As we look ahead to 2014, we expect the pace of change in marketing to only continue to accelerate. It seems like you can’t leave your desk these days to grab a cup of coffee without coming back to another change–a new marketing software entrant, an acquisition announcement, a major shift in consumer behavior, or an advance in marketing analytics. However, there are a few broader trends and patterns that have emerged. Here are 5 trends we believe will continue to have a significant impact on digital marketing in the new year.
#1 – Rise of Marketing Technologists
CMOs will increase hiring of marketing technologist and marketing operations roles.
The growing importance of software to almost every facet of marketing is giving rise to a new role in many companies: the Chief Marketing Technology Officer. A cross between the traditional Chief Marketing Officer and Chief Technology Officer roles, the CMTO provides strategic guidance to how to best take advantage of the growing number of marketing technologies. These include traditional technologies such as customer relationship management as well as analytics, marketing automation, mobile marketing and social media marketing. Marketing technologists and marketing operations pros bring technology and analytics skills as well as deep marketing skills.
#2 – Trust and the Social Era
Businesses will invest in ways to measure and increase levels of trust with their customers.
In the past decade, behavioral economists have changed the way we look at consumer buying behavior. The image of the consumer making unfettered “rational” choices has given way to a greater understanding of economic activity and the many “irrational” factors that influence purchase decisions. We’ve learned that economic life is pervaded by culture and also depends on moral bonds of social trust. Today, companies with strong brands are winning in the marketplace because they understand a simple yet profound truth: that the social capital represented by trust is just as important as physical capital. In the Social Era, cultivating trust is one of the most important activities that companies pursue.
#3 – Advanced Marketing Analytics
Progressive firms will invest in predictive analytics, prospect scoring and defining customer lifetime value.
The world is quickly being divided into the “haves” and “have nots” of marketing analytics. Firms that have moved toward data-driven marketing will continue to develop and advance their analytics capabilities. In 2014, we’ll see more marketing organizations move beyond traditional web analytics and into true marketing analytics and marketing intelligence capabilities. This will include advances in the ability to predict responses, understand customers, and quantify the lifetime value of different customer segments.
#4 – Marketing Agility
Marketing organizations will shift a greater portion of their budgets into “test and learn” and agile marketing tactics.
Agile is a discipline picked up from software developers and it’s being applied to marketing teams. Agile teams follow core principles that shape the way they work. Those principles include:
- a bias toward action;
- responding to change;
- emphasis on collaboration (people and their interactions) and,
- iterative work cycles that deliver something of value.
Companies are finding that the best way to approach the integration of creativity and analytics is through agile marketing techniques. Many are investing 30 percent or more of their marketing budgets into these types of “test and learn” tactics. With agile marketing, teams of creative and analytics pros work together to create ideas and then use data to inform and test as they are introduced.
#5 – Smarter Content Marketing
Marketers will improve their content marketing programs by using data to target content to specific segments and evaluate content effectiveness.
Content marketing will continue to be a focus for many marketers in 2014. However, many will turn their attention to improving the quality of content rather than creating more and more of it. Central to this effort will be the use of data and analytics to better target specific content and to evaluate how well each piece of content is performing. Marketers will improve their ability to provide the right content, at the right time, via the right channels to the right customer segments.