How much do you know - I mean REALLY know - about your customers? I'm sure you have data. Probably lots of data. Probably data overload to the point of paralysis.
If your like most companies, you've dealt with a progression of obstacles to become data-driven in your marketing efforts...can't seem to figure out which data is most meaningful; can't figure out where the data is; can't get your data in one place even when you figure out where it is; can't mine the data even when you put it in one place; can't use the data even when you mine it. It's like slogging up a mountain - looks deceptively close to the summit and requires more energy than you originally thought.
Layer on top of these obstacles the more significant obstacle of multi-channel marketing and you're probably frustrated to the point of throwing in the towel. It's hard enough collecting purchase data from one channel. Integrating customer data from multiple touchpoints and bringing behavioral data into the equation makes the ascent resemble Mt. Everest - complete with oxygen deprivation.
All these obstacles are offset by the opportunities. Opportunities to know your customers really well. To know what they like and dislike. To engage them in a mutually beneficial dialogue and to anticipate their needs. You do this well, customers stay loyal and help you find other customers just like them. The promise of true CRM is enough to keep ambitions high in the face of all these challenges.
But this won't happen overnight. A good strategic platform that gets the organization bought in to the vision sets the stage for the pain that lies ahead. Budgets and realistic business plans that include pragmatic goals, timetables and payback are essential to setting and managing expectations. If you fail at these early stages of setting the ground rules - and getting explicit buy-in from the executive ranks - you shouldn't bother trying to move forward. It would be a waste of time and money.
Next comes the technology. It's moving fast to be sure. Data Warehouse appliances are shaking up the landscape in big ways. Point systems - like campaign management - are evolving to be broader solutions and one-stop providers are honing their products, making their entry points more affordable.
So there you have it. Strap on the parkas and oxygen masks. If you get to the top, enjoy the view for a moment, refuel, then move on. It's dangerous to be complacent with your success.
