How Customer Journey Mindset Reduces Marketing Costs
With close to four thousand marketing technologies out there (who knows even more!) it's not surprising that picking the right marketing technology is becoming one of the hardest jobs for any marketer. A customer journey mindset can provide important clues regarding what marketing technologies could be a right fit for your business and substantially reduce marketing costs.
What makes marketing without customer journey mindset so expensive?
In short, this is what happens:
1. Marketers establish end goal for a marketing campaign.
2. They spend all the money on marketing technologies that focus on that very end goal without caring about the customer journey that leads to that end goal.
3. Sooner or later they realize that results are not as good as they expected.
4. This leads to costly investigation efforts and customer journey mapping exercises. But by this time it's already too late; many of the crucial touch points haven't even been tracked properly. Welcome heuristics!
5. Hoping they found the right gaps, they spend even more money replacing and hacking marketing technologies.
6. They measure the results again, and realize the gaps have now shifted somewhere else. So they go back to step 4. This continues for several iterations until they get it right.
7. But by this time they have spent enough money to deem the entire marketing effort worthless from a pure economics perspective.
8. In the meantime, because of the broken experiences, many potential customers have already moved to competitors. A new market research reveals that companies should be focusing on some other end goal.
9. Trying to outrun their competition on this new end goal, they hurriedly set up campaigns, again without customer journey mindset and the story repeats.
How customer journey mindset helps reduce cost?
In short, this is what should happen:
1. Marketers should establish end goal for a marketing campaign.
2. They should then look at all the customer journeys that would lead towards that end goal; then pick up technologies that not only provide a clean solve for achieving the end goal but also enable the entire customer journey in the most efficient and effective manner.
3. Now they'll be able to measure not only the end result but also the entire customer journey. Moreover since all the right technologies would have already put in place, fixing issues would be simpler and incur less cost.
Thinking about customer journey as part of the campaign setup can significantly reduce overall marketing costs.
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