We stand on the cusp of the most significant changes to marketing practices since the advent of marketing automation tools more than a decade ago.
No shiny new tool is prompting sweeping change this time. Instead, the next wave of marketing stems from a huge increase in the fidelity and accuracy of customer signals from across the business.
The pandemic has set the scene for change. The June 2020 results from an ongoing CMO survey conducted by Duke University’s Fuqua School of Business illustrate the trends. As customers shifted to digital channels, so did marketing efforts. Digital marketing budgets in particular have either stayed the same or increased. Even with head count reductions, marketing teams have shifted their focus, largely toward online customer outreach and improved digital interfaces.
But the coming revolution in marketing is not simply a matter of increasing and improving use of digital channels. It rests on a better and better-integrated understanding of customers.