Published on Friday, November 23, 2018
In the traditional way of handling marketing projects, teams in charge of product packaging, campaign planning, and demographic targeting would be struggling to coordinate efforts and overcome inefficiencies. When you are manually targeting and engaging audiences across various platforms and devices, it’s difficult to track performance and measure results to optimize one’s return on investment. Marketing Project Management (MPM) virtually changed the horizon, opening new vistas in marketing and customer satisfaction.
MPM, the planning, execution, monitoring, and management of a marketing project is much easier today. Technology and tools have advanced to the point where we can measure marketing performance and satisfy customer intent in a result-oriented manner. As professionals at Miromind argue, cutting-edge project management skills offer solutions that catapult businesses from continuous marketing mayhem to consistent marketing success.
Both Marketing Projects and the tools and technology leveraged by Marketing Managers are undergoing seismic change, and a decade down the road both will be substantially different. Let’s take a closer look at what the future holds in store.
If the old school believed in numerous teams tackling the same issue in various ways, all segments coordinating their efforts towards achieving one goal, that company policy is set for a sea change.
The new generation technology creates a single platform or what you might call a centralized hub. Every segment of the Marketing Project is merged in the platform. This satisfies one objective - storage and consolidation of data for creating the storylines for effective audience-centric marketing campaigns. The platform inspired merging of marketing segments improves efficiencies within the organization. Finally, you have a yardstick to measure the results of any campaign and the means to modify the drive to suit the targeted audience.
Conventional marketing strategies suffered from the “spray and pray” syndrome. You’d carpet-bomb a broad spectrum of customers with ads and brochures and pray that you hit the bullseye. The next generation MPM platforms empower you to target specific demographics with the kind of laser-guided precision that you’d have dreamt about.
The data that you’ve accumulated will help you zero in on customer traits and behavioral patterns and create customer-centric personality profiles that will be remarkably accurate. This enables you to tailor each product or service to the needs of individual customers in a way that enriches customer/user experience.
Naturally, this will promote brand consciousness, and customer product recall will be enormous. Once your sales pitch is optimized to deliver a personalized experience, customers conversions will improve dramatically. Your campaigns will be providing the right message, expertly packaged to reach the right person at the right moment.
Your ability to convert and retain customers will improve as you optimize the sales funnel by effectively leveraging paid, owned, and free media. You’ll know precisely how and when to contact potential customers in the sales funnel to initiate effective one-on-one dialogues. You’ll convert idle users into profitable customers. An integrated MPM strategy allows you to leverage active customers and turn them into your brand ambassadors of the future.
Marketing Managers are generally seen as lone wolves operating independently and are not particularly reliable as team players working within defined project management parameters. The latest Marketing Project Management software removes operations drawbacks and enhances the marketer’s USP by leagues.
Conventional marketing managers were dealing with Data Management Platforms (DMPs), Customer-Relationship Management (CRM) systems, emailing platforms, mobile operating systems, Real-time bidding (RTB), and many other technologies.
Each system demands that you become familiar with its unique interface and throws up different insights. Piecing all these data sources together into one coherent data format eluded the end users. Data gets duplicated, and you get an inaccurate profile of potential customers.
Artificial Intelligence (AI) is hugely appreciated for digitally transforming the way we handle data. AI and machine learning wedded to MPM empower you to consolidate and analyze the information that you gather from multiple data streams. For budding businesses, data analytics offers a passport to an era of greater engagement with a growing customer database.
The advantage unique to MPM is that you are gifted with a single-source repository for data regardless of the data source. You get data transformed to one recognizable format that helps you unearth optimization openings. Importantly, you get a complete overview of how the customer perceives your product and feedback on the campaign that brings the product to the customer’s doorstep.
When consolidated data management attains new peaks, the company is forced to change its marketing approach both in the strategic sense and operationally. There is an implied cultural change when companies realize that they are leveraging data to create value and engage customers at a personal level.
Cloud-based services will offer greater flexibility in data storage, and provide stronger data security, and data privacy all of which are essential for responding faster to customers in real-time.
In the older ecosystems, your latest advertisement was better than or worse off compared to the previous ad because that was the limitation of statistical ad-reporting. The new Marketing Project Management software has brought a paradigm shift in ad-reporting called “advanced marketing attribution.” This means that you can access a tool that tells you precisely which media is driving maximum sales for a specific campaign, and which customer demographic is benefitting.
In the older systems, data typically operated in a standalone mode with humans manually interpreting data inputs to formulate marketing strategies. With the aid of AI and machine learning, the software takes over data analytics, detects patterns in customer behavior, and delivers the same data as key performance indicators (KPIs) which measure customer response.
KPI insights can be used to measure customer response to a product in any media outlet. The same principles apply when you’re assessing the relevance of keywords, creative inputs, persuasion tactics, direct messaging, or email campaigns. In a sense, you now have the technological capability of taking customer conversions to the molecular level, and that makes your marketing wing more efficient in planning successful campaigns.
In a closed-loop marketing system, marketing generates leads, the sales wing does the follow-up and provides feedback on which leads converted, and which leads failed, and marketing goes back to the drawing board to ramp up the campaign.
Advanced computing algorithms are now doing the same job that humans did but on a scale that humans can’t possibly replicate. By using attribution marketing, an algorithm can measure every available media outlet to keep you posted regarding your in-market performance. This means that your media plans become more focussed where they should be and better optimized to the audiences that you prefer.
The algorithm doesn’t wait for human approval; it rapidly assesses each marketing strategy and buys space to integrate the media plan that is best suited to enter the mainstream of public consumption.
Even as a media plan is in execution mode, a continuous stream of feedback will be routed back to the MPM platform for measuring performance. In this manner, algorithms create an advanced and tactically more brilliant version of the older closed-loop-marketing system.
As readers would have gathered, Marketing Performance Management (MPM) is a method of analyzing the way your past marketing campaigns worked, and of using that feedback for optimizing your strategies in the present so that you can deliver successful future campaigns that yield real, measurable revenue streams.
Shifting to a Marketing Project Management platform should not be considered as a kind of technology overload; on the contrary, you’re adding enormous value to your marketing and media plan.
Remember that you’re becoming a part of the process that converts every marketing initiative into a measurable, accountable, and predictable marketing model. Ultimately, this brings you closer to your company objective - delivering a delightfully personalized experience to a customer so he can engage a great idea, product or service that adds immeasurable value to his lifestyle.
If you are interested in conveying your message to your target market, please contact us at firstname.lastname@example.org!
Share you project management knowledge and expertise with the hundreds of thousands readers of PMTips.net. Apply here!