Just-in-time Marketing
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We’ve uncovered a select group of “just-in-time (JIT) marketing masters” who are more adept than their peers at reaching a greater share of in-market customers with the right message at the right time.
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Just-in-time Marketing
- 1. Lessons from the Masters Just-in-Time Marketing: Research points to a new era of just-in-time marketing
- 2. Just-in-Time Marketing: Lessons from the masters Copyright © 2016 Accenture All rights reserved. 2 Overview Marketers have changed the way in which they engage consumers, but it is worth asking whether their changes have taken them all the way back to the “factory floor” where marketing is produced. It’s time to produce marketing ‘just in time’. Accenture research has uncovered a select group of ‘just-in-time marketing’ masters who are more adept than their peers at reaching a greater share of in-market customers with the right message at the right time. Thanks to this, they are more effective and efficient with their marketing spend – with positive financial results.
- 3. 3 “Awareness Marketing” is less relevant to consumers Marketing content gets old fast—new solutions are needed Copyright © 2016 Accenture All rights reserved. Mass marketing is proving less and less successful. Companies are faced with rapid market change and consumers that: Consumers said the number of brands they consider before making a purchase has increased significantly over the past 10 years* Consumers are more likely to switch providers today compared to 10 years ago* Source: Just-in-time marketing CMO survey, Accenture 2015 56% 46% Gather robust information about any product or service of interest Seek “better, faster, cheaper” above brand loyalty
- 4. 4 That’s why marketing today has a critical “inventory problem” – similar to that faced by manufacturing before the advent of just-in-time thinking Both mass manufacturing and mass marketing result in wasteful, excess inventory Copyright © 2016 Accenture All rights reserved. Physical inventory Marketing inventory What it’s made up of… Unused raw materials and parts, and unsold goods Unnecessary brand awareness and product preferences stored in consumers’ minds What it’s caused by… Overproduction and inability to quickly respond to shifting demand Reaching consumers who will never become customers Why it leads to lower profits… Avoidable storage and depreciation charges Unnecessary marketing production and execution expenses Why it leads to loss of long-term value… Product obsolescence, especially due to accelerating technology obsolescence Customer brand and product knowledge obsolescence, especially due to shrinking product lifecycles and accelerating purchase cycles The result Waste, inefficiency and poor quality
- 5. 5 Just-in-time thinking stemmed the tide of inventory in manufacturing, and the same principle can be applied to marketing today Copyright © 2016 Accenture All rights reserved. Revolution in manufacturing Revolution in marketing 1950’s 1980’s 2010’s The Conventional Wisdom The Burning Platform The New Paradigm Economies of scale: Overproduce to gain efficiencies Post-war Japan: No longer a mass market for mass production Produce only what’s necessary to meet the customers’ needs The broadcast marketing funnel: Overproduce marketing to ensure reach Advent of the digital consumer: No longer a “mass market for marketing” Produce only the marketing that’s required, at the time that it’s needed, with the right message or offer that will convert a sale Taichi Ohno Toyota Motor Company ?
- 6. Production Era (1860-1920s) Sales Era (1920s-1950s) Marketing Era (1950s-1990s) Relationship Era (1990s-2010s) Just-in-time Era (2010s-present?) Role of marketing No distinct role. To sell created products to consumers at scale. Hard selling is necessary, backed by advertising. To research and understand consumers to better tailor marketing messages and products to their needs and desires. To build bilateral relationships with customers to increase their loyalty via input into products and business directions. To be present at the time of need and latent desire at the right time with the right message or offer to convert a sale. Required capabilities No notable capabilities. Market research; create relevant advertising and convincingly sell products. In-depth customer research; create products based on those insights, and engage through various marketing tactics. Building customer relationships and loyalty, create or co-create customer-centric products and engage through a variety of tactics. Reaching the right customer through real-time customer knowledge, deep channel expertise and messaging agility. 6 Marketing has evolved over several historical eras, and the latest shift makes just-in-time capabilities more important than ever Copyright © 2016 Accenture All rights reserved.
- 7. 7 Reaching the right consumers at the right time with the right message Just-in-time marketing tackles overproduction and wasted effort Copyright © 2016 Accenture All rights reserved. Marketing waste is quantifiable, represents more spend than you think and needs to be tackled urgently Top-tier marketing organizations address marketing waste far more effectively than their peers Just-in-time marketers tend to grow faster than their peers Just-in-time marketers behave and operate differently from their peers Our survey of chief marketing officers found:
- 8. 8 The extent of wasted marketing effort is worryingly vast Marketing waste is quantifiable; it represents more spend than you think and needs urgent action Copyright © 2016 Accenture All rights reserved. Source: Just-in-time marketing CMO survey, Accenture 2015 Fewer 18% of the individuals that marketers reach are the right customers for the product or service on offer 18% Hundreds of billions of dollars may be wasted annually on out-of-market customers worldwide US$600 billion Companies around the world collectively spent an estimated US$600 billion on advertising in 2015
- 9. 9 Top-tier marketers address marketing waste more effectively Just-in-time marketers exhibit “waste-conscious” attitudes and mindsets Copyright © 2016 Accenture All rights reserved. Over the long term, these inefficiencies can cost money and customers. So I make sure to put a lot of effort in to fix this. CMO, large UK-based retailer* Which of these statements best represents your attitude towards inefficiencies incurred by various marketing activities? 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Just-in-time marketers Everybody else Make a large effort to minimize Eliminating is one of my highest priorities Make a large effort to minimize inefficiencies Eliminating inefficiencies is one of my highest priorities What sets just-in-time marketers apart? • More customer knowledge • Better channel capabilities • Greater marketing agility Source: Just-in-time marketing CMO survey, Accenture 2015
- 10. 10 Just-in-time marketers tend to grow faster than their peers Effective and efficient marketers gain a competitive advantage Copyright © 2016 Accenture All rights reserved. % reporting greater than 26% 1-year growth than peers 0% 5% 10% 15% 20% 25% 30% 35% 40% Just-in-time marketers Everybody else % reporting greater than 26% 3-year growth than peers 0% 10% 20% 30% 40% Just-in-time marketers Everybody else Just-in-time marketing relates to improved financial performance and better business outcomes Source: Just-in-time marketing CMO survey, Accenture 2015
- 11. • Embed marketing, digital and analytics capabilities and talent throughout their organizations • Leverage lean centers of excellence for digital and analytics skills • Independently choose or invest in their own IT solutions 11 Just-in-time marketers behave and operate differently Just-in-time marketers distinguish their approach to marketing initiatives from that of their peers Copyright © 2016 Accenture All rights reserved. What do just-in-time marketers do differently? How do just-in-time marketers operate differently? 0% 10% 20% 30% 40% 50% 60% 70% Just-in-time marketers Everybody else % reporting very high integration of digital and traditional marketing initiatives Just-in-time marketers are more likely than their peers to:
- 12. 12 Just-in-time marketing: Impacts on the company Implications across multiple dimensions Copyright © 2016 Accenture All rights reserved. Planning Operating Models Organization Platforms Information Technology • Long-range plans have less value • Marketing plans need to be more fluid • Integrate digital capabilities more firmly into marketing operating models • Use analytics to deliver data that is more surgical about a particular offer • Integrate digital and traditional channels • Integrate insights from customer service and customer care • Leverage tools and platforms, enabling more agility and faster response • Look to have results in days, not months • Determine the best IT investments tailored for marketing needs • Leverage SaaS and open source to create solutions faster and more easily
- 13. 13 How to become a just-in-time marketer Four new imperatives in the Just-in-Time Marketing Era Copyright © 2016 Accenture All rights reserved. Hone Operations Become an Effective Listener Leverage Extended Teams and As-a-service Providers Solve for Leading Indicators • Spend less time studying, and more time executing and refining • Sharpen operations to respond quickly and nimbly • Combine insights and instinct to heed real-time cues • Focus more on listening and less on periodic studies • Quickly gain maturity with experienced marketing services providers • Leverage their capabilities in analytics and social media monitoring • Don’t solve just for the average, solve for the extremes • Achieve total quality among all customer interactions
- 14. 14 About the research Accenture Institute for High Performance research Copyright © 2016 Accenture All rights reserved. INDUSTRIES REPRESENTED Telecommunications Electronics & High Tech Wealth & Asset Management Banking Media & Entertainment Hospitality & Travel Retail Consumer Goods & Services Insurance Utilities Spain Brazil Canada Japan Germany Italy China United States United Kingdom France India COUNTRY HEADQUARTERS REPRESENTED We sought to quantify marketing inefficiencies and identify marketing attitudes and behaviors: 532 chief marketing officers Survey conducted September to November 2015 11 countries and 10 industries, all with reported revenues of more than US$1 billion Source: Just-in-time marketing CMO survey, Accenture 2015
- 15. 15 Contact us Copyright © 2016 Accenture All rights reserved. Related reading Mark Hosbein Managing Director Mark.hosbein@accenture.com Joshua Bellin Research Fellow joshua.b.bellin@accenture.com Building the Just-in-Time Marketing Organization https://www.linkedin.com/company/accenture-operations https://twitter.com/AccentureOps
Notas do Editor
- [setting the scene – what can marketers do in light of the fact that marketing is obsolescing ever more quickly?] Companies therefore need to think differently about the purpose of their marketing and how to fashion it to be as effective and efficient as possible - a new paradigm we call Just in Time Marketing. Rather than overproduce broad awareness marketing that underperforms, Just in Time Marketing means producing only the marketing that’s required, when it’s needed, targeting the right consumer with the right message or offer that will convert a sale. [optional note 1 on inventory] Companies create a good deal of intangible, virtual inventory, and at great expense: the inventory of marketing awareness that’s stored in consumers’ minds but which fails to persuade them. Marketing campaigns that create favorable impressions but don’t lead to purchases are analogous to crates of unusable or unsellable product that incur creation, storage and maintenance fees while gathering dust. Just like physical inventory that risks spoiling or becoming obsolete while stacked in a warehouse, excess marketing inventory yields few long-term returns. Indeed, Accenture’s survey research bears out that consumers are less influenced by branding than ever before. They are more willing than in the past to switch among products and services in the same category. In other words, unfocused branding investments – like boxes of excess products – are less likely today to have any future impact on sales. [optional note 2 on inventory] Marketing inventory isn’t a new phenomenon. After all, nearly a century after he uttered it, department store founder John Wanamaker’s lament about wasting half his advertising money remains just as quotable. What’s different today in the digital age is that marketers can now hope to better manage their waste and excess – especially in light of the myriad new tools they have at their disposal including social media, customer analytics, and mobile platforms.
- [setting the scene – a more detailed history of the evolution of the “Just in Time” concept] To ultimately destroy the carrying costs of marketing inventory, marketers will need to first take a lesson from manufacturers: [History of Just-in-Time marketing]: In the post-World War II ramp-up of mass manufacturing, many companies relied on designing products for broad appeal, long-term planning, and overproduction – all in the service of achieving economies of scale. The result? A constant stream of excess inventory, which in turn led to increased waste, reduced flexibility, reduced responsiveness to rapid shifts in demand, and a high level of product defects. [Shift away from maximal production ] Japan, though, rebuilding after the war, could not count on strong domestic demand to justify maximal production. That led some organizations (notably Toyota) to implement Just in Time (also called “lean”) approaches. [optional note] Toyota executive Taichi Ohno found an analogy in Western-style supermarkets that pointed him towards this doctrine. Just like a grocery shelf is restocked only when it needs to be replenished for immediate customer demand, so too could manufacturing organizations produce only what was necessary to meet the end customer’s needs. In contrast to historical manufacturing principles, Just in Time endeavored to keep inventory at a minimum by producing only what customers demanded, at the right time, to the exact specifications requested, and to the highest level of quality the customer required. As inventory dwindled under the Just-In-Time approach, practitioners noted increases in final product quality and decreases in manufacturing waste. [Understanding Just-in-Time in the context of marketing]: Like mass manufacturing in its heyday, marketing organizations often produce massive quantities of content – which, if it’s “unconsumed” by targeted customers, can be considered excess inventory. Unsurprisingly, this results in similarly negative effects on the final customer experience: unwelcome marketing, reduced responsiveness to rapid shifts in customer desires, and high levels of defects in the final customer experience.
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- Becoming a just-in-time marketer What can a traditional marketing organization do to transform itself into a just-in-time master? Here are a few recommendations. Hone operations. Sharpen operations and train people to execute quickly; to react smarter and more nimbly; to glean insights and turn them around in days or weeks, not months. Like the shopkeeper of the past, learn to hone and trust your judgment. This is what marketing is about today. It’s important to spend less time studying the problem and more time executing, refining, and then adjusting and improving over time. Put talent and decisions closer to the front line, aggregate the insights and act on them. Become an effective “listener.” Traditionally, marketers have gotten feedback through elongated studies—brand tracking studies performed each quarter. Now, marketers need to listen through social media for cues to take immediate action (e.g., to notice a problem with a product, or notice an opportunity because of customer dissatisfaction with a competitor). Organizations need to become more comfortable making use of unstructured data and making decisions based on a combination of insights and instincts. Solve for leading indicators not just for the masses. Set the unit of analysis at individual interactions along with a broad campaign approach as a means of achieving total quality among customer interactions. In a mass reach marketing world marketers have tended to solve for the average or for the masses. But innovation may come from leading indicators or the “tip of the spear.” JIT marketing can provide a way to solve for extremes—new products or variations of a product. So marketers have two jobs: solving for the masses today but also solving for the consumers who are predictors of what will be the norm in the future.