Technological advancements and data-driven expertise have been at the forefront of revolutionary disruptions across the spectrum of industries. Business lines, such as automotive and consumer electronics, have traditionally relied on the latest technologies to make their offerings more sophisticated. However, tertiary sectors like finance and healthcare have been the most recent ones to welcome the integration of information technology in their core operations.
For instance, according to a recent survey, the fintech sector is expected to grow at a CAGR of 22.7% during 2020-2025, reaching INR 6,207.41 Bn by 2025 as compared to INR 1,920.16 Bn in 2019. Likewise, another report predicted that the healthcare technology industry would reach $280 Bn by 2021. As tech drives the world, businesses are changing, and they are evolving rapidly.
How Are Businesses Reacting To The Disruption?
Someone I met at a healthcare technology conference a couple of years ago said that the scale of change that data-driven expertise is now bringing is comparable to the late 90s when people were learning to work on computers, and in some countries, adapting to working online. Tectonic shifts in how industries now operate do affirm this hypothesis. Long gone are the days when historic data meant cloud files, intended to be referred only when a particular situation demanded going back to evidence. The world, as we know it today, is proactive and evidence-based.
Frankly, no one has the time for gradual failure. While data-driven strategies might not prove to be a sure-shot path to success, it does provide a cushion to fail quickly. And leaders love that because this accelerated downfall gives way to a swifter recovery! There is no dearth of professionals in any industry working tirelessly to establish processes that allow organisations to initiate adequate benchmarks, explore newer growth avenues, and even ensure tangential hiring.
New-age Marketers Playing Around With Data
The discipline of marketing has emerged as one of the most data-driven verticals in both B2B and B2C enterprises. Among other things, the end-users’ behaviour has emerged as the cornerstone for ciphering the efficacy of any marketing campaign. And marketers are keeping a note of it. “Data-backed creativity” has changed the course of the lives of marketers across the world.
Now, no one spends thousands of dollars experimenting with new marketing campaigns, content marketers don’t employ unnecessarily complicated jargons in front of prospects, and lead generation activities are not limited to merely cold reach outs. From pitch conceptualisation to finalising sales progression strategies, millions of data points are parsed through thought-through algorithms to ascertain a given initiative’s success. Businesses are avoiding the hit-and-try approach at any cost, and it has three very significant benefits:
- Lower price: Set targets, align resources, avoid unforeseen expenses.
- Lesser turnaround time: Clear vision, comprehensive plans, strict timelines
- Better market fit: Understand customer psychology inside out, offer tailor-made solutions.
Refining The Messaging – Data Might Have All The Answers
Corporations cannot afford to have an ambiguous product pitch; their vocabulary should be filled with just the right words at appropriate times. There have been numerous stories through the years of how several multinational conglomerates couldn’t survive in the Indian market because they were unable to understand “customer sentiment” that so often differentiates the Indian market from other major economies.
Enterprise solution providers, too, are wary of how they reach out to their customers. The subtle line between offering customised solutions and over-commitment is often a significant pain point for organisations with a big “ticket” size. Additionally, it’s not uncommon for businesses to cater to more than one group of customers. Two identical products from different enterprises can garner drastically antithetical reactions based on how they pitch themselves.
It often boils down to the simple fact of spreading your philosophy and core values in such a way that prospects are one hundred per cent aware of what you have to offer. And how to do that? Digging deep into their specific problems, identifying their pain points and problem areas, and then putting forth your solution in a way that resonates with their thought process is what marketers need to focus on. The more objectively they can look at their audiences’ problems and needs, the easier it will be to speak their language ethically.
Marketers Are Becoming Customer Champions – Thanks To Data At Their Disposal
The scope of marketing has moved away just from creating business opportunities to ensuring that customers develop a long-lasting relationship with their firms. Commencing with building customer recall value to playing an active role in customer retention, the spectrum of marketing has expanded manifold with the emergence of data-driven models.
This is specifically true for enterprise solution providers. No marketing strategy across the globe could be more beneficial than an existent customer extolling and commending the corporation at a public forum. It is essential for the business to set the right expectations at the outset, and remain consistent throughout the sales cycle and beyond to achieve this acclaim.
Almost all successful B2B companies worldwide have one thing in common – their marketing teams truly complement their customer success teams. Hack, you say? Strategy, I believe! There are a plethora of avenues where marketers can assist in furthering customer engagement initiatives, and the more creatively they do it, the happier a customer would get. It is simple maths!
These initiatives can create business opportunities too. Forthrightly, eminent marketers do not promote products or services; they encourage experiences. They share these customer stories with prospects, and by knowing which account should be pitched to what segment, they accomplish their objectives, way effectively.
Remember, Marketing Is Both Science And Art
For the most part, companies know what they want to do. A large percentage of them know exactly how to do it. Yet, why is “a failed marketing strategy” such a common phrase to hear? The trick here is to know when to do what. You cannot release a major update of your office technology suite during the holiday season and expect an unprecedented response. It’s as simple as that.
Sometimes, marketing is pure science – understand the need, look at the data, make predictions and calculated assumptions, and carve out a strategy. At other times, marketing is pure art – you rewire your product pitch to bring the “wow” factor without tweaking your offering one bit. More often than not, it’s a combination of both. That’s where the crux lies.