A vicious cycle seems to be emerging when it comes to advancing digital in Asia Pacific’s organisations. Even though marketers understand, and have confidence that digital marketing will enable them to reach their goals, grow their business and put their customer at the center of an enhanced experience, they are still struggling to validate the value and return of digital marketing investments. Why? Shouldn’t it be an obvious solution?
This is where the cycle comes into play. In order to validate performance and build a business case for higher investment, marketers need the right tools and the right skill sets to obtain the right data with which to substantiate their business cases. But many of them don’t have access to this and the main reason for this? Tight budgets. They can’t get the funding and buy-in from necessary business stakeholders or from their leaders to expand and leverage digital. Without investment and support from leaders, tools and skill sets main basic, and ROI cannot be proven.
The Winning Formula
The right tools and skills are part of the winning formula used by the early leaders in the race as companies in Asia Pacific transform their organisations to customer-centered, digital powerhouses. The other critical components of that powerful formula include adequate investment, and the support of the executive team to drive the program across the whole organisation. Building a customer-centric business model requires vision, cross-functional goodwill and alignment, as well as the time and willingness to experiment, build learnings back into the strategy, and improve.
Marketing has changed so dramatically in recent years. Gone are the days when brands broadcast their messages to the masses. Today, with the evolution of digital devices, personalised content is the only way brands can stand out from the rest. A new battle has emerged among marketers: capturing their customers’ attention in a digital world where content is rampant. For those brands able to deliver a personalised message that really resonates; that reaches the person at that precise moment when they are most receptive to and interested in it, and then continues to meaningfully engage with them as they move through the purchase cycle to become a qualified lead, a strong prospect and finally a customer, and continues to provide a valuable relationship to that customer – now that’s the holy grail and the potential rewards are enormous.
The APAC Digital Directions Report, conducted by CMO Council with 648 respondents from eight Asia Pacific countries, shines a revealing light on the progress the region’s enterprises are making in their own journeys.
At a time when marketing is fast becoming the catalyst for business transformation and customer optimization, APAC’s marketers are still largely focused on single vector metrics that measure past success or single points of campaign performance. Typically, they are not measuring impact on harder business metrics, such as sales pipeline measurement or customer lifetime value.
Here are some highlights from the report:
- Measuring Success: 62% of respondents said they measure click-through rates and campaign ROI, and 65% said they measured response rates
- Compare this with just 17% measuring revenue per customer, 13% measuring customer lifetime value and 14% measuring market share movements.
- The minority that is measuring business value metrics are reaping the rewards – 79% of this group indicate they have increased their digital spend in the past 12 months.
- Marketers who track business value metrics have higher levels of confidence in digital than their non-measuring peers (75% vs 59%)
- They are also more likely to say that digital can grow a profitable business faster (45% vs 33%)
The report recommends 3 digital imperatives for APAC marketers to adopt to accelerate their digital journey.
- Optimise engagement and enablement with deeper customer intelligence, insights, and analytics
- Boost team performance and skills to bridge the talent gap
- Allocate around a customer-centric business case with metrics tied to the bottom line
Download your complimentary copy of this comprehensive report here.
View the infographic here.
Join our webinar for an in-depth review of the research results presented by report author Liz Miller, Senior Vice President of CM Council. Register now.