There’s no doubt that marketing technology is going through a period of rapid growth. But just as in any other period of increased spending, some investments are smarter than others. Think back to the money that was thrown into sock puppets and stadium-naming during the dot-com boom and you’ll know exactly how this can sometimes play out.
“Let’s Call It a Marketing App”
For starters, marketing tech’s fast expansion has vendors working hard to repackage what they have as the latest and greatest marketing tool—it’s simply cheaper to start with what you have than to start over. CRM is an excellent example of this approach. CRM vendors are currently pitching products that were built to track a limited number of customers through a limited number of transactions as “The Future Of Marketing.” Gigaom and other market researchers are starting to call these big vendors’ bluffs in reports showing that CRM isn’t the apex predator, prowling at the top of the disruption food chain.
Put Your Money Where Your Disruption Is
Instead, reports are consistently showing that big data, mobile, omni-channel, and social media are having the biggest impact. As a result, they deserve the greatest focus (which generally shows up as “budget”). Underlying all of these capabilities is the huge challenge of integrating data sources and managing large amounts of information. More and more marketing data is being generated every moment and—in order to be useful—it needs to be processed in real time before the customer leaves the store or website. The systems being repackaged, CRMs included, lack the architecture to meet these needs and will more likely put serious limitations on marketers.
Here, There, Anywhere = No Silos
The trends of big data, mobile, omni-channel, and social media meet at a crossroads where brands desperately require a 360-degree view of the customer and the customer adamantly expects to have a unified engagement experience. The marketer, in particular, is saddled with multiple goals that must all to be met. Bland offers aren’t enough and are, in fact, just one of many pieces of the modern marketing puzzle. Throughout the cycle of commerce, customers need to be identified, acquired, converted, and retained, requiring data to be used simultaneously in many ways. Data silos, created in cobbled-together systems, are a formidable barrier to what needs to be a nimble, fast, integrated approach to marketing—CRMs simply weren’t built for this.
A Platform Built From the Ground-Up
Enormous change requires new ways of solving problems. At TIBCO Engage, our deep roots in customer loyalty marketing provide a very different approach to these marketing challenges. As part of TIBCO, long known for its expertise and experience in integration, analytics, and social collaboration, we have a distinct advantage in addressing big data, mobile, omni-channel, and social media.
We recently launched our new platform that was built from the ground up to address the exact challenges that market research shows are the most important. To know more about TIBCO Engage, go to engage.tibco.com.