As digital becomes a crucial method of business growth, one must ask themselves if they’re getting the optimal performance out of their existing strategies. Consider our partners at TrinityP3 as those in the know.
As a CMO sitting with agency, consultants and others in your C-Suite, the word ‘disruption’ gets thrown around almost as ineffectively as the term ‘entrepreneur’. The idea being, every company worth its weight in salt should be at least disrupting one area of their industry. This becomes even more prevalent when traditional industries, for example, pizza making, start seeing brands like Domino’s regarded a tech company with a focus on Artificial Intelligence. The digital space has been upended with the addition of Martech, programmatic, sensors, connectivity and software that promises to build a robust digital ecosystem. Every company says they want in, but very few are navigating this well.
Irrespective of industry, the highly technical, complex and specialised area of automation and tech platforms is one every C-Suite’r needs to get their head around where their activities fit in the spectrum. The influence technology has on business outcomes and marketing strategies are often understood, yet the application of it integrated into a workable strategy is rarely executed well. Many companies still put all their eggs in one digital basket, rather than take the digital solutions available and understand how they can critically impact the bottom line.
With constant media attention around the damage Amazon will have on Aussie retailers, and Atlassian’s Mike Cannon-Brookes admitting Australia is falling behind in the world of technology, the growing speculation is how can our industries survive let alone individual companies. At present, the adoption of Martech and other solutions is often discussed at meetings as a way to compete but not necessarily rolled out in practice due to conflicting information, confusion over the application and an inability to monitor the influx of data.
With constant media attention around the damage Amazon will have on Aussie retailers, and Atlassian’s Mike Cannon-Brookes admitting Australia is falling behind in the world of technology, the growing speculation is how can our industries survive let alone individual companies.
Not recognising slow development only acts as a bottleneck in the companies growth and their acceleration abilities. The reality is, the technology is there to enable companies and help them develop more strategic real time conversations with their customers and execute data-driven ways of tapping into audiences that have traditionally been cost-prohibitive. The rise of digital means outcomes can happen quickly, the reach of campaigns more transparent and with that – the obligation of CMO’s to have a laser focus on outcomes.
“Many organisations approach us about becoming more technology, digital or data centric, when in actual fact at the core of the request is the desire to be more customer centric and it is digital technology and customer data that allows them to achieve this at scale. It is essential to ensure you do not confuse one for the other as the objective is what informs the strategy and implementation” says Darren Woolley, Global CEO, TrinityP3 Marketing Management Consultants
Therefore the broader question companies should be asking internally is not just ‘What is the best technology to use for our industry?’, but ‘Who can give us the best advice to ensure we are optimising this technology and able to assess results accurately?’.
A vital quality in the fast-changing environment is that of understanding how to use the tools, rather than believing every marketer should become a data scientist. Frustrated by the wrong questions being asked, TrinityP3 developed an outline that companies committed to competing need to undertake to ensure they can actually be effective in the digital age. The framework to ensure an understanding and application of a robust technology strategy can be broken down into five components:
- Digital & Technology Transformation Review
- Technology Business Case Development
- Technology Supplier Search &/or Selection
- Technology Stack Performance Assessment
- Technology Performance Optimisation
The nature of technology application is changing, and with it, so are the goal posts in seeing success in this environment. While every industry is trying to navigate the technology ecosystem, success will depend on the commitment executives have to ensure their teams understand the challenges and can decipher them.
Throughout history, the marketing success of companies was governed in part by the brand awareness a campaign could achieve. Yet with the painful process of watching digital advertising become somewhat a non-transparent blood bath, marketing success now relies on the incorporation of internal growth and understanding of how each corporate activity relies in part on technology. Embracing the game-changing shift that is occurring daily allows executives to implement a strategy with a wide lens that captures accurately the marketing changes that must be adopted while questioning the effectiveness of current strategies.
Whether your company faces adverse market trends, a challenge from bigger competitors or the need to effect change in marketing operationsTrinityP3 can help.
TrinityP3 invites you to take up the offer of a free consultative session to promote greater understanding of how their five components can produce solutions for any number of your marketing problems.