David Edelman has his finger on the pulse of marketing today, especially data-driven marketing. As a leader in this field for McKinsey & Company, Edelman shares his insights with us in the latest installment of Big Think's Edge.
Rethink Your Targets
Edelman advocates that companies think of marketing now as taking consumers on a journey, helping them choose your brand above all others. "What a journey-based company is doing is looking overall at the lifetime value of customers. They're also looking at customers from the perspective of, can they influence other customers," he says.
Evolve Your Information Strategy
To build a loyal relationship with customers and learn how to engage with them, listening to the data is essential. "Second thing that [journey-based companies are] doing is thinking very explicitly about data and how they’re going to gather, analyze, and use data throughout that journey," says Edelman. "There have been a number of studies out recently from different kinds of analysts and various research houses essentially all coming to the conclusion that over the next five years the chief marketing officer will spend more on technology than the chief information officer."
Increase Your Speed
Marketing today is about being fast. Building brand loyalty requires a need for speed. "You’ve got to be able to react quickly. A customer sends you a signal, say, asks a question in social media about a product that they might be able to buy from you, you’ve got to respond to that quickly," he advises. "There’s a lot more dynamic optimization, agility that companies need than they ever had before."
To learn more of Edelman's insights into becoming a journey-based company, watch the latest installment of Big Think's Edge.