The FINANCIAL — Retail marketers are leading the shift to modern marketing and are ahead of other industries in a number of key areas that ultimately impact the customer experience and overall business performance, found the study by Oracle, an American multinational computer technology corporation.
46 percent of retail organizations have intelligent targeting capabilities that provide real-time feedback and advanced insights to enhance customer engagements and increase marketing effectiveness. In contrast, only 31 percent of total respondents from other industries cited the same level of targeting ability.
When evaluating marketing integration, the study found that 42 percent of retail organizations currently leverage a fully integrated cross-channel marketing platform for enhanced marketing orchestration, while only 14 percent of respondents from other industries cited a similar level of integration, according to Oracle.
The study surveyed 492 marketing decision-makers across a range of industries in the United States, United Kingdom, Germany, France, and Australia, and found that organizations that embrace modern marketing processes outperform their nonmodern marketing peers and competitors on key business performance indicators including revenue growth, market leadership, and workplace excellence.
The study defined “modern marketers” as marketers that use a combination of real-time predictive models and statistical techniques including intelligent targeting and cross-channel marketing attribution to ensure personalized customer engagement throughout each stage of the purchase journey.
“To successfully compete in today’s digitally powered economy, marketers need to continually refine and evolve their approach in order to better understand and engage their customers,” said Andrea Ward, vice president of marketing, Oracle Marketing Cloud. “The retail industry has a long tradition of being customer-centric, and is leading the shift toward more customer-focused modern marketing practices. By embracing new data technologies and taking an integrated marketing approach, retailers are able to create a digital dialogue with their customers and deliver the right messages at the right time,” Ward added.
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