You can always rely on Harvard for the deepest quality research and insights into global communications trends and developments. Their extensive guide to modern marketing strategies analyses which brands are over performing in their techniques and truly putting their ‘mark’ on the world of business.
I highly recommend reading “The Ultimate Marketing Machine”, taking the best of research from the fastest growing brands and businesses and exploring what it takes to be innovative and successful in modern day marketing.
The research from the paper included online quantitative surveys of 10,000-plus marketers from 92 countries. The surveys encompassed more than 80 questions focusing on marketers’ data analytics capabilities, brand strategy, cross-functional and global interactions, and employee training. The survey respondents were then divided into two groups, over performers and underperformers, on the basis of their companies’ three-year revenue growth relative to their competitors’. The two groups’ strategies, structures, and capabilities were compared.
This probably comes of no surprise but the paper claims ‘experience’ holds the key to marketing success. “Companies are increasingly enhancing the value of their products by creating the ultimate in customer experience. Some deepen the customer relationship by leveraging insight to personalise offerings. Others focus on the breadth of the relationship by adding touchpoints. The highest performing brands do both—providing “total experience.” In fact, it is expected that the most important marketing metric will soon change from “share of wallet” or “share of voice” to “share of experience.”
According to the paper, there are five drivers towards organisational effectiveness. To leverage customer insight, imbue brands and brand purpose, as well as deliver customer experience, brands are told they must connect, inspire, focus, organise and build. Without having all the pieces fitting together, there is a detrimental performance impact.
A key part of the paper is ‘The Orchestrator Model’. Summarised, CMOs and other marketing leaders increasingly operate as orchestrators, tapping talent from inside and outside the company to staff short-term task forces. Those task forces bring together people, each with one of three kinds of focus: think, feel, or do. Click here to see for yourself.
“The Ultimate Marketing Machine” outlines clearly a recipe for marketing success. And so now onto this year’s research…….