Companies that engage consumers with “just-in-time marketing”--in which content is created closer to the time it is needed--deliver a higher return on marketing dollars and are three times more likely to beat their peers in revenue growth, according to a global study by Accenture of 500 chief marketing officers.
“You need to be agile. You need to be flexible,” said Rob Davis, managing director at Accenture. “But the only way to really do that is to have a better operating model. You need better processes. You need the right skills. You need the right technologies, like workflow and data people, in order to achieve that agility so that you can bring the content together just in time.”
According to the study, 38% of the companies Accenture identified as just-in-time marketers have grown their annual revenues by more than 25%, compared with 12% for the others. Eighty-two percent also reported efforts to minimize marketing inefficiencies, as opposed to 49% of the rest. Along those lines, CMOs indicated that as little as 20% of customers typically reached by mass marketing are interested in the promoted product or able to buy it.
In addition, just-in-time marketers are more focused on generating customer insight. Eighty-seven percent have employees with specialized analytical skills to develop actionable customer insights, compared with 67% at the other companies. They also adhere to the “marketing in a digital world” philosophy; 58% described their digital and traditional marketing initiatives as “very highly integrated,” while only 19% of other companies indicated the same.
“CMOs are expected to be much more accountable,” Davis said. “It’s no longer about winning awards. It’s about the return we’re getting on marketing spend. How can you do more with what you're given or do the same or more with less? It’s increasing the number of new customers, increasing of wallet share and engagement.”
View Accenture's infographic below:
See the full study, below, or click here to view it on SlideShare: