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Rethinking the Role of Marketing

  1. Ian Michiels Principal Analyst & CEO Gleanster Research Featured Speakers: WEBINAR Rethinking the Role of Marketing An innovative look at the evolving link between Marketing and the end-to-end customer lifecycle COMPLIMENTS OF: Atri Chatterjee CMO Act-On Software
  2. Rethinking the Role of Marketing in B2B Customer Engagement Key Findings from over 750 Marketers in Midsize B2B Firms Ian Michiels Principal & CEO Gleanster Research
  3. Agenda  Setting the Stage: The Ultimate Hypothesis  The Many Key Findings from the Survey  Practical Recommendations for Marketers
  4. What’s keeping you up at night? Empowered & Educated Buyers Too Many Marketing Channels Sales and Marketing Alignment Lack of Time / Resources / Budget Technology Fragmentation LEADS & OPPORTUNITY CREATION Difficulty with Attribution Improve the Customer Experience Marketing Executive
  5. What’s keeping you up at night? The customer experience is the sum total of all interactions a prospect or customer has with a brand. Marketing Sales Service CustomerExperience Marketing Executive Partners & Affiliates Improve the Customer Experience !?!
  6. A Litany of Nebulous Concepts Customer Relationship Management (CRM) Customer Experience Customer Engagement Customer Lifecycle Customer Journey Who is actually responsible for:
  7. Marketing is the Only Function to Touch All Stages Marketing Sales Service
  8. Key Questions to Explore  What is the state of CRM and marketing’s role in CRM?  How do marketers perceive their role in managing the customer lifecycle?  What are the major challenges with managing customer engagement?  Benchmark best practices and tactics used TODAY
  9. Key Finding  Given what we know Top Performers are doing, it’s time to re-think the role of marketing in customer lifecycle engagement.  Ramifications on:  Measurement & Attribution  Technology  Compensation  Strategy & Tactics  REVENUE!
  10. Survey Demographics
  11. All results are biased by marketers perceptions. Performance data is self-reported and anonymous.
  12. Identifying Top Performers Apply filters to the data and analyze how a subset of companies answered specific questions. AVERAGE B2B FIRM  B2B  50-1000 Employees  All others excluding Top Performers TOP PERFORMERS Top 2%  B2B  50-1000 Employees  Beat 2013 Revenue Objectives  “Very Effective” at managing end- to-end marketing lifecycle  Estimate >90% of customers are happy Only 2% of respondents (15) companies did a “good” job at customer lifecycle engagement in marketing!?!
  13. Here’s how the story unfolds: 1. What is the current state of affairs in customer lifecycle engagement? 2. What does customer lifecycle success look like? 3. What can we learn from these findings?
  14. Marketers don’t feel like they are “primarily responsible” for managing the customer lifecycle.
  15. Breaking the Customer Lifecycle into Stages Marketing Marketing / Sales Service Sales According to marketers – who is the primary owner?
  16. What do CMOs think? 56% 51% 79% 0% 50% 100% Expansion Retention Awareness / Acqusition CMO (n=56) Percentage of CMOs who believe marketing holds primary responsibility for [x] activity? * Multiple answers allowed
  17. Should Marketing Own CRM? Scratch that… how do marketers define CRM?
  18. How much time, effort, and budget are allocated to different stages? The average annual marketing spend - $1.3M. 11% 10% 14% 19% 18% 16% 7% 4% 3% <$50k $50k - $75k $75k - $100k $101k - $500k $500k - $1M $1M - $2M $2M – $5M $5M - $10M > $10M
  19. Marketers generally feel like they are effective at end-to-end customer engagement.
  20. Marketers are Generally Confident – But is it Justified Are You Effective At Managing The End-to-end Customer Experience? 37% 50% 13% Very Effective Effective Not Effective 56% 44% Very Effective Effective AVERAGE TOP PERFORMERS
  21. Top Performers allocate more time and effort on retention and expansion. Top Performers spend more on awareness and up-selling.
  22. How much time, effort, and budget are allocated to different stages? Average Companies spend Effort acquiring new customers: Average companies spend 67% Top Performers spend 52% Average Companies spend Budget acquiring new customers: Average companies spend 54% Top Performers spend 46%
  23. Why Marketers Should Focus on Retention? 1. Finite products and services = Finite campaigns 2. You can automate campaigns with behavioral data to up-sell to existing customers 3. Attribution to real revenue!
  24. What’s the difference between Top Performers and Average Firms?
  25. What’s the difference between Top Performers and Average Firms?
  26. Top challenges remain virtually the same as they did 10 years ago. Themes: People, Process, Technology
  27. What are the top challenges that cause you to struggle with current marketing objectives? 58% 60% 73% 80% 83% 90% 95% Our processes are inefficient We don't collect the right customer data Internal skills and expertise Limitations with current technologies Fragmented marketing systems Marketing alignment with sales Access to existing customer data All Respondents
  28. Deeper Dive on People Challenges 39% 55% 48% 48% 50% 25% 28% 36% 41% 92% Internal skills and expertise No accountability for process improvement Leadership doesn't value emerging B2B tactics Marketing and sales collaboration Hiring skilled resources Top Performers Average
  29. Deeper Dive on Process Challenges 71% 82% 59% 30% 39% 50% Lack of process improvement Decisions not metric based Legacy processes part of culture Top Performers Average
  30. Deeper Dive on Technology Challenges 84% 83% 59%41% 92% 56% Configuring campaigns Multiple systems manage separate channels Marketing & sales technology doesn't integrate Top Performers Average    
  31. 90% of B2B firms still measure marketing on inquiries and marketing qualified leads (Acquisition Metrics).
  32. You can’t manage the customer lifecycle or make people accountable unless you measure and compensate for the right behavior.
  34. Marketers are in an ideal position to manage and optimize the end-to-end customer lifecycle. Marketers aren’t compensated appropriately for the effort.
  35. Three key findings: 1. Marketing technology is the central conduit for monitoring, measuring, and engaging with customers across the entire customer lifecycle. 2. There is currently a massive misalignment of efforts at average B2B mid-size firms. Nobody is actually accountable for optimizing the holistic customer lifecycle. 3. The customer lifecycle needs a leader.
  36. Managing the customer lifecycle is very difficult with fragmented technologies. B2B companies still rely heavily on legacy technologies like stand-alone email.
  37. What marketing technologies support the customer lifecycle? Top Performers were 20% more likely to use Marketing Automation * All Respondents
  38. Other Marketing Automation Trends in the Research 2010-Present  Marketing automation helps to activate customer data (implicit & explicit) because it unifies fragmented channels.  Top Performers are typically 5-7x more likely to use marketing automation.  Marketing automation allows marketers to automate campaigns that capture more revenue from customers.  Companies report an average of 120% boost in sales-ready leads as a result of MA.  Marketing automation makes CRM more valuable and encourages reps to use CRM.
  39. Top Performers are 2x more likely to use behavioral data to trigger engagement. BUT the vast majority of companies struggle with relevance.
  40. How are companies leveraging personalization? 29% 39% 45% 36% 42% 39% 38% 56% 63% 63% 75% 75% 0% 50% 100% Segmentation with psychographic attributes (interests) Segmentation with demographic attributes (industry, role) Segmentation with purchase history data Personalizing customer campaigns with CRM data Adjust messaging based on prospect behavior Personalizing messaging by stage in the customer lifecycle Top Performers Average
  41. Recommendations
  42. Prioritize Customer Engagement Efforts  Overcome the desire to cast the net wide  Struggling with segmentation in existing marketing tools – use CRM data to isolate trends sales conversions  Identify 1-5 target audiences  Refine content efforts to proven segments  Only 50% of B2B firms had a blog
  43. Move from static campaigns to behavior- based and segmented engagement.  6 out of 10 companies used marketing automation The right tools are not being used effectively  -or- the right tools don’t exist 87% 67% 13% 33% 0% 50% 100% Top Performers Average Yes No
  44. Take a stab at documenting the customer journey – look for potholes
  45. Attribution in Retention Efforts! Marketing Attribution?  10%?  20%?  30%? Sales
  46. Hiring and Retaining Talent 90% of SMB companies that invested in marketing automation did not find it necessary to hire new headcount.
  47. Additional Recommendations  Focus on new customer acquisition AND engagement with existing customers  Partner with an agency to get specialized help & step up your game  Segment and personalize to improve engagement  Marketers need to step up and showcase their impact on the end-to-end customer lifecycle. Make a case for more budget, financial incentives, and attribution.
  48. Summary Findings 1 There is a massive misalignment of efforts and objectives at average B2B mid-size firms. 2 The customer lifecycle needs a leader 3 Marketing technology is key to monitoring, measuring, and engaging with customers across the entire lifecycle
  49. Q&A Ian Michiels Principal & CEO @InsightFanatic