On a cost-per-consumer-reached basis, this represents an estimated hundreds of billions of dollars being misspent annually. The study also reveals that top-tier marketing organizations are succeeding at reaching relevant customers, controlling excess marketing output and boosting quality—and enjoying stronger revenue growth as a result.
How can marketing organizations produce quality content that reaches the right customers?
Just-in-Time Marketing brings lean manufacturing practices to the “marketing factory” for greater flexibility, scalability, responsiveness and quality. Accenture research shows that companies that excel at Just-in-Time Marketing are three times more likely than peers to report the strongest growth rates over one- and three-year periods.
To realize these benefits, marketing organizations need a distinctive marketing operating model that has an integrated approach to digital at its core.
Marketing is much different than even just a few years ago. These changes are fueling a substantial amount of waste, and inefficiency few organizations can sustain, especially in industries with significant disruption.
Broad awareness campaigns delivered to mass audiences are no match for today’s highly targeted, personalized digital campaigns.
CMOs recognize this new reality, with less than half indicating they are “very satisfied” with the value-for-the-money they receive from marketing efforts.
Broad awareness campaigns and messages have given way to customer journeys and personalized marketing experiences in the digital age.
Consumers now have fingertip access to rich market information from independent sources, initiate and control marketing dialogues, and expect one-size-fits-one attention. These consumer behaviors make personalized marketing non-negotiable.
Armed with personalized experiences to win customers hearts and wallets, organizations are putting their marketing factories into overdrive to help drive sales. But without a solid foundation—the right operating model and operational capabilities—many can’t move beyond piloting concepts.
Personalized marketing at scale is impossible without optimizing marketing operations.
Just-in-Time Marketing can help marketers tackle waste, drive personalized marketing at scale, and enable better operational effectiveness—focusing only on the marketing initiatives that can convert to sales.
Just-in-Time Marketing brings lean manufacturing practices to the marketing organization for more flexibility, scalability, responsiveness and quality.
Performance satisfaction. Just-in-Time Marketers have the ability to insert the right message at the right time across marketing tactics.
Future focus. They can improve the efficiency and effectiveness of future marketing efforts.
Continuous improvement. They are dedicated to driving out inefficiencies from their marketing approaches.
Accenture believes that three operating model changes are essential to enable Just-in-Time Marketing capabilities.
Transform the operating model
A digital-powered operating model enables marketing organizations to delight customers by quickly responding to data insights related to changing customer demands and market trends.
To enable this approach, organizations should make changes across these areas:
Processes and capabilities. A standardized and industrialized set of marketing execution processes.
Technology and data management. Software and tools for greater visibility and control within the organization.
Organizational design and talent management. Alignment of local, regional and global roles and responsibilities.
Sponsorship and governance. Executive sponsorship and governance for continued optimization, investment and compliance.
Support continuous planning
Supporting Just-in-Time Marketing capabilities also requires continuous planning with both media mix optimization and digital attribution on a regular basis. A constant and regularly updated view of the future helps marketers develop necessary assets smartly and within required time frames.
Measure results, and measure again
To stay on top of waste and inefficiency, leading marketing organizations take a full view of their performance, assessing the value of campaigns and tracking benefits over time. They establish key metrics, make improvements and continuously monitor performance.
Companies around the world spent $600 billion on advertising in 2015. All of them have a choice to make for the future.
They can risk their investment and continue wasting time, effort and resources on ineffective marketing communications. Or they can reinvent marketing efficiency and effectiveness with Just-in-Time Marketing practices.
In the digital age—when consumers are savvy, competitors are hungry and every marketing dollar counts—the choice to retool the marketing factory is clear. And the possibilities for change are exciting.