In today’s digital economy, the marketing landscape is undergoing transformational change. Innovative startups launched just a few years ago have now skyrocketed into major brands. Delivering on the true promise of SaaS and the cloud, these innovative companies are at the forefront of a major disruptive wave, changing the fundamental way that consumers purchase and experience everyday products and services.
Whether currently engaging in online commerce or contemplating such a move in the future, successful CMOs are realizing that their customers want a personalized, frictionless purchasing experience. Consumers seek agile interactions, painless fulfillment, and a memorable experience. CMOs are increasingly embracing a new priority: Identifying new and recurring revenue opportunities and optimizing the consumer experience to maximize customer lifetime value. The good news is that the global digital consumer is ready to spend. According to analyst firm Ovum, global consumer spend on digital content will increase from $76 billion in 2013 to $145 billion in 2018, doubling in a short five-year span.
Working in lockstep with CFOs, successful CMOs are implementing new strategies to price products and services, bill customers, offer seamless payment facilities, create new opportunities to retain customers, and grow recurring revenue streams – all while defining new business metrics to measure success in terms of customer lifetime value. They team with product management to identify new opportunities and even new products that meet their customers’ growing expectations for innovation, engagement and relevance.
To address these new mandates for digital marketing, monetization, and frictionless commerce and experience, the CMO Council hosted an online webcast where we discussed and debated the realities of transforming organizations, strategies and revenue models and develop winning strategies to successfully navigate the online revenue maze. Vindicia, a subscription billing and recurring revenue leader that is driving the pace of the digital economy, also shared expert perspectives, along with key questions that marketers must consider when building new digital revenue models.
Some of the key questions we addressed:
- From streaming video to subscription-based content feeds to innovative new products and services, marketers today are identifying new market niches, but they need an agile infrastructure. Is your business ready to join the digital economy?
- Today’s digital customer is not willing to wait, and the new millennial buyer will demand a frictionless and transparent digital experience. Is the customer experience scalable and ready to be automated?
- From content to products and services, every organization across both B2B and B2C industries likely has a new product offering that is ripe for this new subscription-based economy. The question becomes: is the organization ready to support it?
Liz Miller, SVP, Marketing - CMO Council; Gene Hoffman, Chairman/CEO - Vindicia; Miriam Volle, Business Marketing Communications Leader - Kaiser Permanente; Vidya Vishal, Enterprise Growth Leader - Equifax