Cognitive Marketing – What Does This Mean To Your Business?
A smart marketing professional understands the link between a consumer’s material desires and his response patterns. This process of discovering the link between our desires and the need to nurture them involves cognition – the hidden variable behind any great marketing campaign.
But in order to do this, there needs to be a cohesive working together of all the various wings of a marketing center of excellence. And when that happens, the benefits are great!
According to a study, it was found that the top benefits are improved operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%). Quality of deliveries go up by 26% and costs some down significantly.
Marketing efficiency increases
Every person who is involved in a Marketing Center of Excellence has their roles and responsibilities clearly defined. All the processes are clearly defined. And every activity is tracked and reviewed to ensure optimal output.
You can optimize people, processes and tech costs
When you engage with several vendors for different services, you end up paying a lot more than you have to. The pricing of any vendor includes every cost involved in servicing a brand. For instance, every vendor will include an Account Manager’s cost in their pricing. When you work with multiple vendors you end up paying for multiple Account Managers!
Moreover, a marketing center of excellence utilizes every resource and every person optimally. There will be a dedicated cross-functional team with expertise across the entire gamut of marketing services. And you will have one dedicated Account Manager with a cross-functional understanding, who can understand and communicate requirements across functions and get the work done on a daily basis. This prevents the need for working with multiple agencies and paying for redundant skills.