluated for the first study.
“We believe this is the holy grail for marketers: confidence in knowing creative’s potential impact on the bottom line before it ever enters the market,”
Dr Carl Marci, chief neuroscientist at Nielsen Consumer Neuroscience.