McKinsey has defined ‘Modern Marketing’ for us
Updated: Aug 29, 2020
McKinsey’s March article ‘Modern Marketing: what it is, what it isn’t, and how to do it’ takes a bold look at all the enablers and capabilities required for marketing today.
Importantly they define the goal of modern marketing as: ‘to leverage data from all consumer interactions to creatively deliver as much relevant one to one marketing as possible’.
This is interesting, not least for some things it omits, such as developing brand awareness.
The article does however give a broad spectrum of their recommendations as listed in the table below.
As providers of a customer data platform technology and data science, we can’t help being excited by the number of areas where the capabilities of our software and analytical services are required by the modern marketer, as indicated by the blue arrows.
Central to their concept of a customer-centric mindset is the need for: ‘a centralised data platform with a unified view of customers, culled from every possible touchpoint; the continuous generation of insights from customer-journey analytics; the measurement of everything consumers see and engage with; and the hiring and development of talented people who know how to translate insights about customers into experiences that resonate with customers’.
In another section they suggest that it is important to ‘elevate consumer insights and analytics’, and that ‘no marketing activities should be executed without the backing of relevant insights and the ability to measure performance’.
There is a lot we found to be of interest and we strongly recommend reading the full article.
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