Successful digital transformation seems elusive. According to a study by Mckinsey, it was found that less than one-third of organisational transformations succeed at improving a company’s performance and sustaining those gains, and the success rate of digital transformations is even lower.
What are some of the key factors that marketers should look at? Let’s find out more from the #happytribe and our guest speakers at the Transformation 2020 event organised a few months ago:
1. Digital trends in 2019-2020
Do you know what the CMOs of Netflix, Uber, McDonald’s and Johnson & Johnson have in common? These brands no longer have chief marketing officers!
With this interesting fact, our Managing Partner, Prantik Mazumdar, got the ball rolling on the changing role of marketing. With so many areas to juggle, these are some key aspects that a successful marketer should look at:
- Holistic marketing transformation that spans systems integration to marketing services
- Using martech stack platforms, such as Google Cloud and Salesforce that will allow for personalisation
- Partnership opportunities for co-branding
- Unified measurement metrics for revenue and data visualisation to drive business decisions
Our guest speaker, Yiping Goh, Partner at Quest Ventures, also agreed that marketing is no longer clean-cut as marketers now have to work with sales teams and product teams to meet joint KPIs on top of their own. Having invested in some of the growth stories of the decade including Carousell, ShopBack, SGAG and 99.co, she shared that identifying the right problem to solve is the hard part, but strategies can be replicated where applicable.
2. Effectively using data to inform your marketing strategy
Can virality be engineered? Our Director of Brand Storytelling, Teo Kah Min, and Digital Strategy Lead, Trishe Goh, shared a case study about using social signals to develop a new product for an FMCG brand. By launching a product that was relevant to what the market wanted, its reach was further amplified and translated into tremendous sales results such that stores needed to restock within two days:
- 214K organic reach in the first 48 hours
- Hyper-localised pages (with a potential fan base of 1.8M) such as Mothership, Ladyironchef, and Goodyfeed picked up the news and shared it organically
- Prime Minister’s wife Ho Ching herself shared the Facebook post
Sanchit Mendiratta, Chief Growth Officer at Happy Marketer, along with Marcus Chew, CMO at NTUC Income, and Catherine Candano, Head of Data Platforms Partnership at Google, also drew on their experiences of using signals from Google Analytics for personalised digital campaigns in the insurance market, and shared an example of personalised marketing in the telco industry respectively.
The group dug into their experience driving tech changes at scale using the Google Stack to:
- Better understand how likely conversions were going to happen by the amount of time people spent on the website
- Focus on reconnecting with high-intent consumers
- Break down their audience into more than 200 groups based on the way they discovered the website
- Serve ads tailored to different consumer interests and purchase journeys via Display & Video 360
- Show consumers personalised offers on the website based on soft and hard behavioural signals via Optimize 360
This point of using digital signals from consumers was echoed by Ayesha Khanna, CEO at ADDO AI, who touched on some aspects of predictive AI that we can see in apps like Netflix Recommendations, Facebook Newsfeed and Google Search Results.
- AI should be focused on predictive modelling, and it’s worth investing in because the success rate of AI-driven algorithms gets dramatically better with time as it ingests more data
- AI should not be a giant initiative - a 3-month focused project in specific use cases can prove whether it’s worth pursuing
- AI does rely heavily on more data - it’s important to build a data lake to collect information, and have it flow into the ML engine so it can learn from more data
- Use cases like “Recommendation Engines” or First party prediction like “Churn Prediction” are useful places to start with machine learning.
Norliza Kassim, Global Head of Personal Segment Marketing & Digital Marketing at Standard Chartered and Rachit Dayal, CEO at Happy Marketer discussed the importance of embracing learning as marketers. Norliza shared key responsibilities a Centre of Excellence within an organisation should shoulder:
- To improve the digital maturity of it's people with structured training & education.
- To share experiences across markets and to encourage markets to repeat experiments that have succeeded elsewhere.
- Adopt a test-and-learn mindset and encourage marketers, product teams and agencies to constantly come up with hypothesis and tests.
- Show quick wins and share success stories to keep the huge amount of stakeholders motivated on the transformation journey.
Rachit Dayal concluded the event with a framework for deciding where to direct your investments:
- If you’re in a disruptive space, and your challenges are long term - the best move would be to set up your organisation structure and setup a roadmap for success
- If you’re in a stable space, and your challenges are long term - you can drive growth by getting a better grip on your data strategy, and invest in a search engine presence
- If you’re in a disruptive space, and your challenges are short term - make the most of the activities already planned with better attribution, smarter message sequences and sharper audiences to target
- And if you’re in a stable space, and your challenges are short term - invest in better creatives and messaging across social, larger campaigns around occasions and making a bigger bang than the competition.
If you seek digital transformation or want to invest in more effective digital marketing campaigns, we’d love to help. Get in touch with Happy Marketer!