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Making Marketing Thrive In The Age Of The Customer By Sheryl Pattek

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From the MarTech Conference in Boston, Massachusetts, August 19-20, 2014. SESSION: Making Marketing Thrive in the Age of the Customer. PRESENTATION: Making Marketing Thrive in the Age of the Customer - Given by Sheryl Pattek, @sherylpattek - VP & Principal Analyst, Forrester Research

Published in: Marketing

Making Marketing Thrive In The Age Of The Customer By Sheryl Pattek

  1. 1. Make Marketing Thrive In The Age Of The Customer Sheryl Pattek, Vice President, Principal Analyst Serving Chief Marketing Officers Twitter: @sherylpattek
  2. 2. Source: Marcio Kenobi Blog (http://marciokenobi.wordpress.com/), The NYC Chapter of the American Guild of Organists (http://www.nycago.org/), and BuzzFeed (http://www.buzzfeed.com/)
  3. 3. Source: Alliance Technologies (http://www.alliancetechnologiesllc.com/)
  4. 4. © 2014 Forrester Research, Inc. Reproduction Prohibited 5 Agenda › The world is changing: get customer obsessed › What it means › Evolving marketing to respond › Recommendations
  5. 5. © 2014 Forrester Research, Inc. Reproduction Prohibited 6 Agenda › The world is changing: get customer obsessed › What it means › Evolving marketing to respond › Recommendations
  6. 6. The world of marketing channels today Source: July 22, 2013, “Mix Art And Science For Marketing Success” Forrester report
  7. 7. The mobile mind shift The expectation that any desired information or service is available, on any appropriate device, in context, at your moment of need At the same time, customers expect new levels of mobile engagement
  8. 8. Empowered customers now choose their route to you Information scarcity Attention abundance Attention fatigue Information overload
  9. 9. © 2014 Forrester Research, Inc. Reproduction Prohibited 10 Agenda › The world is changing: get customer obsessed › What it means › Evolving marketing to respond › Recommendations
  10. 10. © 2013 Forrester Research, Inc. Reproduction Prohibited 11 A 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers We’ve entered the age of the customer Transform the customer experience Embrace the mobile mind shift Become a digital disruptor Age of the Customer Build value around the customer, not the channel or product Turn big data into business insights
  11. 11. © 2014 Forrester Research, Inc. Reproduction Prohibited 12 Transform the customer experience ALIGN THE BRAND AND CUSTOMER EXPERIENCE Our view: The brand experience and the customer experience must tell the same story.
  12. 12. © 2014 Forrester Research, Inc. Reproduction Prohibited 13 Become a digital disruptor RETHINK THE FOUNDATION OF THE BUSINESS AND ITS LINK TO CUSTOMERS Our view: Digital businesses open the doors to new business models and partnerships.
  13. 13. Disruption isn’t new . . . . . . but mobile makes it matter more than ever today.
  14. 14. © 2014 Forrester Research, Inc. Reproduction Prohibited 15 Embrace the mobile mind shift Our view: Mobile represents a big change in the way consumer expectations are set. APPEAL TO THE MOBILE-FIRST INDIVIDUAL Simplicity Context Immediacy Convenience
  15. 15. © 2014 Forrester Research, Inc. Reproduction Prohibited 16 Mobile is the new face of engagement. › Every interaction a customer has with your brand is a customer experience › Winning in the mobile moments throughout the journey will be key to elevating your brand and your customer experience
  16. 16. © 2014 Forrester Research, Inc. Reproduction Prohibited 17 Turn big data into business insights MINE THE INSIGHTS THAT DRIVE BUSINESS SUCCESS Our view: Data can unlock the value that companies need to prosper and enhance customer engagement. Starbuck’s digs deep into customer behavior to increase customer wallet share.
  17. 17. © 2014 Forrester Research, Inc. Reproduction Prohibited 18 Agenda › The world is changing: get customer obsessed › What it means › Evolving marketing to respond › Recommendations
  18. 18. © 2014 Forrester Research, Inc. Reproduction Prohibited 19 Become customer obsessed: A customer-obsessed enterprise focuses its strategy, its energy, and its budget on processes that enhance knowledge of and engagement with customers and prioritizes these over maintaining traditional competitive barriers.
  19. 19. Use the customer life cycle as the blueprint for customer obsession The enterprise’s view of the phases a customer passes through in the course of an ongoing relationship with a company
  20. 20. © 2014 Forrester Research, Inc. Reproduction Prohibited Customers’ needs get defined throughout the customer life cycle May 2014 “Rethink Marketing In The Customer’s Context”
  21. 21. © 2014 Forrester Research, Inc. Reproduction Prohibited 22 The journey to customer obsession requires focus on three key areas Align the organization to the customer Build the right marketing technology infrastructure #1 #2 Collaborate with the CIO’s team#3
  22. 22. Overall organization performance must now be aligned to the customer
  23. 23. © 2014 Forrester Research, Inc. Reproduction Prohibited 24 Marketing organizational must shift from channel-centric to customer centric 58% of CMOs say their current org structure hinders their ability to adapt to today's marketing environment. Source: Q3 2013 Forrester/ Heidrick & Struggles Evolved CMO Global Online Survey
  24. 24. Adopt a marketing operating system approach instead
  25. 25. Best practices leading the pact
  26. 26. Connect and differentiate brand experiences. Deliver insight-driven customer engagement across the full life cycle. Marketing needs technology and data insights to run. 27
  27. 27. © 2012 Forrester Research, Inc. Reproduction Prohibited CMOs believe technology has business impact Source: Q3 2013 Forrester/ Heidrick & Struggles Evolved CMO Global Online Survey “How important do you believe marketing technology will be in delivering your marketing objectives” (please select one response) 0% 23% 32% 45% It should play a minimal role It plays a role as part of a broader marketing mix It is critical to creating actionable insights from big data It is essential to business growth and customer engagement Base: 214 Global Marketing Leaders CMOs do think tech is necessary to meet their objectives.
  28. 28. It’s time to align technology investments to support the full customer life cycle July 2014 “Top Technologies For Your BT Agenda”
  29. 29. © 2014 Forrester Research, Inc. Reproduction Prohibited Your marketing technology stack must engage customers in the right context June 2014 “Let’s Revisit The Enterprise Marketing Software Landscape (Again)”
  30. 30. © 2012 Forrester Research, Inc. Reproduction Prohibited Data is the new oil…it must serve as the foundation for today’s marketing engines
  31. 31. © 2014 Forrester Research, Inc. Reproduction Prohibited End-to-end engagement measures must be optimized and acted on March 2014 “Define New Metrics For Digital Business Success”
  32. 32. © 2014 Forrester Research, Inc. Reproduction Prohibited 33 Base: 214 Global Marketing Leaders Source: Q3 2013 Forrester/Heidrick & Struggles Evolved CMO Global Online Survey But, a single view of the customer is not yet commonplace Realize that competitive advantage comes from a singular focus on the customer 73% They have access to some systems, but not all of them are synchronized 50% Everyone has the same synchronized view of the customer 18%
  33. 33. © 2014 Forrester Research, Inc. Reproduction Prohibited 34 CMOs recognize that working with the CIO is important Base: 214 global marketing leaders; Source: Q3 2013 Forrester/Heidrick & Struggles Evolved CMO Global Online *Base: 191 global marketing leaders; *Source: Q3 2011 Forrester/Heidrick & Struggles Evolved CMO Global Online Survey Percent of CMOs who value the CIO as important has risen from 30% in 2011* to 51% in 2013
  34. 34. © 2014 Forrester Research, Inc. Reproduction Prohibited 35 Base: 214 Global Marketing Leaders Source: Q3 2013 Forrester/Heidrick & Struggles Evolved CMO Global Online Survey And, they see the CIO as a partner for meeting goals 41% Share a common vision of how marketing and IT should work together Partner, when procuring marketing technology Agree the CIO is a strategic partner in meeting corporate goals 29% 62% (multiple responses accepted) 41% Share a common vision of how marketing and IT should work together Partner, when procuring marketing technology Agree the CIO is a strategic partner in meeting corporate goals 29% 62% (multiple responses accepted) 41% Share a common vision of how marketing and IT should work together Partner, when procuring marketing technology Agree the CIO is a strategic partner in meeting corporate goals 29% 62% (multiple responses accepted)
  35. 35. But, marketers still vie for enterprise technology dollars
  36. 36. © 2014 Forrester Research, Inc. Reproduction Prohibited 37 And, surprisingly, CMOs are still not that involved in marketing technology decisions Base: 214 Global Marketing Leaders Source: Q3 2013 Forrester/Heidrick & Struggles Evolved CMO Global Online Survey View marketing technology as essential Attend vendor presentations, evaluate different technology providers, and help choose final partners or potential partners Lead a cross-functional team from IT and marketing to identify key technology needs and develop a process for selecting vendors 45% 33% 25% View marketing technology as essential Attend vendor presentations, evaluate different technology providers, and help choose final partners or potential partners Lead a cross-functional team from IT and marketing to identify key technology needs and develop a process for selecting vendors 45% 33% 25% View marketing technology as essential Attend vendor presentations, evaluate different technology providers, and help choose final partners or potential partners Lead a cross-functional team from IT and marketing to identify key technology needs and develop a process for selecting vendors 45% 33% 25%
  37. 37. © 2014 Forrester Research, Inc. Reproduction Prohibited 38 Agenda › The world is changing: get customer obsessed › What it means › Evolve your business to respond › Embrace the mobile mind shift › Recommendations
  38. 38. © 2014 Forrester Research, Inc. Reproduction Prohibited 39 View the age of the customer as an opportunity to lead Our view: Marketing represents the customer view of the company. This is the time to lead the organization, not follow it. To succeed, you must: • Recognize the impact of technology and data on the fundamentals of their customers and their business • Take charge of the strategies that embrace these changes • Lead the organization on the journey to customer obsession
  39. 39. © 2014 Forrester Research, Inc. Reproduction Prohibited 40 Build your technology strategy to achieve three key objectives › Develop a rich understanding of customer behavior by using data and analytics › Design exceptional customer experiences at each touchpoint › Capitalize on the right technology to effectively and efficiently provide and then understand experiences
  40. 40. 41 When companies internalize technology, they find disruptive new things to do” “When companies adopt technology, they do old things in new ways;
  41. 41. Strategy • Digital marketing • Vision • Buyer’s needs • CIO alignment Process • Process documented • Buyer journey maps • Consistent experience Technology • Understanding • Bias/approach • Access to expertise Measurement • KPI’s in place • Measure ROI • Dashboards Asses your organization’s readiness with Forrester’s marketing technology skill assessment
  42. 42. © 2014 Forrester Research, Inc. Reproduction Prohibited 43 Get customer-obsessed! › The customer has changed. Forever. Get used to higher expectations from them. › The age of the customer will force you to rethink how you win, serve, and retain these empowered customers. › Recognize the impact of technology on the fundamentals of your customers and your business › As marketing technology leaders, you must champion customer obsession throughout the organization.
  43. 43. © 2014 Forrester Research, Inc. Reproduction Prohibited 44 What this means to you › You are positioned to help CMOs build the technology strategy necessary to effectively engage customers › And…you have the skills and expertise to light the path to customer obsession › It’s up to you to capitalize on the leadership opportunity ahead
  44. 44. Thank you Sheryl Pattek +1 212.857.0707 spattek@forrester.com Twitter: @sherylpattek Blog: blogs.forrester.com/sheryl_pattek

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