Re-engineering growth
There are four fundamental actions OEMs can take to make the transition:
1. Rethink marketing and focus on needed skill sets that enable the organization to capture additional and more robust sales revenue. This includes accommodating growing demand for personalized content, video, chatbots, and online/mobile features. Accenture research shows that 74% of industrial buyers research at least half their purchases online.
2. Place customers at the center of the company’s thinking. This will mean ensuring that the marketing organization makes customer-centricity a priority and aligns the customer experience across all channels and touchpoints. According to Accenture research, 95% of cross-industry leaders are committed to having a continuous dialogue with customers, starting with the pre-sales phase of the customer lifecycle.
3. Prepare the company for a high-growth future. 78% of OEM chief marketing officers (CMOs) feel prepared to meet their performance goals in three years’ time, but this may be too optimistic. They will first need help redefining their role. And this will include creating new roles within the organization designed to deliver exceptional customer experiences. Among the most in demand will be insight providers, artificial intelligence (AI) designers, trust leaders, and immersive experience designers. Establishing partnerships with outside experts will also be needed to help ensure the company has the right capabilities to deliver new, differentiating experiences.
4. Invest in technologies that will enable a personalized, frictionless customer experience. CMOs generally agree that AI and robotic automation will help ensure marketing success in the future. 70% believe that these technologies will improve the performance of marketing operations, and 69% feel they will fundamentally impact the way their companies will interact with customers.
Re-invent the future
The era of the customer experience is redefining growth opportunities in the industrial equipment market. To thrive in this new business environment, OEMs will need to consider transforming their organization into a living business that can constantly satisfy the needs of industrial customers. And as part of the process, marketing will need to be re-invented as a more powerful resource for growth.
>>Brian R. May, brian.r.may@accenture, is managing director, Industrial North America, Accenture. Bernd Hirschle, bernd.hirschle@accenture.com, is managing director, global lead—customer insight & growth practice, Industrial Equipment, Accenture