CMOs: Transforming Marketing into a Growth Engine
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Check out this presentation featuring data from Forrester Research. You'll discover how to deliver optimal customer experiences and drive revenue in the process!
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CMOs: Transforming Marketing into a Growth Engine
- 1. CMOs: Transforming Marketing into a Growth Engine Laura Ramos VP, Principal Analyst Forrester Research @lauraramos Sanjay Dholakia CMO Marketo @sdholakia
- 2. © 2013 Forrester Research, Inc. Reproduction Prohibited 2 Source: April 2015, “Winning In The Age Of The Customer” Forrester report. A new era of competitive advantage
- 3. © 2015 Forrester Research, Inc. Reproduction Prohibited 3 Agenda › What is the age of the customer? › Firms that obsess over customers will win › Four key investment imperatives to become customer-obsessed › Further your customer obsession
- 4. © 2015 Forrester Research, Inc. Reproduction Prohibited 4 Power has shifted from seller to buyer • Your sales people • Google • Your web site • Peers/colleagues • Experts • Your customers • Brand perception • Features/benefits • Brand perception • Features/ benefits • Alternatives • Comparisons • Brand perception • Features/benefits • Alternatives • Comparisons • Reputations • Customer opinions • Prices Sources of information What buyers know in advance Pre-Web Web 1.0 AOC
- 6. © 2015 Forrester Research, Inc. Reproduction Prohibited 6 Obsession requires new approaches
- 7. © 2015 Forrester Research, Inc. Reproduction Prohibited 7 Agenda › What is the age of the customer? › Firms that obsess over customers will win › Four key investment imperatives to become customer-obsessed › Further your customer obsession
- 8. Digital changes consumer behavior Source: Forrester's North American Consumer Technographics Online Benchmark Survey (Part 1), 2014 April 6, 2015, “Winning In The Age Of The Customer” Forrester report. 60% increase in online consumer spending, 2012 to 2014 41% of US adults access data multiple times/day
- 9. © 2015 Forrester Research, Inc. Reproduction Prohibited 9 Marketers fail customer obsession test
- 10. © 2015 Forrester Research, Inc. Reproduction Prohibited 10 Success = deep customer engagement Turn big data into business insights Transform the customer experience Accelerate your digital business Embrace the mobile mind shift Age of the Customer
- 11. © 2015 Forrester Research, Inc. Reproduction Prohibited 11 Agenda › What is the age of the customer? › Firms that obsess over customers will win › Four key investment imperatives to become customer-obsessed › Further your customer obsession
- 12. Big data promises new insights discovery 38% spent more than $10M on data and analytics in 2014 Source: Forrester's Global Business Technographics® Data And Analytics Survey, 2015 65% using predictive analytics to optimize digital experiences
- 13. © 2014 Forrester Research, Inc. Reproduction Prohibited 13 Make actionable customer insight available at every interaction › Clean up the data mess › Evolve analytics from operational to insight › Listen and join online conversations › Capture customer information, and share it › Personalize each interaction to build relationships over time
- 14. © 2014 Forrester Research, Inc. Reproduction Prohibited 14 Caterpillar and Deere prevent issues and help optimize equipment operations From selling tractors to selling units of production
- 15. © 2014 Forrester Research, Inc. Reproduction Prohibited 15 Tesla harnesses insight to create a great customer experience Improving CX by fixing problems before they happen – updating features based on vehicle use.
- 16. © 2014 Forrester Research, Inc. Reproduction Prohibited 16 Key investment requirements Invest more in: ›Database management ›Analytics ›Micro-level segmentation ›Predictive modeling ›Social intelligence Invest less in: ›Broad-based email blasts ›Untargeted, print advertising ›Rear-view research ›In-person focus groups
- 17. © 2015 Forrester Research, Inc. Reproduction Prohibited 17 Great customer experiences pay off Source: Forrester Research and Watermark Consulting
- 18. © 2014 Forrester Research, Inc. Reproduction Prohibited 18 Ensure digital and physical experiences are consistent and reinforcing ›Follow buyer’s digital footprints ›Connect to create unique relationships at scale ›Turn employees into brand ambassadors ›Extend brand experience post-sale
- 19. © 2015 Forrester Research, Inc. Reproduction Prohibited 19 Autodesk: using gamification to engage architects and drive software trials 40% increase in participation in free software trial
- 20. © 2015 Forrester Research, Inc. Reproduction Prohibited 20 Intel: turns employees into advocates Tablet Smart Squad generated 1,800+ social interactions = 13.8 million impressions
- 21. © 2014 Forrester Research, Inc. Reproduction Prohibited 21 Key investment requirements Invest more in: ›Cross-channel interactions ›Employee social training ›B2B communities (create or join) ›Multi-touch campaigns ›Assessment tools Invest less in: ›Service goals based on lowering call volume ›Basic customer satisfaction surveys ›Conventional product collateral and data sheets
- 22. Master mobile moments to embrace the mobile mind shift Only 42% of apps/websites are “mobile first” Source: Forrester World Mobile And Smartphone Adoption Forecast, 2014 to 2019 45% of world will use smartphones by 2019
- 23. © 2014 Forrester Research, Inc. Reproduction Prohibited 23 Embrace the mobile mindshift ›Identify key touchpoints that underpin mobile moments ›Design for quick action and convenience ›Reengineer processes around customer’s context ›Increase sales through online & mobile ›Support the tech needs of an increasingly mobile workforce
- 24. © 2014 Forrester Research, Inc. Reproduction Prohibited 24 Source: USAA mobile app and Forrester report “2014 US Mobile Auto Insurance Functionality Benchmark” USAA makes the most of mobile screens Customers use tablets to recreate and narrate accident details.
- 25. © 2015 Forrester Research, Inc. Reproduction Prohibited 25 Trane: using mobile to help dealers deliver contextual experiences Image source: Trane (www.trane.com) Dealers using TraneMap saw 30% increase in revenue over prior year without the tool. Sales close rates increased from 35% to 65%.
- 26. © 2014 Forrester Research, Inc. Reproduction Prohibited 26 Key investment requirements Invest more in: ›Mobile experiences that deliver immediate value ›Core functionality ›Content and functionality that is relevant to mobile ›Reliability and speed Invest less in: ›Shrink and squeeze experience designs ›One-off apps ›Maintaining traditional “paper and pencil” processes
- 27. Content’s “challenge” in creating engagement 62% executive buyers say content they get from sales is useless *Source: Content Marketing Institute: +Source: Forrester/BMA/OMI May 2014 Global Content Marketing Benchmark Online Survey; Source: Forrester’s Q4 2013 North America And Europe Executive Buyer Insight Online Survey 87% challenged to create content+ 86% marketers use content marketing strategically*
- 28. © 2014 Forrester Research, Inc. Reproduction Prohibited 28 Invest in relevant content, repurpose it for physical or digital use › Publish richer, more tailored content › Develop content strategies geared to online use – and syndicate › Get interactive to spark conversations › Engage buyers in a value-based exchange of ideas and information › Extend content across the buyer’s life- cycle
- 29. © 2015 Forrester Research, Inc. Reproduction Prohibited 29 MorningStar combines physical and digital to boost awareness and sales Source: MorningStar Farms Groundswell award submission http://about.houseparty.com/forrester-groundswell-submission-morningstar-farms/ 27 million “earned” impressions 40 point lifts in advocacy/purchase intent 5.6% sales lift in test markets
- 30. © 2015 Forrester Research, Inc. Reproduction Prohibited 30 Owens-Illinois creates a provocative conversation Source: Owens-Illinois (http://glassislife.com/) Invited to speak at exclusive conferences outside typical market venues. Increased brand valuation.
- 31. © 2014 Forrester Research, Inc. Reproduction Prohibited 31 Key investment requirements Invest more in: ›Inbound content ›Interactive video, digital ›Thought leadership ›Goal-driven social and mobile interactions ›Content that educates, engages Invest less in: ›PR-led social activities ›Campaign-driven ad blitzes ›Paid-only media ›Brand sponsorships ›Mass-market trade events
- 32. © 2015 Forrester Research, Inc. Reproduction Prohibited 32 Agenda › What is the age of the customer? › Firms that obsess over customers will win › Four key investment imperatives to become customer-obsessed › Further your customer obsession
- 33. Further Your Customer Obsession With Engagement Marketing Sanjay Dholakia CMO @sdholakia
- 34. A Transformation in Customer Engagement Mass Marketing Focus on the message Mass Marketing Focus on the message Transactional Marketing Focus on the upfront transactions Transactional Marketing Focus on the upfront transactions Engagement Marketing Focus on long-term relationships Engagement Marketing Focus on long-term relationships
- 35. The New Rules of Engagement
- 37. FIVE PRINCIPLES
- 38. @vidyapc ENGAGEMENT MARKETING Build personalized and lifelong relationships #1 – As Individuals #2 – Based On What They Do #3 – Continuously Over Time #4 – Directed Towards An Outcome #5 – Everywhere They Are
- 39. Engage People:Engage People: As IndividualsAs Individuals #1#1
- 42. Engage People:Engage People: Based on WhatBased on What They DoThey Do #2#2
- 44. Page 44 Engage People:Engage People: Continuously Over TimeContinuously Over Time #3#3 EvaluateEvaluate PurchasePurchase AdoptAdopt GrowGrow
- 47. Page 47 Engage People:Engage People: Directed Towards An OutcomeDirected Towards An Outcome #4#4
- 50. Page 50 #5 Engage People: Everywhere They Are
- 52. Page 52
- 53. ENGAGEMENT MARKETING Build personalized and lifelong relationships #1 – As Individuals #2 – Based On What They Do #3 – Continuously Over Time #4 – Directed Towards An Outcome #5 – Everywhere They Are
- 54. MARKETING FIRST Engagement will be the new basis of competitive advantage.
- 55. Thank You Laura Ramos VP, Principal Analyst Forrester Research @lauraramos Sanjay Dholakia CMO Marketo @sdholakia
Notes de l'éditeur
- Update Logo.
- A 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers
- 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
- https://sites.google.com/a/forrester.com/brand-creative/image-library After taking a recession-driven dip in 2012 and 13 – so almost back to 2011 levels. $533/every three months
- http://www.autoassembly.com/automated-assembly-corporation/rfid/
- Improve CX by fixing before problems happen. Team works together to turn data into action. Insights services let engineers find and test insights. Developers implement insights firmware (create action). Autopilot feature – collision avoidance, automated lane changing.
- Sources: Forrester Research, Watermark Consulting (http://www.watermarkconsult.net/)
- Ensure Digital And Physical Experiences Are Consistent And Reinforcing Matt, please change Figure 2 to reflect this new H2
- https://pixabay.com/en/office-business-businessmen-195960/
- Help Direct And Indirect Channels To Engage More Personally Elevate channel partners that collaborate to deliver customer insights
- See: http://www.forrester.com/The+Business+Impact+Of+Mobile+Engagement/fulltext/-/E-RES86063
- http://www.autoassembly.com/automated-assembly-corporation/rfid/ B2B Content Marketing Benchmarks, Budgets, and Trends—North America
- Invest In Relevant Content; Repurpose It For Physical Or Digital Use
- Hello everybody, it’s real exciting to be here today and share my perspectives with all of you. I know there are a lot of leaders from fast-growth companies and aspiring startups here and I thought I’d share some perspectives and tips on how to connect with your customers in today’s world.
- But, today’s mobile, social, digital world has made this really hard to create this virtuous cycle of customer success. First of all, your buyers are more empowered than ever before. They have 2900 messages per day that are vying for their attention so there is are lots of places that they can get information. And armed with this info, they are forming opinions and drawing conclusions well before they choose to interact with your brand. In fact if you look at some data points, from folks like Forrester, they say that anywhere from 66-90% of a buyers journey is self-directed before they interact with you. When they are interacting with your brand, at every stage of interaction, 87% percent of them demand something that is a meaningful, contextual, relevant experience (based on a recent report from Edelman). Given that there is lots of noise, the customer is self-directing their journey and the customer wants a personal interaction at every point of their journey, it’s now up to marketing, more than any other business function, to become the steward of the customer journey. In the past, sales was empowered and customer service interacted with the customers a lot, but given these trends, marketing is taking the lead, building a bond with customers and becoming the steward of the customer journey. Visual Note: Chevron and movement. Engagement Marketing bigger.
- As Laura said, “Power has shifted from seller to buyer”. Let take an example of buying a car. You see the purple steps as “buyer-driven” vs. the orange steps as “seller-driven.” Just ten years ago, if you bought a car, the you would’ve seen a lot more orange than purple on this slide – sellers has all the power. Today, the information abundance has empowered the buyers and made them self-direct their journeys more than ever before.
- This is what we call engagement marketing. In this age of the customer, there is no room for mass advertising or random acts of marketing.
- As you look to thrive in the Age of the Customer and go from being customer-centric to customer-obsessed, here are the 5 principles of Engagement Marketing that will help you outshine your competition and pass the customer obsession test.
- Rule #1: Marketers need to shift from mass marketing to engaging people an individuals, in a 1:1 way.
- Very quickly let me explain engagement marketing in a little more detail Think about this beach – we all want to be there Each have different point of view Viking river cruises example <CLICK> 3 stories This is possible today with engagement marketing technology
- Not just about what we say, but how and when we say it About individual basis with customers
- Very simple answer – stop spending so much time charting, spend more time listening 2 ears, 1 mouth Truism of building relationships As much about listening to the other person as talking about yourself Listen to what customers are saying and understand the journey they are on Only if we can listen and understand are we able to continue the conversation in a positive way
- New Rule #4 is that marketers need to shift from point in time campaigns to continuous conversations. Campaigns are disconnected puzzle pieces – and therefore never form any kind of cohesive thread or picture – to communications that form a continuous relationship that gets deeper and deeper over time. Traditionally as marketers, we’ve been focused a lot on the transaction – helping close the deal with the customer. But the end of the transaction is the beginning of a long-term relationship with a customer. And brands that win engage people early and engage them over time continously in a personalized way; this is critical in a world where a customer has lots of choice and the switching costs are low.
- We have a way forward Engagement Marketing – big idea, big idea we all better pay attention to Unifies advertising and marketing technology into a single vision for how to change this game and really connect with our customers We can all relate Metaphor is building relationships with other people Build relationships through trust, intimacy B2H Takes time – have to work at building relationships Earn trust/intimacy Whether friendship or romantic, we all understand what this process involves Big idea of engagement marketing is to use technology to allow us to earn trusting intimate and valuable relationships with our customers as people, even at gigantic scale
- Age of the customer: Customers have goals. Marketers should direct them towards those goals.
- The reason this is important is because marketers don’t define customer, journeys, CUSTOMERS DO. Frankly arrogant that you can draw our the behaviors of our customers, and our interactions with them Only customers can determine their journey Marketers need to be with them along the way, over time
- Still need to have emotion Still need to have calls to action Start thinking about taking customers on journeys over time <CLICK> Other key idea, journeys For example, rather than a random ad, we’re all learning to think about this as multi-step process Idea of lead nurturing Journeys over time Reinvented world of marketing <CLICK>next 2 rows Not just about getting people to buy About lifelong relationships Lots of different journeys As marketers think about each destination Each individual at a different point, different place, different step of their own individual journey Seeing marketers figure this all out – Staples example Met their journey marketer Starting to see these words and these new jobs popping up all over <CLICK>To bad news
- Age of the customer: 4 out of 5 of smartphone users check their phones within the first 15 minutes of waking up. 44% of cellphone owners sleep with their phones next to their beds. As average smartphone user, spends 127 minutes a day in apps, has an average of 65 apps installed!! Today’s digitally-empowered buyer is channel-agnostic. This new buyer has become the undisputed controller of her relationship with your brand. Now, more than ever, your customer is in charge.
- It’s not just watches – Fitbits, NEST thermostats, refrigerators, pill bottles, even jet engines Maybe not all of them, maybe not jet engines, but many others are marketing channels So, what’s this mean for our jobs as marketers? We’ve organized our marketing departments around these channels Today we have email marketers, social marketers, web marketers What’s next? Pill bottle marketing team? Thermostat marketing team? Watch marketing team? The internet of things will finally force us to re-think the design of the modern marketing department <CLICK> To good news
- As Laura said “Customer obsession is now your best competitive advantage.” And Engagement will be the new basis of THIS competitive advantage. Hope you’re inspired by our vision of engagement marketing As Marketers, we really do have the keys to the kingdom Together, let’s make it a Marketing First world
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