The marketing landscape has changed dramatically in recent years because of the digitization of just about everything, new consumer behaviors, and competitive pressures.
Today, more than ever, companies are looking to build and nurture personalized relationships with customers to drive increased loyalty and engagement. And although companies' intent to enhance connection points with their consumers has evolved, too often their approach has not.
As few as 18% of customers who are typically reached—even with traditional and digital tactics CMOs consider most effective—are interested in the promoted product or able to buy it, according to an Accenture survey of 500+ CMOs. That means hundreds of billions of dollars spent annually could be spent more efficiently. It's no wonder that less than half (41%) of CMOs said they were "very satisfied" with the value-for-money of their mix of marketing tactics.
The New Approach of Just-in-Time Marketing
However, our research at Accenture uncovered that some companies have taken a page from the playbook of manufacturers, developing "just-in-time" marketing strategies that dramatically reduce their marketing inventory.
They produce only the marketing that's required, at the very moment it's needed; they deliver the right message or offer that targets consumers precisely at a time of desire or latent need.
Rather than focus on mass marketing tactics, these leaders more nimbly produce an optimal amount of marketing content that results in more effective and efficient marketing spend—and positive financial results. In fact, the survey found that just-in-time marketers are three times more likely to beat their peers on revenue growth.
Interestingly, just-in-time marketing organizations are not inherently more digital, and they are not necessarily spending more on analytics. Rather, they are integrating capabilities in a more forward-looking way into their operations:
- They are responding to direct signals of demand, empowering people closer to the "action" to make decisions.
- And they are embedding new demand-sensing capabilities into processes.
Source: Marketing Profs