May 24, 2018 - By Ginna Hall, Senior Writer, Nielsen Visual IQ
Large, complex organizations that are less nimble are at risk of falling behind smaller firms when it comes to implementing people-based marketing and measurement.
One tactic that these big companies can leverage is the power of pilot programs. Short-term engagements can help determine fit, usefulness, and the impact on the customer experience prior to a full-scale technology implementation.
“Companies want to be customer obsessed, but many of them don’t have a way to look through the data and mine it in real time to understand what’s going on with consumers,” said Ayoade.
Ayoade is a big-picture, consumer-centric strategist focused on long-term impacts. With eighteen years of marketing experience, she’s worked in the home décor, fashion, retail, and financial industries. At Chase Bank, Ayoade uses an analytic approach to deliver rich solutions and experiences that improve user-experience (UX) and increase the customer product and brand lifecycle.
Chase Bank serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with $2.6 trillion in assets and operations worldwide.
The gap between what companies want to achieve and what their technology enables is especially significant at large, established firms, which typically take longer to invest in new infrastructure than small firms do.
As a result, larger companies could be at a disadvantage when it comes to creating seamless, personalized customer experiences. In Ayoade’s view, most big companies recognize just how important people-based marketing and measurement are to the customer experience, but need to overcome two key implementation obstacles.
First, in large, complex organizations, gaining approval from all the right stakeholders can create delays. “In a smaller organization that’s not highly matrixed, it might take a month to get the vendor onboarded and get things rolling and another couple of months to bring in internal resources. At a Fortune 500, it takes longer, even though everyone agrees that this is the way we should go,” she said.
Second, large organizations need to test the impact of any change in their systems. These firms have extensive customer bases, so if something goes wrong, the problem could affect hundreds of thousands of people or more. By contrast, companies with small customer bases can resolve potential implementation problems more quickly, potentially by contacting customers individually to correct the issue.
To overcome the first obstacle, Ayoade suggests large companies reduce the number of stakeholders in technology-investment decisions to accelerate the adoption of systems that enhance the customer experience. Senior leaders may also want to delegate decision-making to middle managers.
Pilot programs can be especially helpful in overcoming both the first and second obstacle. “When brands test technology with pilots, managers and leaders get to see interaction with consumers. The more they’re able to see positive results, the more it helps companies to buy into people-based marketing,” Ayoade said.
One of the best features of tech pilots is that they can be small and last for just a few months, while addressing stakeholder concerns and revealing any unexpected problems. That can mean faster adoption of essential technology and more efficient testing and implementation.
To read the complete interview and see what industry experts recommend for a people-based approach, download our ebook: 8 Experts on How to Measure People-Based Marketing Impact.