When you're building better experiences and engagement opportunities for your customers, it's tempting to get wrapped up in every possible metric in the hopes that drilling down in the data unlocks a perfect solution. But the truth is that the marketing technology landscape has expanded exponentially over the years – meaning that the more technology you use, the less sure you can be that your enterprise-wide view of the customer is accurate.
TERM, which stands for Technology Enabled Relationship Management, is the concept of forming an enterprise-wide view of your customers across all contact channels. And the technology to do so has expanded rapidly. In August 2011 a marketing technology blogger quantified the companies in this industry – tallying around 100 at the time. In 2014 he counted again and reached 950 companies. When he released his 2016 numbers, he’d found that there were over 3,800 companies doing this work.
So it's a trend that's not going anywhere, but how do you make sure you're doing it well? The problem is that of those 3,800 companies, they all offer some insights about your customer, but can never provide the whole picture. Using a number of individual systems doesn't necessarily guarantee that the systems share their information across the enterprise, causing different one-dimensional views of the customer and blurring opportunities for two-way conversation.
In this short video, Eric Holtzclaw describes the growth of the marketing landscape and the faults of too much marketing technology when not integrated properly. Learn more about trends toward opt-in marketing in our Preference Data ROI whitepaper.
In the following weeks, we'll continue to roll out videos to guide you through the power of preference data. If you haven't yet explored our Resource Center, you can download the Preference Data ROI whitepaper here.
Eric Tejeda is the Director of Product Marketing for PossibleNOW and CompliancePoint. Eric supports the organization’s growth objectives by productizing and launching innovative new products and services that fill critical needs in the marketplace.
With 25 years of experience, Eric firmly believes that permission-based marketing and preference management is a mega trend and the path to success for marketers today.