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Future of Marketing
The document outlines the future of marketing based on extensive consumer and brand interviews, emphasizing that high-performing organizations will focus on personalized customer experiences and collaboration across departments. Key trends include the increasing importance of data and AI in marketing strategies, the necessity for consumer consent regarding personal data, and the rise of real-time engagement through new technologies like chatbots and voice interfaces. It concludes with the need for innovative metrics to effectively demonstrate marketing value and customer satisfaction.
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Future of Marketing
- 1.
- 2. The future isalready here it just isn’t equally distributed. William Gibson, Author & Futurist @msweezey
- 3. The following presentationis an overview of the future of marketing deduced from 13,000 consumer interviews 1.4 billion ecommerce visits 11,000 brand interviews Showing you the future through the eyes of what high performing marketing organizations are doing today and where your consumers are already going
- 4. TREND ONE: TAKES ONA NEW ROLE MARKETING
- 5. 80% of customers saythe experience a company provides is as important as its products and services. Consumers want better experiences Source: State of the Connected Customer 2018
- 6. PERSONAL IS A CONSUMERMANDATE Currently 76% OF ALL CONSUMERS EXPECT PERSONAL EXPERIENCES Two-thirds of consumers say they’re likely to switch brands if they’re treated like a number instead of an individual Source: State of the Connected Customer 2018
- 7. As of 2018High performing marketing orgs are 9.7X more likely to create personal omnichannel experiences Source: Salesforce State of Marketing 2018
- 8. OLD MARKETING ROLE: Marketingwas the creator of content, leads, and the owner of brand image.
- 9. THE FUTURE REQUIRESA NEW MARKETING ROLE: Marketing becomes the owners and sustainers of the entire customer experience from awareness to advocacy.
- 10. TREND TWO: MARKETING LEADS COLLABORATION BETWEENALL DEPARTMENTS
- 11. 54% OF HIGHPERFORMING MARKETING ORGANIZATIONS Lead customer experience across the business Source: Salesforce State of Marketing 2018
- 12. Marketing must becomethe bridge builder between departments ensuring a cohesive customer experience. Diane Magers, CEO at Customer Experience Professionals Association “ ”
- 13. As of 2018only 33% of marketing teams share a common goal or metric with their sales counterparts. Marketing + Sales BECOME A HAPPY COUPLE Source: Salesforce State of Marketing 2018 At current growth rates it will reach 66% by 2025.
- 14. Currently only 1/3of marketing teams suppress messages to customers with open service issues By 2025 it is estimated that 2/3 of brands will have a fully integrated marketing and service team with common metrics, goals, and programs. Marketing + Service/Support Source: Salesforce State of Marketing 2018
- 15. TREND THREE: THE NEXTHURDLE Data & Opportunity on the horizon
- 16. It’s difficult toimagine the power that you’re going to have when so many different sorts of data are available. @msweezey “ ”Sir Tim Berners-Lee– Know As The Creator of the World Wide Web
- 17. 45DATA SOURCES BY 2025 THEFUTURE IS MORE DATA Brands plan to be using 15 data sources on average in 2019. At current growth rates it is easy to see the average brand using close to 45 data sources by 2025. Source: Salesforce State of Marketing 2018
- 18. Collection: Basic demographic data iscollected, but not centralized across the organization. Currently 16% of all businesses fall in this category. Data Empowers : A complete and connected view of each customer is the fuel powering light AI to create next best offers, as well as prove marketing returns. Data Transforms : Data shifts from a measuring tool to a guiding light, Advanced AI surfaces new business opportunities, personas, and creates bespoke customer journeys. Only 8% of businesses are here today. Data Use Maturity Model Data Set Grows: Next brands begin to gather more data including behavioral data, 2nd and 3rd party data. Some data sets may connect but not all, and no single customer view.
- 19. High Performing marketingorganizations use on average 15 tools to create a cohesive customer experience. Data sources are only one of the issues….there is also the number of tools in their marketing stacks.
- 20. With 15 datasources, and dozens of tools marketers will be facing an IDENTITY CRISIS. Not their own, rather keeping up with a single individual across the tools, channels, and data sets.
- 21. TOP FUTURE USE CASEFOR DATA YOU MAY NOT EXPECT
- 22. In the futuredata + AI will automatically identify new audiences and buyer personas in your network, automatically creating segmentations for you. Opening up brands to niche personas they would have never seen otherwise. AUTOMATED AUDIENCE DISCOVERY & SEGMENTATION
- 23. TREND THREE: PERMISSION BECOMES PARAMOUNTAS CONSUMERS DEMAND MORE PERSONAL EXPERIENCES
- 24. The need forpermission has only increased as consumers have adopted more channels, and now have more alternatives. “ ”– Seth Godin, Permission Marketing
- 25. 50% Of all consumerswill give up personal data in exchange for Personal discounts and offers Personal shopping experience either instore – or online Better product recommendations inline with needs
- 26. Value and Transparency: To gaintheir explicit permission you must ask, and to make that exchange provide them with value. Brands able to show over time how they have used personal data are able to build more trust and gain more access. Ownership: It is the consumers data. Brands who easily allow their customers to access their data, and control it are able to reach the peak of consumer trust with their data. Explain: Explaining how you plan to use personal data, showcase experiences you can create with It, and explain how you plan to protect it. This is the foundation of trust to gain consumer data. Trust Maturity Model
- 27. TREND FOUR: Becomes akey Brand Attribute Real Time
- 28. GENERAL CONSUMERS expect brands to engagewith them in real time. 64%OF CONSUMERS Source: Salesforce State of The Connected Customer
- 29. 80% OF BUSINESS BUYERS EXPECT REALTIME B2B BUYERS expect brands to respond and engage them in real time too. Source: Salesforce State of The Connected Customer
- 30. In 2018 3,500marketers said ‘Engaging in Real Time’ is their number one CHALLENGE AND OPPORTUNITY. Source: Salesforce State of Marketing 2018
- 31. HIGH PERFORMERS ACHIEVE INREAL TIME @msweezey HP are 8.1X more likely to be able to create the right experience on right channel, at the right time. 8.1X MORE LIKELY TO BE ABLE TO ENGAGE IN REAL TIME Source: Salesforce State of Marketing 2018
- 32. Real time takeson a new meaning when each experience isn’t just delivered in real time, they are created for each person in real time, driven from infinite data, and created by artificial intelligence to match the context of the relationship at that moment. REAL TIME IS A KEY PART OF BRAND IDENTITY. IN THE FUTURE ALL EXPERIENCES WILL BE BESPOKE & IN REAL TIME
- 33. TREND SIX: Becoming thetool enabling Real Time at scale AI Fades Into The Background
- 34. HIGH PERFORMERS LEVERAGE AIMORE @msweezey Total use of AI reached 29%, a 40% increase from 2017. Still that is not evenly distributed as High Performers are 2.7X more likely to use AI. 40% YOY Growth in use of AI by all marketers Source: Salesforce State of Marketing 2018
- 35. • One OffTools • Large investment • Solving Big Problems • Usage Low • Add on to Existing Tools • Easily added on to existing products • Significant Returns • Used to solve tactical problems • Adopted by 30% • Baked In To All Solutions • AI fades into the background • Becomes digital assistant • Brands can’t compete with out it EARLY STAGE CURRENT STAGE FUTURE STAGE ARTIFICIAL INTELLIGENCE MATURITY PATH 2012 2019 2025
- 36. WITHOUT AI REALTIME MARKETING IS ONLY A PIPE DREAM. TODAY ARTIFICIAL INTELLIGENCE IS BEST PRACTICE. BY 2025 IT WILL BE A BASE LINE TECHNOLOGY
- 37. TREND FIVE: Empowers Consumers Notjust brands Artificial Intelligence
- 38. Source: Salesforce HolidayFlash Report
- 39. BY 2025 95%OF ALL CONSUMER INTERACTIONS With a brand will be via artificial intelligence as AI becomes a standard consumer application. Source: FORBES 10 Customer Experience Implementations Of Artificial Intelligence
- 40. Consumers trust brands withtheir data more when they…. 86% 88% 91% 92% Explain how data improves their experience Ask for permission to use the data Are transparent on how they use the data Give control over what data is collected Source: State of the Connected Customer 2018
- 41. TOP THREE USERCASES CONSUMERS SEE FOR BOTS Source: 2018 State of Chatbot Report produced by DRIFT
- 43. TREND SIX: Marketers Next BigChannel Bots Become
- 44. BY 2025 1/8 OFALL PEOPLE on the planet will be using a Virtual Digital Assistant - Source: Financedigest AIi-will-power-95-of-customer-interactions-by-2025
- 45. BOTS DRIVE CONVERSATION & CONVERSION Brandsleveraging chatbots have already seen them become their number one lead generation source. Ralph (The Lego Bot) Drove 25% of all 2017 online holiday sales.
- 46. AI will show marketerswhere issues are with their journeys, and even how to fix them. BOTS OPTIMIZE JOURNEYS FOR YOU If you add a conversation to the journey at this point you will increase odds of winning by 25% Journeys which start out with this content deliver 14% more leads. This email has a broken link.
- 47. TREND SEVEN: VOICE ISONLY THE BEGINNING of experience The end is a new kind
- 48. 38% of allshoppers have used voice for purchasing, searching, or checking prices in the past three months
- 49. 72%OF CONSUMERS USING VOICE DOSO DAILY VOICE BECOMES DAILY HABIT THIS TREND WILL ONLY INCREASE IN THE FUTURE Source: Google Think
- 50. With the riseof voice, AI, and chatbots WEBSITES AS WE KNOW THEM WILL BE GONE IN FIVE YEARS. They will be replaced with conversational interfaces like this one.
- 51. TREND SEVEN: New MarketingRoles create need for new marketing valuation models Reporting Value
- 52. WHILE 72% of MARKETERSSAY THEY TRACK REVENUE GROWTH ONLY 25% OF MARKETERS ARE MORE THAN ‘SOMEWHAT CONFIDENT’ IN THEIR REPORTING ABILITY. SOURCE: Nielsen.
- 53. THE NEED TOFIND BETTER WAYS OF SHOWING VALUE IS LEADING 79% OF MARKETERS PLAN TO INCREASE SPENDING ON ANALYTICS IN 2019
- 54. “ROI is anefficiency metric. If can only show how efficiently you spent your money, not how effective your marketing was.” @msweezey Dominique Hassans – Former CEO of The Marketing Science Institute, Professor at UCLA
- 55. Weighted Pipeline shows thetotal volume, velocity, and efficiency of your demand flow. It allows marketers to show their efforts on future revenue. Customer Satisfaction High Performing Marketing organizations are 1.4X more likely to track customer satisfaction scores Lifetime Customer Value High performing marketing organizations are 2X more likely to track LCV. Better Marketing Metrics
- 56.
- 57. THE FUTURE REQUIRESA NEW MARKETING ROLE: Marketing becomes the owners and sustainers of the entire customer experience from awareness to advocacy.
- 58. 54% OF HIGHPERFORMING MARKETING ORGANIZATIONS Lead customer experience across the business Source: Salesforce State of Marketing 2018
- 59. 28DATA SOURCES BY 2025 THEFUTURE IS MORE DATA Brands plan to be using 15 data sources on average in 2019. At current growth rates it is easy to see the average brand using close to 30 data sources by 2025. Source: Salesforce State of Marketing 2018
- 60. 50% Of all consumerswill give up personal data in exchange for Personal discounts and offers Personal shopping experience either instore – or online Better product recommendations inline with needs
- 61. HIGH PERFORMERS ACHIEVE INREAL TIME @msweezey HP are 8.1X more likely to be able to create the right experience on right channel, at the right time. 8.1X MORE LIKELY TO BE ABLE TO ENGAGE IN REAL TIME Source: Salesforce State of Marketing 2018
- 62. In the futuredata + AI will automatically identify new audiences and buyer personas in your network, automatically creating segmentations for you. Opening up brands to niche personas they would have never seen otherwise. AUTOMATED AUDIENCE DISCOVERY & SEGMENTATION
- 63. FUTURE MARKETING METRICS THETHREE FUTURE METRICS ALL MARKETERS MUST MASTER ARE