Democratizing RTIM Results (Not Capabilities) for Corporate Markets
Real-time interaction management technology initiatives have historically been expensive, complex and take years to mature and reach their stakeholders original ROI expectations. Why? In our experience the top factors are:
Cross functional team participation and collaboration
Marketers, Finance, Operations, Data Warehouse, Technical Architects, Creative Design and more all need to come together and contribute their unique assets in an organized and iterative manner.
Scarcity of skillsets (data + technology + analytics)
RTIM platforms are effectively the amalgamation of data, technology, and analytics. Making smart customer decisions in real-time requires these elements harvested from the assets contributed by various cross-functional teams involved. In isolation the teams are skilled… rather the issue is how to combine the assets contributed by the teams in a meaningful and actionable manner that enables the RTIM platform to function.
Channel disruption & transformation
When customers go digital, traditional human labor within the organization's channels need automation. This evolution is disruptive. Simple ideas like "our customers should be able to order online without having to talk to a human being" can require massive system, data and organizational human resource change. Ultimately, ROI cannot be fully realized until the channels transform.
Traditionally, addressing these factors tend to present an inflated risk (i.e. time, cost and complexity) of the RTIM initiative.
When the ROI circumstances are clear and present, Fortune 50 companies are able to make wildly different risk vs. return "bets" than their smaller counterparts.
So… how do we leverage the RTIM domain expertise we've gained at Fortune 50 companies over the last 15 years and democratize the approach for small to medium-sized organizations (Corporate Markets)?
Move towards OPEX vs. CAPEX
Corporate Markets organizations can't afford heaps of new capabilities that don't produce results. A great way to guard against this is to innovate the commercial model away from capital expenditure toward operating expenses for both software and professional services costs. RTIM initiatives should monetize customer data inline with costs on a regular and frequent time interval.
“Paint by numbers” customer decision strategy, at first
Customer decisions made by an RTIM platform represent a paradigm shift for many marketers that have spent their career in marketing automation and A/B testing. Don't ask them to move mountains by spending political capital trying to rally cross-functional team support and collaboration on subject matter they don't understand. Show them a working solution that produces results on their production systems and data, then ask them to get behind it.
Build and iterate on results, not capabilities
Technology capabilities are a commodity. Results are highly nuanced and specialized. This must be our mindset to thrive in small to medium-sized organizations. Don't adopt RTIM capabilities because of a Forrester Wave or Gartner Magic Quadrant report. Think about your customer interactions and ask yourself:
"Are the decisions that we are making smart?"
"How can they be smarter?"
"If they were smarter, what is the total opportunity in terms of Volume, Conversion, and Value?"