Digital Marketing 3.0 – Why Marketers Need a ‘Growth Marketing’ Platform
Digital marketing has seen two big waves in the last two decades. The first wave, from mid nineties to the first half of 2000s, was dominated by martech systems like email, websites and SMS and used mainly for CRM marketing.
The next wave, which is probably nearing its end now, was dominated by ad tech. Programmatic and Real Time Bidding technologies exploded. The latter half of this wave also saw the rapid dominance of mobile as a channel, especially in developing markets that chose to skip desktops altogether to access the internet.
What are marketers faced with as a result of these two waves? A marketing stack that's very fragmented, where systems often don't talk to each other or where the integrations are superficial at best.
It's no surprise the most marketers we talk to just want a massive simplification that allows them to regain control over user experience and focus on revenue generation.
Many enterprises that are serious about digital now have a dedicated function for e-commerce or digital acquisition. In some cases, interestingly, this function is called "Growth". Growth Marketing implies that the function is responsible for driving revenue growth - through acquisitions and through retentions leading to upsell/cross sell. And a growth marketer often has different priorities and expectations from their marketing stack. These are:
- Measurable and rapid RoI on marketing investments
- Consistent and highly personalized cross channel user experience
- Managing digital data velocity and volume with machine learning
At Vizury, we strongly believe that the only way to achieve this is through an atomic tightly integrated marketing stack that is geared towards growth. So what exactly are the key architectural elements of a growth marketing platform?
- A universal user identifier technology at its heart - which is able to connect a user across channels.
- Algorithms that drive decisions or aid decision making and reduce the need to generate and maintain "rule based segments".
- Simple intuitive features that let the marketer focus on the message experience.
- Industry specific features that demonstrate a deep understanding of growth marketing requirements for a specific vertical.
- A connected and comprehensive set of channels that intelligently orchestrate to drive results.
This does not mean marketers have to give up platforms that they have been using for years. We believe these systems have traditionally been used for "transactional CRM". E.g. "You just spent $XXX on your card" or "Here's your monthly loyalty statement". And they will continue to find usage while growth marketing would develop as a separate and parallel stack.
So that's what the next wave looks like in digital marketing. A growth focused stack where ad tech and mar tech converge, where data and channels are woven together seamlessly and one that uses prediction and personalization at its core.