6 Steps to BCG’s Multimoment Maturity
The Boston Consulting Group’s report “Responsible Marketing with First-Party Data” suggests that business can cut costs by 30% and increase revenue by 20% if they learn how to deliver relevant information to purchasers at key moments in the buying cycle. They call this “multimoment maturity”.
This requires technical and managerial coordination and, for once, that puts SMEs at an advantage. BCG identify six steps to reaching multimoment maturity:
- Centralised Data Warehouse: Cloud-based storage of company and marketing data. SMEs have fewer legacy systems to convert. It’s less challenging for us to convert to a centralised database.
- Data Match Rates: Identifying when a message matches a group of customers. SMEs have simpler businesses. It takes less time for us to identify what suits a purchaser at a certain stage of their purchasing cycle.
- Proprietary algorithms: Develop metrics that help your business: interest in Product X, attendance at events, etc. Metrics don’t have to be complicated. They can be as simple as “yes” or “no”. Use what suits your business.
- Data-First Mindset: Improve then trust data – that’s a challenge for SMEs that might have neglected data cleansing but nothing works without clean data.
- Specialised Skills: Simpler data and fewer legacy systems simplify the skills SMEs need but they still need experts. The systems we need don’t need C++ programmers.
- Strategic Partnerships: SMEs blossom with simpler tech and narrower analysis, reducing their reliance on partners. With careful consideration, we can exceed the capabilities of enterprises with just a couple of software partners. Which brings us to…
We’ve said previously that these Black Papers aren’t sales documents but it’s hard to say that SMEs can acheive multimoment maturity without saying how, without specifying the technology that gets them there. The answer is Zoho.
- Zoho CRM: Central storage of customer & prospect data.
- Zoho MarketingHub: Automatic delivery of marketing messages.
- Zoho SalesIQ: Website chatbot and analysis.
- Zoho Backstage: Event management & ticketing.
- Zoho Desk: Support ticketing & response.
- Zoho Books: Invoicing, inventory & accounts.
One final word about the BCG’s full report. It’s useful guidance but it is rather infested with ‘consultant-speak’. It doesn’t miss any opportunities to replace a simple word people understand with a phrase they have to think about.
- “spend” becomes “share of wallet”.
- “your data” becomes “first-party data”.
- and then you have “multimoment maturity” itself