Today, the Council of the Chief Marketing Officer (CMO), in partnership with Evocalize, released a new report, “The Exponential Power of Collaborative Marketing.”
This new report details how collaborative marketing can lead companies like CPG providers, financial services companies, local businesses, and partner networks into the data-driven digital marketing revolution.
Many of these companies’ local branches and representatives do not have access to nationally branded digital audiences, marketing expertise, or digital marketing assets. 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.
Through a collaborative marketing platform, national brands can share actionable data insights, creative assets, and other digital marketing inputs with business partners (e.g. vendors, agents, locations) in an automated and secure way that drives better results. commercial.
Today, four main drivers are generating interest in collaborative marketing:
- 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, and 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, and collaborative marketing provides 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 this results in backward marketing practices,” he says. Donovan Neale-May, CEO of the CMO Council, which has 16,000 members in 10,000 companies worldwide. “What is required is a new way of working with business partners to share experience, data and best practices. Imagine a national brand that shares aggregated and actionable information on customer behavior, as well as proven digital marketing assets and best practices, so that local suppliers and business partners can generate demand when and where they need it. “
Companies with limited data-driven digital marketing capabilities run the 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,” he said. 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 marketing more effective and drive further growth for everyone involved. “
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