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Digital Technology: The Organizational Quandary, Qubit and Forrester research
A survey by Forrester Consulting for Qubit revealed that 84% of marketing decision-makers have a digital marketing technology strategy, which is crucial for aligning with business goals and driving revenue. However, 16% without a strategy experience negative impacts, such as poorly integrated technology and increased costs. Additionally, optimizing the digital customer experience and integrating marketing technology are top priorities for these decision-makers.
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Digital Technology: The Organizational Quandary, Qubit and Forrester research
- 1. The Organizational Quandary Qubit commissioneda Forrester Consulting survey to find out the issues marketers face with digital marketing technology What did we learn?
- 2. 1. Executives support digitalmarketing technology
- 3. “Do you havea marketing technology strategy in place today?” Yes 84% “Do you agree with the following statements regarding you marketing technology strategy?” Senior manager supports it 91% It is well defined 88% Successfully implementing it is key to delivering on revenue growth targets 86% It is tightly aligned with business and corporate strategies 84% It is tightly aligned with my IT strategy 81% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 4. 2. Having nomarketing technology strategy affects business
- 5. “Do you havea marketing technology strategy in place today?” No 16% “Given that you do not have a marketing technology strategy in place today, do you agree with the following statements?” It will negatively affect my firm’s ability to deliver on its revenue growth targets 90% It’s why my digital marketing technology is poorly integrated 87% It’s why my digital marketing technology is not clearly measured against the revenue it generates 63% It’s why my digital marketing technology does not support an end-to-end digital marketing workflow 60% It’s why my digital marketing technology is a joint crosschannel interaction with my customers 53% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 6. 3. Companies believe theirdigital marketing is integrated
- 7. “Do you feelthat your existing digital marketing technology is...” Integrated; it supports end-to-end marketing workflows and multichannel campaign execution, which contribute to a unified customer experience across all digital channels 43% Somewhat integrated; it supports end-to-end marketing workflows and multichannel campaign execution but has gaps that affect its ability to deliver a unified customer experience across all digital channels 44% Channel-focused; it lacks a full end-to-end marketing workflow, which significantly affects my organisation’s ability to deliver a unified customer experience across all digital channels 13% Breakdown of marketers with integrated digital marketing technology By geography By vertical By company size US 39% Retail 39% $10m - $99m 12% UK 50% Wholesale trade 50% $100m - $499m 49% $500m - $999m 44% Over $1 billion 61% Travel, media utilities 29% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 8. 4. But themajority have existing digital marketing technology that lacks full integration
- 9. “Which statement bestreflects the state of your existing digital marketing technology?” We use all of our digital marketing technology to its maximum capacity 44% We use all of our digital marketing technology, but don’t use (or underuse) some features and functionality 35% A small proportion of the marketing technology we invested in is “shelfware” 12% A significant proportion of the marketing technology we invested in is “shelfware” 9% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 10. 5. When marketing technologydoes not work, business costs increase and revenues suffer
- 11. “What are thethree biggest negative impacts to your business of your marketing technology not working for you?” Increased cost of customer acquisition 51% Reduced new sales revenue 52% Reduced customer lifetime value 43% Decreased renewals 40% Increased marketing effort and costs 32% Increased customer churn 30% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 12. 6. Ecommerce and marketingown digital marketing technology
- 13. “Which department controlled,controls, and will control the majority of your marketing technology budget?” Last financial year IT Current financial year Next financial year 32% 15% 11% Marketing 42% 49% 36% eCommerce 16% 30% 48% Operations 9% 6% 6% 1% 1% 0% Other “Which department has been, is, and will be mostly managing the implementation and execution of your marketing technology?” Last financial year IT Current financial year Next financial year 30% 16% 16% Marketing 41% 56% 56% eCommerce 22% 24% 24% Operations 7% 3% 3% 0% 1% 0% Other Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 14. 7. Digital marketing toolkitexpands to include optimization
- 15. What are yourfirm’s plans to adopt the following digital marketing technologies? Ad serving 62% 56% Mobile website 54% Product recommendations 54% Behavioral targeting 54% Bid management 48% Personalization platform 43% Multivariate testing 43% A/B testing Optimization 64% Web analytics Measurement Paid search SEO Audience acquisition 70% 41% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 16. 8. Optimizing digital experienceis currently a top priority
- 17. “Which of thefollowing digital marketing strategies will be your two most important strategies this year?” Optimize the digital customer experience 50% Deliver a consistent and improved customer experience across all channels 36% Optimize marketing spending 36% Grow marketing spending 33% Achieve greater agility with our digital marketing campaigns 24% Improve the effectiveness of our digital marketing technology in generating revenue 22% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 18. 9. Several factorsinterfere with effective marketing technology use
- 19. “What are thetop three factors preventing you from being more effective with your digital marketing technology?” The structure of my organization’s marketing teams 41% Our marketing services partnerships aren’t always aligned with what we want to achieve with our digital marketing technology 41% We lack a well-defined and/or standard digital measurement strategy, so we don’t have a consistent view on the effectiveness of our digital marketing tools 32% We struggle to recruit and/or retain relevant digital marketing skill sets 32% Lack of budget is a significant constraining factor 32% Marketing workflows are poorly aligned with development cycles 30% Our technology does not work well together and/or is not integrated 24% Our digital marketing workflows are incomplete and/or ineffective 23% Our digital customer data does not work well together 19% We lack a customer data-driven culture 13% There are gaps in our digital marketing toolkit 12% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
- 20. 10. Building outmobile channel and integrating technology is in the top three priorities
- 21. “What will yourorganization’s top three digital technology projects be in the year ahead?” Build out our mobile channel (apps, mobile Web, etc.) capabilities 53% Integrate digital marketing technology 46% Build out social channel capabilities 44% Build out strategic digital marketing services partnerships 43% Rationalize existing digital marketing technology 39% Rationalize existing marketing services partnerships 31% Reorganize digital, marketing, and analytics teams to better support joined-up digital marketing 31% Integrate customer data 13% Base: 185 digital marketing decision-makers from the US and the UK Source: A commissioned study conducted by Forrester Consulting on behalf of Qubit, August 2013
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