For example, CPG companies do not have access to the digital audiences of a national retailer. Small insurance agents lack digital marketing experience and don’t know how to use customer data sets on digital platforms like Google and Facebook, the report adds.
Through a collaborative marketing platform, national brands can share actionable data insights, creative assets, and other digital marketing inputs with business partners (such as suppliers, agents, locations) in an automated and secure way that drives better business results.
Today, four main drivers are sparking interest in collaborative marketing. They include the following:
- Marketing messages are moving to local brands and locations as customers want to have relationships with brands locally, and collaborative marketing helps local businesses market more effectively.
- Artificial intelligence and machine learning are delivering on their marketing promise to personalize the customer experience at a speed and scale never seen before. Collaborative marketing enables local marketers to take advantage of these powerful technologies.
- The rising tide of privacy laws makes third-party data more difficult to acquire, including the imminent demise of third-party cookies that disrupt the established digital advertising ecosystem. Collaborative marketing offers an alternative path.
- The pandemic has accelerated the shift from customers to digital channels and has driven demand for audience behavioral data, valuable customer insights, and testing methodologies, facilitating collaborative marketing.
“All of these results in time-stagnant marketing practices,” says Donovan Neale-May, CEO of the CMO Council, which has 16,000 members in 10,000 companies around the world.
“What is required is a new way of working with business partners to share experience, data and best practices. Imagine a national brand sharing aggregated and actionable information on customer behavior, as well as proven digital marketing assets and best practices, so local suppliers and business partners can generate demand when and where they need it, “adds Neale-May.
Reports reveal that companies with limited data-driven digital marketing capabilities are at risk of being left behind. Without information about the data, for example, companies simply do not know their customers.
Nearly 60% of marketers report inconsistencies with the depth and granularity of customer insights, while a shocking 36% admit they don’t have the data to understand 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 setting clear goals, identifying and evaluating data, and measuring effectiveness.
“We have seen that collaborative marketing has a significant impact for all partners involved, in a rare win-win situation,” concludes Matthew Marx, CEO of Evocalize. “Local businesses get a digital marketing ‘easy button’ and access to sophisticated marketing capabilities, and national brands and partners stay in control of messaging while empowering their local partners. Collaborative marketing creates efficiencies that make the marketing is more effective and drives higher growth for everyone involved. “
People are encouraged to download the full report here.
For more information, visit www.cmocouncil.org. You can also follow the CMO Council at Twitter.
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