As we wrote on Monday, The Old Marketing Value Chain is constrained by its reliance on “rules and tools.” The Old Chain had no ability to change with shifting marketing conditions. It also failed to account for dynamic marketing tools. A business using the Old Marketing Value Chain could find their competitors passing them by through the application of new insights and strategies.
The New Marketing Value Chain is an approach that works for marketers at companies of every size. This new strategy can be defined in three main points.
Shifts in technology and customer behavior have produced an almost infinite amount of data –– a digital record of every action a customer takes online. It is the accessibility of this data that will allow for a new marketing value chain predicated on insight. Mastery of insight will enable companies to predict marketing performance as never before.
In the New Marketing Value Chain, insight, strategy and application are the links in the chain. Insights come from data, but strong strategy and follow-through are required for an effective and efficient campaign. No one link can succeed without the others.
Data-driven insights are only useful if they are acted upon in a timely fashion. Today that means marketers must be agile, constantly adapting and reinventing their strategies. No marketer can flip a switch and walk away, assuming that the same strategy will keep working and working.
It’s time to stop focusing on the “how” of marketing and figure out the “why.” The New Marketing Value Chain is a guide for understanding that “why.” Data shows what approaches are effective so that successes can be replicated.
Throughout the rest of September, we’ll be exploring these three aspects of the New Marketing Value Chain in more depth. Read our blog every Monday, Wednesday and Friday to learn more.
Photo credit: Emilian Robert Vicol via Flickr Creative Commons
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