Closed Loop Marketing… Old wine in new barrels?
Closed Loop Marketing is a definition that is around for decades. That’s not so new to blog about, so what is? Will this post be about old wine that is ”packaged” in new barrels? Not really. Basically I will be using the same old definition – Closed Loop Marketing – but illustrate that the content is potentially changed. So a better question would be… New wine in old barrels?
According to Gartner, CIOs will have lost effective control of 25 percent of their organization’s IT spending by 2014, and by 2017, chief marketing officers may have a bigger IT budget than CIOs do. And that is exactly what I want to talk about!
The CMO strategic agenda is about automating Closed Loop Marketing. 88% of best-in-class companies use Closed Loop Marketing where as only 43% of industry average performing organizations use it. (study of Aberdeen group) The 2 primary strategies are developing and maintaining a marketing database and automating Closed Loop Marketing with technology.
And the best-in-class technologies for Closed Loop Marketing are evolving fast, too fast to be able to follow adequately.
On the other hand Closed Loop Marketing can no longer survive without information technology. So as marketeer you should be able to deal with this new content for Closed Loop Marketing. Two take-aways are important for you in this new digital age:
1. Always go for an integrated sales and marketing database. You first need to have the basics in place before moving on. ROMI is an important parameter to convince non-believers in your organization.
2. Choose for the right mix of technologies. Don’t always go for the niche players, only when they fit into your overall Marketing technology landscape and your overall Customer Engagement Management strategy. Because before you know it, you’ll no longer have an integrated overview of what’s going on. On the other hand invest in technologies that make a difference, don’t always take the cheapest solution. The devil is in the details.