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Forrester Automation Redefining Marketings Game Plan
 

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A Forrester Consulting Thought Leadership Paper Commissioned By Silverpop On How Marketers Should Rethink Their Approach To Marketing Automation.

A Forrester Consulting Thought Leadership Paper Commissioned By Silverpop On How Marketers Should Rethink Their Approach To Marketing Automation.

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    Forrester Automation Redefining Marketings Game Plan Forrester Automation Redefining Marketings Game Plan Document Transcript

    • A Forrester Consulting Thought Leadership Paper Commissioned By SilverpopAutomation: Redefining Marketing’s Game PlanHow Marketers Should Rethink Their Approach To Marketing AutomationMay 2012
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanTable Of ContentsExecutive Summary ................................................................................................................................................................................. 2 The Current State Of Marketing Automation.................................................................................................................................... 3 A Limited Playbook Blocks Marketers’ Efforts .................................................................................................................................. 5 Up Your Game By Positioning Automation As A Strategic Asset ................................................................................................. 9 Add New Plays To Your Playbook With Customer Value ............................................................................................................ 10 Key Recommendations ......................................................................................................................................................................... 12 Appendix A: Methodology .................................................................................................................................................................. 13 Appendix B: Supplemental Material .................................................................................................................................................. 13 Appendix C: Demographics ................................................................................................................................................................ 14 Appendix D: Endnotes.......................................................................................................................................................................... 15 © 2012, Forrester Research, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on best available resources.Opinions reflect judgment at the time and are subject to change. Forrester®, Technographics®, Forrester Wave, RoleView, TechRadar, and TotalEconomic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies. For additionalinformation, go to www.forrester.com. [1-IQ1UDF]About Forrester ConsultingForrester Consulting provides independent and objective research-based consulting to help leaders succeed in their organizations. Ranging inscope from a short strategy session to custom projects, Forrester’s Consulting services connect you directly with research analysts who applyexpert insight to your specific business challenges. For more information, visit www.forrester.com/consulting.Page 1
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanExecutive SummaryCustomers and prospects control the conversation like never before. Through an exploding number of channels, real-time feedback, and powerful mobile devices, customers dictate what companiesshould talk to them about and how frequently they should do it. Marketers have Marketers focus on automation’s efficiencyresponded to this shift by using marketing automation tools, such as campaign benefits, but big opportunitiesmanagement and lead management systems, to manage customer and prospect reside in using automation to enhance marketing’s strategiccommunications. While users focus on the tools’ improvements to process approach to customers.efficiency, they too often fail to exploit automation’s potential to evolvemarketing’s strategic approach to customers and to peers in sales and support.In January 2012, Silverpop commissioned Forrester Consulting to understand how marketers use marketingautomation tools to drive communications, develop campaigns, and deliver valuable customer experiences. Forresteralso analyzed how marketers’ current capabilities affect their emphasis on customers and examined how marketersexpect technology to alleviate the challenges they experience.Through in-depth surveys with 155 US-based senior marketing professionals, Forrester found that most marketersfocus on the efficiency benefits of marketing automation tools. Many still overlook the tools’ potential to buildprograms that drive customer lifetime value or boost alignment with sales or support. Not realizing these strategicbenefits of automation can result in lowered customer satisfaction, reduced lead quality and revenue, conflict with otherdepartments, and increased dissatisfaction with their automation tools. It can also create paralysis from the resultingflood of customer data.Key FindingsForrester’s study yielded the following key findings:  Marketers embrace automation and plan to increase usage. Automation allows marketers to eliminate guesswork from demand generation and customer relationship management. Most respondents told us they plan to increase the number of automated campaigns and see additional headroom for efficiency improvements. The performance of automation tools allows enterprising marketers to iteratively improve customer relationships through a test and learn approach. “I do believe in the value of marketing automation — as we learn more about our customer base and their needs and wants, we are able to go back and continually refine our campaigns.” (Director of marketing, global strategy and design agency)  Marketers’ focus on process efficiency obscures the strategic potential of automation. Marketers embrace automation, but most users focus on its ability to improve efficiency rather than effectiveness and organizational alignment. The most mature users in our study use automation as a method of improving lifetime value, building dialog with customers, and increasing collaboration. Less mature users were more likely to rely on simple response metrics, fail to use advanced campaign design, and blame the technology when their campaigns create problems for other parts of the business.Page 2
    • Forrester ConsultingAutomation: Redefining Marketing’s Game Plan “The easiest way to measure performance is email. How many sales you can get from leads that are generated by automated marketing — compare sales dollars to actual contacts coming in. That’s the way we measure it.” (Manager of online marketing, Fortune 500 financial services institution)  New and experienced users can readily improve program maturity. New and experienced users of marketing automation can build programs that are both efficient and customer-centric. The winning automation playbook improves customer relationships and collaboration by focusing on customer value, business impact, cross- departmental alignment, dialogue-based campaigns, and real-time automation. “The lesson we learned was that by focusing on improving one campaign at a time, marketing automation could drive revenue and improve customer ROI.” (Manager of email marketing, large online retailer)The Current State Of Marketing AutomationMarketing has evolved significantly over the past several years, and the pace of change continues to accelerate. Globaleconomic conditions constrain budgets and headcounts, while at the same time the number of communicationchannels, touchpoints, and customer expectations for companies’ responsiveness have all grown. To counter thesetrends, marketers have employed marketing automation solutions — from campaign management, lead management,or email service providers — to design and direct customer interactions with more speed and greater personalizationthan is possible with manual processes.Forrester defines marketing automation as: Tooling and process that help generate new business opportunities, improve potential buyers’ propensity to purchase, manage customer loyalty, and increase alignment between marketing activity and revenue.1Marketing automation solutions provide direct gains in operational efficiency and underlie more sophisticatedcustomer relationship programs. Marketers surveyed indicated that they have and will continue to increase investmentsin programs enhanced by automation.  Marketers see automation as a critical technology. Automation allows marketers to eliminate guesswork from demand generation and customer relationship management. So it’s not surprising that marketing automation technology finds warm reception within marketing, delivering improvements to customer experience and allowing users to meet increased resource demands. Large majorities of marketers plan to increase the number of automated campaigns, and see additional headroom for the technology to continue to improve the efficiency of marketing processes (see Figures 1 and 2). “I do believe in the value of marketing automation — as we learn more about our customer base and their needs and wants, we are able to go back and continually refine our campaigns.” (Director of marketing, global strategy and design agency)  Yet most marketers fail to position automation as a strategic asset. The most mature marketers – those using automation for 5 or more years – showed clear differences in how they measure the performance of theirPage 3
    • Forrester ConsultingAutomation: Redefining Marketing’s Game Plan automated campaigns. While all marketers use response metrics, mature marketers were more likely to use incremental revenue, cross-sell and up-sell, and customer lifetime value metrics (see Figure 3). This focus on business-impact allows mature users to demonstrate that automation builds better customer relationships and improves organizational alignment. “The lesson we learned was that by focusing on improving one campaign at a time, marketing automation could drive revenue and improve customer ROI.” (Manager of email marketing, large online retailer)Figure 1Future Plans Show No Indication Of The Trend Toward Increased Automation Slowing Down “How will the number of automated campaigns change over the next 12 months?” Decrease, 2% Stay the same, 39% Increase, 59% Base: 155 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Figure 2Marketers Believe In The Value Of Marketing Automation “I believe that marketing automation will ________ the efficiency of my marketing processes:” Decrease, Not change, 3% 14% Increase, 83% Base: 155 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Page 4
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanFigure 3Mature Marketers More Often Focus On Sophisticated Measurements Of Campaign Performance “How do you assess the performance of your automated marketing campaigns?” Use AM for four years or less Use AM for five years or more 86% Response metrics 74% 34% Incremental revenue 55% 21% Cross sell/up sell 38% 15% Customer lifetime value 33% Base: 122 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012A Limited Playbook Blocks Marketers’ EffortsMature users focus on marketing automation’s ability to improve efficiency, but also look to the technology to improveeffectiveness and organizational alignment. Automation allows users to design sophisticated, dialogue-basedinteractions. It also enables the marketing department to align its capabilities with the needs of other departments, suchas sales and support.Yet we found that most marketers:  Frequently fail to use marketing automation to nurture customer relationships. Most respondents miss out on automation’s ability to transform the marketing department’s focus from generating lists to engaging with customers. Respondents newer to automation told us that they use the tool for customer activation and data gathering, while mature users focus on lead nurturing, cross-sell and upsell, or conversion completion (see Figure 4). Digging in to current usage, we see that marketers tend to focus on easing their own workflow through recurring campaigns, rather than building relationships through behaviorally triggered, multi-step or dialogue- based campaigns (see Figure 5). “When we implemented the first time, we jumped in without planning and found that it was not the best way to drive leads to sales. We needed to be more organic, to allow behavior to drive contacts, not just easily increase the number of contacts.” (Manager of email marketing, large online retailer)Page 5
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanFigure 4Engagement Outshines Sales And Lead Generation “What do you use marketing automation for?” Customer engagement/activation 57% Customer data gathering 47% Loyalty 47% Sales and marketing alignment 42% Lead nurturing 38% Offer generation 38% Cross-sell or upsell 37% Conversion/transaction completion 25% Process efficiency/response time 17% Onboarding 15% Anti-churn or attrition 11% Base: 133 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Figure 5Recurring Campaigns Are Currently Most Popular, But Interest In Behavioral Data Is Increasing “What do you use to trigger automated messages? What will you use in the next 12 months? (check all that apply)” Now In 12 months Recurring 65% 69% Behavioral 53% 66% Situation or event-based 50% 45% Multi-step or multi-wave 29% 30% Dialogue 14% 17% Base: 133 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012  Focus on low-level metrics that do not impact the business. Marketers must show that technology investments deliver business impact to quiet skeptics within and beyond the marketing department. Yet the vast majority of users focus primarily on basic response metrics, such as email opens and clicks. Only a minority of respondents judge their programs based on incremental improvements to lead generation or revenue (see Figure 6). Fewer still use strategic measures to guide the development of their marketing automation programs, such as impact on customer retention and lifetime value (see Figure 7).Page 6
    • Forrester ConsultingAutomation: Redefining Marketing’s Game Plan “The easiest way to measure performance is email. How many sales you can get from leads that are generated by automated marketing — compare sales dollars to actual contacts coming in. That’s the way we measure it.” (Manager of online marketing, Fortune 500 financial services institution)Figure 6Response Metrics Are Used To Evaluate Success, Leaving Customer Or Business Impact Metrics Largely Ignored “How do you assess the performance of your automated marketing campaigns?” Response metrics 80% Improved lead generation 41% Incremental revenue 40% Customer ROI 31% Cross sell/upsell 25% Customer retention rates 24% Lead nurturing improvement/sales impact 23% Customer lifetime value 21% Base: 133 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Figure 7Email Behavioral Data Is Used Most Frequently “What characteristics of behavioral data do you use?” Email opens/clicks 66% Visit frequency 57% Ad clicks 52% Purchase 51% Form completion 38% Attending an event 33% Ad impressions 29% Form abandonment 24% Shopping cart event 22% Shopping cart abandonment 21% Social activity 19% Geolocation activity 18% Page category 11% Site path 11% Don’t know 1% Base: 90 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012  Fail to build buy-in with other departments. As the number of customer touchpoints increases, marketers have the opportunity to extend their reach (and increase their budgets) to departments outside of marketing, such as eCommerce, sales, loyalty, or customer support. Yet interviewees failed to co-opt other departments whenPage 7
    • Forrester ConsultingAutomation: Redefining Marketing’s Game Plan planning their marketing automation implementations. Even after implementation, they fail to collaborate with other departments when enhancing or adding automations. Most survey respondents told us that they operate the technology solely from within the confines of the marketing department (see Figure 8). “Sales isn’t comfortable with the way marketing automation is working. They still want a little black book of customers they aren’t willing to share with anyone else . . . our biggest challenge is to get end user buy-in on our side.” (Manager of online marketing, large business consulting firm)Figure 8Most Automation Users Come From Three Main Marketing Departments “In which area of marketing are you most “Which area of marketing oversees marketing involved?” automation? (Select all that apply)” Brand marketing 31% Marketing strategy 38% Marketing strategy 22% Brand marketing 36% Interactive marketing 21% Campaign management/CRM 36% Campaign Interactive marketing 25% 15% management/CRM Social/emerging media Social/emerging media 20% 7% campaigns Customer data analysis 3% Analytics/customer intelligence 17% eCommerce and eBusiness 0% eCommerce and eBusiness 14% Customer experience 0% Sales 11% Traditional advertising and Customer experience 10% 0% media None of the above 0% Demand generation 6% Base: 155 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012  Do not take advantage of the resulting flood of customer data. Competitive advantage increasingly derives from customer knowledge. Automation platforms improve marketers’ access and ability to analyze customer data. Yet most respondents focus on access, not insight. Marketers are adding behavioral, demographic, and survey data (see Figure 9). Yet their infrequent use of preference, propensity, and influence data shows that they miss out on the true potential of the technology. As long as users focus on data access instead of insight, it’s no surprise they feel overwhelmed by the data deluge. “We are highly satisfied with our marketing automation provider, but our challenge is that we are now drowning in data. We need to rethink how we use automation to get us in the right position.” (Manager of online marketing, Fortune 500 financial services institution)Page 8
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanFigure 9Marketers Take A Pragmatic Approach To Triggers “What types of data do you use to construct triggers?” Transaction history 55% Promotion and response history 51% Behavioral data 48% Demographic data 48% Survey data 38% Social activity or comments 26% Account activity or balance 25% Psychographic data, including preference 20% Third-party data appends 14% Geolocation data, proximity, or check-ins 12% Mobile activity 11% Propensity scores 9% Influence scores 8% Don’t know 2% Base: 133 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Up Your Game By Positioning Automation As A Strategic AssetWhether you are considering a marketing automation pilot or are reevaluating an established program, approachmarketing automation as a strategic asset, not a tactical expedient. To unlock your tool’s true potential, base yourautomation playbook on generating customer value, both for the customer and your business partners. A focus onprocess efficiency will help you put quick points on the scoreboard, but will not be enough to win the game. Amarketing automation program that serves customers and prospects by increasing personalization, relevance, andlifetime value will provide a long-term competitive advantage.How can marketers transform automation tools into a strategic asset?  Marketers new to automation should plan a phased technology strategy. If you haven’t yet made an investment in a marketing automation tool, begin by creating a game plan that begins with establishing responsiveness and execution efficiency. Structure future phases on customer value so that you achieve cross- departmental alignment, using techniques like lead scoring and nurturing. The most mature phases of your plan should focus on using automation to drive customer lifetime value through dialogue-based campaigns or lead-to- revenue management. Use this game plan to guide your tool selection, so that you aren’t forced to rip and replace your platform in order to mature your program.  Marketers experienced in automation should redesign program goals and tactics. If you are frustrated by the current state of your program, shift your goals so that you can show value beyond the initial productivity gains. Create a game plan that ties program performance to incremental revenue, improved lead quality, cross- sell/upsell, or retention. Then change the design of your campaigns, triggers, channels, and performance metricsPage 9
    • Forrester ConsultingAutomation: Redefining Marketing’s Game Plan so that you create the effect of real-time dialogue with customers and prospects. Delivering value to both the customer and your business will provide you with the business case for future program expansion.Add New Plays To Your Playbook With Customer ValueNew and experienced users of marketing automation can design programs that are both efficient and customer-centric.The right playbook will demonstrate how your automation program improves customer relationships and improvescollaboration across the business.So what defines a winning marketing automation playbook?  A focus on customer value. The marketing automation playbook focuses the marketer’s game plan on greater content and message relevance and improved organizational alignment over pure efficiency improvements. While incremental improvements to marketing processes provide a series of quick wins, marketers must plan to advance the maturity of their automation programs. Advanced programs demonstrate value across the organization through building use cases focused on lead scoring and nurturing, cross-sell and upsell, retention, and customer dialogue.  Better metrics for enhanced accountability. Marketers cannot rest on channel or response metrics to assess the performance of automated marketing campaigns. In order to guide customer behavior toward business goals, marketers must use higher-order metrics, such as improved lead generation, incremental revenue, return on investment (ROI), and customer lifetime value. With these measures in hand, marketers can demonstrate the value of these programs to their peers across the business, secure buy-in for future enhancements, and understand where changes will have the greatest impact.  A priority on collaboration within and beyond marketing. Sales, eCommerce, customer support, and loyalty teams will all feel the effects of a mature marketing automation program. For those effects to be positive, however, marketers must invest in cross-functional collaboration. For example, B2B marketers should not automate a lead generation process without working with sales to define a lead scoring method, forwarding qualified leads directly to sales while routing the remainder into lead nurturing programs. Marketers should see cross-functional committees less as hindrances and more as methods of easing the path to marketing automation’s success.  Campaigns that go beyond simple recurring execution. Mature marketers make heavy use of multi-step and dialogue-based campaigns, using a combination of inbound and triggered outbound communications to deepen relationships with their prospects and customers. Why? While recurring programs provide a simple method of retaining contact with customers, they focus on easing the marketer’s burden, not improving the relevance of messages for customers. Behavioral triggers, such as email clicks and form completions, provide a relatively simple way of implementing these campaigns, but marketers should also look to changes in customer state, such as attending an event or changes in account activity, to implement advanced campaigns.  A platform that enables real-time automation. To keep up with customers in today’s fast-paced world, marketers should look to build real-time messaging programs, based on integrated data systems, analysis and triggers. Integration requires an upfront investment in systems and processes, but the effort is necessary toPage 10
    • Forrester ConsultingAutomation: Redefining Marketing’s Game Plan implement real-time responsiveness in marketing automation. The investment will return even greater responsiveness, relevance, and performance, since this capability will allow you to take advantage of customer- initiated actions, such as visits to your website, mobile check-ins, or online social network activity.Figure 10Improve Marketing Effectiveness With The Strategic Marketing Automation Playbook Accountability Real-time Automation Customer Collaboration value Campaign designSource: Forrester Research, Inc.Page 11
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanKEY RECOMMENDATIONSAn organization that wants to embrace marketing automation must determine the appropriate mix of enterprisetechnology, smart skill sets, intertwined processes, and cross-departmental involvement. Prepare to redefine yourorganization’s marketing playbook in the following ways:  Think globally, act locally. Whether you’re just getting started or reevaluating your existing marketing automation program, remember that you need to find a balance between strategy and action. Your marketing automation program must show how it will address business strategy even as it delivers incremental improvements. Pick high-value interactions, such as lead generation or conversion events, and then develop a few automated response campaigns by defining simple scoring rules based on demographics or triggers based on behavioral factors. As you build on the success of these initial efforts, you will be able to develop more complex campaigns based on customer value.  Center processes on customer knowledge. Automating marketing processes provides a direct benefit in efficiency to the marketing organization. To realize the true potential of marketing automation — where customers perceive an improved relationship with your company via faster, more relevant interactions — you must consistently implement analytical and measurement practices at each touchpoint, then apply any customer insights derived to automated programs. Aggregating and analyzing customer, promotion, and response data for actionable insights is an essential characteristic of an advanced marketing automation program.  Develop your marketing technologists. Marketing’s future will never be less technology-driven than it is today, and marketing automation only accelerates that trend. To improve your capabilities, look to strengthen your marketing technologists — web developers, marketing operations professionals, application developers, and database administrators — in order to improve the performance of both day-to-day operations and the long-term development of your marketing technology stack.2 Don’t be afraid to look for individuals with nontraditional marketing backgrounds: Marketing technologists frequently come to the marketing department from IT organizations.  Nurture the marketing and IT relationship. Although marketing technology buying decisions are increasingly made by marketers, IT organizations still remain closely involved in requirements definition, product evaluation, vendor selection, and implementation. Marketers should leverage IT’s role not only to smooth the process of getting buy-in, but to build trust as well. IT professionals who trust their peers in marketing are less likely to hamstring marketers’ needs for managing customer data or developing new process automations.  Don’t be too quick to blame technology. Marketing automation programs take many months to get up to full speed. These systems require significant configuration as well as deep integration with other tools, but they also depend upon organizational readiness in order to flourish. If you feel that your program isn’t advancing quickly enough, take the time to examine non-technological contributors to the problem. Get your sales and marketing teams together to diagnose the problems in the lead nurturing process. Or bring together your interactive marketers and eCommerce teams to see how you can improve the customer experience. Treating your technology as the scapegoat could result in unnecessary pain as you lose time swapping out systems.Page 12
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanAppendix A: MethodologyFor this study, Forrester conducted an online survey of 155 mid- to senior-level marketers in the US to evaluate howthey use marketing automation to drive communications and lead nurturing efforts in service of enhanced customerexperiences. Survey participants included decision-makers in brand marketing, interactive marketing, campaignmanagement, customer relationship marketing, and social/emerging campaign management. Questions provided tothe participants asked about their challenges and current capabilities, the impact of marketing technology, and theiroverall opinions about metrics and measurement. The study began in January 2012 and was completed in February2012.Appendix B: Supplemental MaterialRelated Forrester Research“Automating Lead-To-Revenue Management,” Forrester Research, Inc., December 9, 2011“B2B Marketers Must Better Prepare For Marketing Automation,” Forrester Research, Inc., April 26, 2011“Investing In Marketing’s Technology Future,” Forrester Research, Inc., October 24, 2011“Revisiting The Enterprise Marketing Software Landscape,” Forrester Research, Inc., February 14, 2012Page 13
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanAppendix C: DemographicsFigure ARespondent Demographics “Which industry vertical are you from?” “To whom does your company sell primarily?” Technology & 26% manufacturing Financial Consumers, 19% Businesses, services/insurance 23% 36% Media & publishing 16% Services 13% Retail 10% Both consumers Consumer packaged goods and 8% (CPG) businesses, 41% Travel & hospitality 7% Base: 155 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Figure BRespondent Demographics “Which of the following most closely describes the department you work in?” Advertising, 8% Marketing, 92% Base: 155 US marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Page 14
    • Forrester ConsultingAutomation: Redefining Marketing’s Game PlanFigure CRespondent Demographics “Using your best estimate, how many “Which of the following best describes your employees work for your company position at your company?” worldwide?” 1,001 or more Executive, employees 6% 28% Vice president, 11% Manager, 54% Director, 28% 50 to 1,000 employees 72% Base: 155 U.S, marketing professionalsSource: A commissioned study conducted by Forrester Consulting on behalf of Silverpop, February 2012Appendix D: Endnotes1 Marketers serving buyers that make high-consideration purchases need to communicate with those individuals atevery stage of their path to purchase. To manage this depth of engagement at scale requires marketing automation.Source: “B2B Marketers Must Better Prepare For Marketing Automation,” Forrester Research, Inc., April 26, 2011.2 To manage and take advantage of the increasing use of technology, marketing departments are developing neworganizational structures Forrester calls the Marketing Technology Office. The office, headed by a chief marketingtechnology strategist, guides technology strategy, develops the marketing technology stack, and evangelizes innovativeuses of technology throughout the marketing department. Source: “Investing In Marketing’s Technology Future,”Forrester Research Inc., October 24, 2011.Page 15