Marketing Transformation Strategy is the vision, approach, and game plan to revolutionize enterprise marketing function by re-envisioning the value drivers, re-engineering the processes, and re-architecting the systems.
Market Transformation Strategy is primarily focused on the business transformation of the marketing function. The transformation of marketing function is not about bolting on a new and shiny marketing software on to an incredibly complex IT landscape. It is about defining a new marketing targeting operating model and then supporting it with right people, process, technology and data dimensions.
Marketing transformation is a long and multi-dimensional process, not a quick-win and it’s not a one-time event. Hence, CMOs (Chief Marketing Officers) and marketing leaders should consider it as a journey with 1000-steps.
Marketing and advertising have existed since pre-historic days and have gone thru various revolutions and major milestones – most in part due to modes of communication and entertainment and in part by the social mores. So, why is this so different this time around? Why is the marketing transformation strategy so important and impactful for enterprises and the companies?
The drivers transforming the Marketing landscape:
- The customer is the king, the queen, the prince and the princess. The customer dominance of the entire buying process has impacted the marketing and sales value chain. The entire economy, it seems, has been focused on optimizing the customer experience throughout the buying journey.
- Mobile is the other transcendental force resulting in epochal changes in the marketing and advertising landscape. Ever since the launch of the iPhone and the smartphone revolution, marketing has not been the same. The mobile-first customers necessitated a new way to reach and influence, consequently resulting in a new wave marketing transformation strategy and techniques.
- Social is the other engine driving the transformation of marketing in terms of social outreach, engagement, experience and evangelism. Facebook to Twitter to Instagram to Snapchat, the range of innovations and the marketing opportunities have led to marketing transformation.
- A new wave of MarketingTech. Over the last decade, cloud-based marketing technology platforms have proliferated cornering every imaginable niche. Trust us, you will need a magnifying glass to read the names in this infographic capturing all the companies in the MarketingTech.
- Last but not the least are the digital enablers such as analytics, cloud, Chatbots, Internet of Things, and other technologies are spurring innovations across the marketing value chain.
Steps to crafting the Marketing Transformation Strategy
The components of marketing transformation strategy include the entire process of building the brand across target audience, engaging and information target prospects, facilitating the journey from research thru the purchase process and then converting the customers to brand advocates.
The transformation of marketing function is not about bolting on a new and shiny marketing software on to an incredibly complex IT landscape. It is about defining a new marketing targeting operating model and then supporting it with right people, process, technology and data dimensions.
- Industry and market analysis
- Competitive factors and internal customer analytics and insights
- A current state overview of marketing – process, people, technology and data
- Marketing vision and mission
- Marketing Goals and Objectives
- A deep insight into the “New Customer” and what it means to marketing, sales, service, and overall customer experience will drive to a new target operating model for marketing
- Craft compelling customer personas that span key customer segments
- Documentation of the entire end-to-end customer journeys
- Identify strategies and tactics on how to engage, influence, and convert them to your brand, products, and company
- Document the tools and techniques – inbound and outbound marketing, social media strategy, advertising, public relations, content strategy et al – necessary to achieve desired marketing goals and bridge the gap between current state and desired target state
- The changes required in people, process, technology and data to support to new marketing strategy and operating model
- List of solutions and technology platforms necessary to achieve the marketing transformation
- A transformation roadmap with specific steps and milestones to achieve the transformation incrementally and sequentially
- High-level cost estimates and business case for funding to implement the new marketing transformation strategy
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