The new marketing value chain doesn’t just help marketing teams do their jobs — it helps entire companies succeed.
Since the fall, we’ve been blogging about the differences between the old and new marketing value chains, and why a transition to the new, data-driven marketing approach is crucial in today’s digital economy. But how does the new value chain actually impact business growth?
The old value chain emphasized a “rules and tools” approach, which was valuable in its time but has less relevance in the rapidly-changing marketing environment of the digital age.
In contrast, the new value chain relies on three links: data-driven insight, truly quantifiable strategy, and application of creative and technology. Data-driven insights allow marketers to tailor the process and approach of their marketing efforts. Strategy, creative and technology then come together to create engaging, fresh appeals to the target audience.
The benefits of a focus on data and insights extends far beyond the marketing department. Marketing data can help whole businesses better understand their customers’ preferences, and build products and services to fit their needs.
The three-pronged approach of the new value chain can also help organizations learn about their customers’ values. Appreciating these values can aid in the construction of a statement of purpose, and help an organization refocus their efforts on what matters most to their target stakeholders.
Data-driven marketing insights can also reveal new, previously untapped business opportunities.
When your company’s approach to data and insights focuses on truly listening to the needs of customers and leads, new ideas for improving your product or service will come more naturally. For some, this may take the form of a new product, refined customer service or a new way of looking at an old problem. How you use these data-driven ideas is up to you.
Read our blog this Wednesday to explore examples of how the new value chain has been used to improve revenue flow. Then, on Friday, come back to learn about the new value chain KPIs savvy marketers should focus on.
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