Newly released research from the CMO Council details how collaborative marketing can bring companies such as CPG suppliers, financial services firms, local businesses, and partner networks into the data-driven digital marketing revolution.
According to the Council’s new report, in partnership with collaborative marketing platform Evocalize, many of these companies’ local branches and representatives don’t have access to a national brand’s digital audiences, marketing expertise, or digital marketing assets. For instance, CPG companies don’t have access to a national retailer’s digital audiences. Small insurance agents lack digital marketing expertise and don’t know how to use customer data sets in digital platforms such as Google and Facebook.
Through a collaborative marketing platform, national brands can share actionable data insights, creative assets, and other digital marketing inputs with business partners (e.g., suppliers, agents, locations) in an automated, secure way that drives improved business results.
“All of this results in marketing practices stuck behind the times,” said Donovan Neale-May, executive director of the CMO Council, in a news release. “What’s required is a new way of working with business partners to share expertise, data and best practices. Imagine a national brand sharing aggregated, actionable customer behavioral insights, as well as proven digital marketing assets and best practices, so suppliers and local business partners can generate demand when and where they need to.”
Companies with limited data-driven digital marketing capabilities are at risk of being left behind. Without data insights, for instance, companies simply don’t know their customers. Nearly 60 percent of marketers point to inconsistencies with the depth and granularity of customer insights, while a shocking 36 percent admit they don’t have the data to know their consumers, let alone anticipate needs, according to the CMO Council.
The new report also details how to get started in collaborative marketing, such as establishing clear objectives, identifying and assessing data and measuring effectiveness.
“We’ve seen collaborative marketing make a significant impact for all partners involved, in a rare win-win situation,” said Matthew Marx, CEO at Evocalize, in the release. “Local businesses get a digital marketing ‘easy button’ and access to sophisticated marketing capabilities, and national brands and partners retain control on messaging while enabling their local partners. Collaborative marketing results in efficiencies that make marketing more effective and drive increased growth for everyone involved.”