In today’s competitive landscape, aligning business objectives with marketing strategies is crucial for optimizing profitability. In this blog post we will dive into chapter 1: Business Objective & Governance.
Defining the Business Objective
The first step in this journey is to clearly define your Business Objective (BO). Leadership teams and CFOs must provide clear directives on what the organization aims to optimize for – be it gross profit, net profit, Lifetime Value (LTV), or future profit estimates. Having a well-defined BO helps in translating it into specific marketing objectives, which forms the foundation for leveraging unique business intelligence as a competitive advantage. Then you can use Google’s AI-powered systems to optimize for your goals.
Leveraging Google’s AI Systems
- Teaching Google’s AI on Profit Data: Feed the AI with profit data or a proxy value of it.
- Ensuring Internal Alignment: Ensure that everyone in the organization is on the same page regarding how the profit business objective is calculated and measured. This shared understanding should come from one source of truth.
Build a Steerco
The next step is to establish a Steering Committee (Steerco) that consists of key stakeholders that will be vital contributors to building, measuring and activating the first party data. This committee is essential for:
- Prioritizing Resources: Identifying the necessary technical and skill resources required to access the right data.
- Mandating Measurement Solutions: Ensuring that the deployed measurement solutions align with how value is reported and accepted.
- Identifying Activation Methods: Selecting the appropriate activation methods (such as PMax) and tools, whether in-house or through a Tech Partner/Agency.
Ensure a solid data foundation
It’s vital to establish a robust data foundation to maximize profit. What constitutes First Party Data and do we have access to it? It is a key step to bring the identified relevant stakeholders together and discovering the opportunities and potential gaps in activating business data and form a data strategy.
What constitutes First-Party Data?
- Business data like profit, stock level, margin and store location data;
- Customer data collected with appropriate consent like email addresses and site visitors.
Partners bring a unique value
For some companies, the internal resources are not geared to drive this kind of focus. In this sense, partners could support your organization in driving profitable growth.
An EMEA Boston Consulting Group research report, “new skills and partnerships” is pointed out as one of the most important digital marketing accelerators in order for brands to become future-proof.
We are here to help you on your digital acceleration journey! Don’t hesitate to reach out.
