As Southeast Asia transitions to the digital economy, many businesses that have digitised are in a better position to leverage technology to achieve realistic and measurable business outcomes. Consumption across online platforms is now ingrained as the way of life in Southeast Asia with the region’s digital economy projected to be worth US$360 billion by 2025.
With consumer behaviour firmly shifting into the digital space, it is imperative that businesses move their operations and marketing into digital channels. Businesses that are just dipping their toes in digitisation will face the harsh truth that 57% of digital transformations fail to hit the initial target that they first set out to achieve. For larger businesses managing multiple retail and communication channels, a more holistic approach is required for them to utilise data insights and act on data-driven decisions.
With increasingly complicated marketing needs, how can the enterprise make sense of a unified marketing platform to successfully come out on top in the digital race?
Moving towards unified marketing platforms
According to a survey conducted by Mckinsey, ASEAN consumers were more likely to make online purchases during and after the pandemic, with Indonesia recording 60% of consumers intending to continue shopping online after the pandemic. The same survey also discovered that 68% of Thais and 80% of Filipinos are dropping brand loyalty in favour of new products and services.
With customers becoming more fragmented in the places they shop, businesses have found that spending on digital marketing increases the likelihood of an effective call to action being placed when the consumer is considering their options online, and this results in higher conversion rates. As businesses take a first step towards all-in-one platforms, and are able to harness a more powerful mix of marketing capabilities, marketers can now anticipate the customer’s journey, and provide personalised experiences across multiple channels that will delight the customer.
Modern-day, high-speed marketing efforts require coordination between teams simultaneously across campaigns with different messaging across numerous channels. This requires a level of close-knit collaboration to keep up with the lightning-fast customer landscape, analyse data, and extract meaningful insights from an array of information silos.
Creating hyper-personalised experiences
Business intelligence is expected to explode in Southeast Asia. According to Ernst & Young, technology platforms and the monetisation of data can create customer stickiness if it solves the needs of the masses. Businesses with data analytics and personalisation engines can provide superior experiences by offering a one-stop solution to potential customers.
Data analytics can enable businesses to track the performance of each marketing effort, and evaluate the trajectory of each programme in meeting the business objective. A unified marketing platform with business intelligence will give businesses the ability to process data into knowledge and spot trends and opportunities. This enables organisations to stay nimble and be ready to tackle new market segments.
In pairing data analytics with artificial intelligence, businesses unlock further capabilities including predictive analysis, cognitive analytics, and the proficiency to foresee future customer behaviour. As analytics are integrated into the customer relationship management platform, businesses will have a tool that can find value throughout the customer lifecycle and across multiple customer touchpoints.
This increased competition in hyper-personalised experiences, will drive a gap between businesses that can stay relevant and delight the customer, versus businesses that eventually fall behind. It is only through the automation of marketing efforts can brands really go the distance to anticipate customer behaviour and provide experiences that surprise, convert, and satisfy the customer in ways ordinary digitisation cannot. Unified marketing platforms help brands deliver on these expectations and challenges, resulting in seamless experiences that engage with better results for the bottom line.
Automation to improve processes
By having insights throughout the customer lifecycle, businesses can then automate processes and personalised experiences to generate quality leads. The demand for marketing automation is growing in Asia-Pacific, with 79% of marketers investing in marketing technology. This has enabled e-commerce growth and increased indexed sales across Southeast Asia, further fuelling the need for marketing automation.
Marketing automation helps marketers and CMOs to manage marketing activities across multiple channels, as well as generate more leads and conversions to deliver desirable campaign objectives and revenue targets. Monotonous and repetitive tasks can be automated to reduce the margin of error and save time, so marketers have more space for critical thinking and ingenious marketing. Marketing tasks from simple customer FAQs and weekly e-newsletters to advanced tasks such as the generation of dynamic content can be fully automated, allowing marketers to focus on the right contextual engagement for each customer lifecycle.
As consumers continue to conduct their daily activities online, it is increasingly important for brands to move towards data-driven and automated personalised experiences, so businesses can build the resilience and persistence to address any challenges as the digital economy continues to mature. Unified marketing platforms are here to stay, and businesses can manage, connect, and automate better while doing what they do best – solving problems for the everyday customer.