Saturday, 12 January 2013

Rise of the Self Educated Buyers

Reading IDC's report on CMO predictions for 2013 . Interesting and thought provoking if you are a marketer. 2013 is poised to be a watershed year. As the BIG DATA becomes the centre of focus, the role of the CMO and CIO will integrate.

One of the key challenges that they will have to jointly deal with is the rise of the self educated buyer. According to Rich Vancil, IDC Group Vice President, these  are the smart, resourceful and socially connected buyer who do their research before entering the vendor's marketing and selling apparatus. He says in the wake of all their self education is a stream of data that the CMO will have to understand.

Not something we have not known for a while but just re affirms our thoughts. As digitally connected consumers will help to create more and more data which exhibit their shopper behaviour, the CIO will be busy bringing in the science to decode the data while the CMO will bring in the art to use the information.

While the CIO deals with the complexity of harnessing the BIG DATA, the CMO will be busy taming the wild beast called CONTENT. They will have to bring the two together to create new magic in marketing.

The pragmatic CMO will have to do 2 things :
1. Acquire a team with data analytics proficiency to be on top of his game
2. Shift focus away from big platform projects to more on linking access to audience needs

My guess is industries such as finance and auto will be the first to adopt the system as they are the front runners in the digital marketing game. I am looking forward to seeing what emerges from this new system which has emerged basis consumer behaviour. Will it create more aware buyers who put in their hard earned buck to an informed decision or will the gurus of the black art called marketing beat them at the game and manage to control the information which forms the basis of their choice?  


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