Delivered November 7, 2019. Contributor: Shruti G.
To identify the major trends in sales and marketing consulting, especially at the top firms like Mckinsey, Deloitte and Accenture and consumer product goods consulting firms, to improve the current offerings and stay up to date.
In 2017, Jack Ma, founder of Alibaba, coined a term "New Retail" to describe the combination of brick and mortar shops and digital shopping experience. The new generation of buyers expect a more integrated approach across all business channels.
The major requirement for marketing and sales consultancies is to create retail strategies with physical stores as well e commerce experience to create an omni-channel customer experience.
Creating an omni channel marketing has a huge impact on sales as well and will require huge collaboration between these two departments. Companies with this strategy has seen a 9.5% year-on-year increase in their annual revenue and retained an average of 89% of their customers.
Marketing consultants are highly expected to support their recommendation through data and data driven decision-making has become a fundamental part of every industry.
With increased cross-country data flow, more than 700 terabytes per second, digital flow of information, searches, video, communication, and intra-company traffic continue to surge. This can be extremely overwhelming for the consultants and hence ability to determine the most suitable and accurate information is also important.
Companies driven by data based decision-making witnessed 4% higher productivity rates and 6% higher profits as per MIT study.
Artificial Intelligence (AI) is no longer a term restricted to the technology sector, it is rapidly becoming a powerful marketing and sales strategy tool.
Through integrating AI to the marketing software, it should be able to perform real time operations without external intervention, make optimal decisions for each contact in database and continuously make internal improvements through machine learning.