The digital revolution has ushered in a new age in marketing, compelling enterprises to transcend traditional marketing tactics and embrace innovation, technology, and, most importantly, customer-centricity as consumers expect personalised marketing.
Marketers must be across the changing terrain of commerce and customer engagement in a rapidly evolving business landscape to succeed.
A marketing maturity tool is a valuable resource to help navigate these changes by highlighting the conditions that will drive an organisation’s marketing capability forward. Marketing maturity measures how well the marketing function is able to drive overarching business goals and how effectively it operates through the various competencies required to outcompete in today’s environment. It’s a practical roadmap that guides your marketing focus and efforts toward higher sophistication and effectiveness.
Employing a Marketing Maturity Model such as this one enables businesses to systematically assess their marketing prowess, acting as a strategic compass, guiding companies to identify their strengths and shore up their weaknesses, thereby catalysing their marketing ecosystem to achieve strategic, impactful objectives.
Unlocking Growth: The Impact of Marketing Maturity on Revenue and Efficiency
A study by the Boston Consulting Group highlights the power of marketing maturity, revealing that brands on the higher echelons of digital maturity experience up to 18% higher revenue growth and a 29% boost in cost efficiency compared to their less digitally mature counterparts.
Their study also shows high maturity brands in digital took a greater share of the market than those less mature:
Indeed, at the pinnacle of marketing maturity, several key benefits emerge: a heightened return on marketing investment, increased admiration and trust, enviable brand perception amongst competitors, optimised utilisation of technology for success and competitive advantage, and a cohesive, well-informed staff capable of effectively communicating the brand’s value to the world with agility.
So how can a business utilise this valuable tool and begin to put maturity advancement on the list of strategic imperatives?
Mapping the Journey to Marketing Maturity
A business’s journey toward marketing maturity begins first with assessment and introspection.
Begin with a candid evaluation of your marketing capabilities. Start with our Marketing Maturity assessment here.
Strategic Steps to Advancing Maturity
While the initial assessment is simple and helps to facilitate a shared understanding of areas to improve, climbing the ladder of marketing maturity is not easy; it becomes progressively challenging with each level, as the resources required to ascend the ladder increases as your marketing maturity grows.
The path to marketing maturity is multi-faceted, demanding a disciplined approach to strategic enhancement. To aid businesses in this journey, below are four pivotal steps that provide a roadmap for enhancing marketing maturity in line with a customer-centric approach. This will assist businesses towards better practices while encouraging the integration of innovative strategies, continuous learning, and adaptive techniques in their marketing endeavours.
Following assessment, identify your strategic fulcrums and areas in need of development. Consider gaps in relation to customer journeys.
Ensure that your marketing goals align with your business’s overarching objectives. Define the future state you wish to achieve – how will you improve experience with your brand? Define how you will deliver to this future state. This alignment is pivotal for creating a cohesive strategy that drives growth.
Encourage cross-functional collaboration, bridging gaps between marketing, sales, product development, and customer service to forge a unified approach to market engagement. Gain agreement on priorities, outcomes, investment, resourcing and measurement.
The final stage involves testing and refining strategies through customer feedback. Adopt and integrate cutting-edge technologies to gain valuable insights. Shift the thinking beyond campaign strategy and execution to a true market orientation that makes the customer the compass for strategic direction. In an ever-changing digital landscape, staying ahead means being adaptable, responsive, and data-driven in your marketing efforts to satisfy customer needs and desires.
Mastering Modern Marketing: Navigating Evolution, Embracing Agility, and Customer-Centricity for Maturity
To successfully navigate the changing marketing landscape and improve maturity, you must also be aware that the practice is evolving and the new skill demands that come with its evolution. For example, the role of third-party cookies, once a cornerstone of digital marketing, is diminishing, emphasising the urgency for Chief Marketing Officers (CMOs) to adapt and enhance their organisation’s maturity levels across several disciplines to successfully meet this change.
Additionally, marketing is not just merely promoting a business’s product and service offering but requires a deep understanding of the customer. For example, crafting messages without an understanding of the customer’s emotional journey is insufficient; as is, relying solely on demographics or purchase patterns in isolation. Today’s marketers need to delve into the emotions and motivations steering customer behaviour.
They also need to straddle both left and right brain thinking. Modern marketers aren’t just data analysts but are adept at utilising analytics for continuous insights; they’re also empathetic storytellers creating in-depth customer personas, content that creates value with compelling narratives that engage and resonate with audiences at every stage of their journey.
Fellow marketer, Nicole Blout says today’s marketing goes beyond creation and promotion—it’s a holistic process that is deeply entwined with the customer’s experience, a view that we wholeheartedly agree with.
Essential for successfully advancing marketing maturity and navigating a dynamic market are three critical core elements: technological innovation, collaborative strategies, and a steadfast commitment to a customer-centric mindset.
The Role of Technology and Agility
In a marketplace dictated by technology, marketers must be more than just conversant with digital tools—they must be innovators.
A robust tech stack that includes CRM, AI, and data analytics is crucial for devising an agile and adaptable marketing strategy. In this fast-paced environment, agility is not just a strategic advantage—it’s the currency of success.
Collaboration for Cohesion
Marketing can no longer operate in isolation. A market-oriented approach demands collaboration across departments, creating a ‘go-to-market team’ that leverages diverse insights to deliver a seamless customer experience.
In this ecosystem, marketing thrives on shared objectives and collective intelligence, driving towards a unified goal.
The Customer at the Core
Today’s marketing is unequivocally customer-centric. It requires an in-depth understanding of the customer’s buying journey, leveraging technology to engage with them meaningfully. Marketing now requires putting the customer at the front and centre of your strategic focus and becoming market-oriented.
The Marketing Maturity Takeaways
The critical takeaways for organisations hinge on the ability to assess their marketing maturity level using tools such as these.
Understanding the importance of taking a holistic view of marketing maturity and recognising the steps to advance marketing effectiveness is vital. The marketing function is now a pivotal driver of growth and strategic decisions, underscoring the need for a true market orientation.
To achieve marketing maturity is to recognise that marketing is a dynamic force that demands an intricate understanding of market dynamics, customer behaviour, and technological advancements.
At the highest levels of marketing maturity businesses can expect:
- Increasing return on marketing investments
- Increasing admiration and trust in your brand
- Increasing utilisation of technology to drive success and competitive advantage
- Seamless cross-functional collaboration and integration of the marketing function
- A relentless focus on anticipating and serving customer needs and wants.
- Staff know how to communicate your value to the audiences they serve.
- Agility and responsiveness to shifting consumer behaviour.
For businesses aiming to improve marketing capability , it presents an opportunity to transform their marketing from a series of isolated tactics to a comprehensive, data-driven strategy focused on the customer journey and long-term decision-making.
Are you ready to advance your marketing effectiveness? Take the first step by assessing your organisation’s marketing maturity across eight key areas with our comprehensive tool.