Marketing in the Engagement Economy
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A multitude of new technologies and touchpoints has created a sea of change in how and when people interact with each other and with brands. Your customer is more informed, more particular, and more connected than ever before, ushering in a new normal – the Engagement Economy – where companies survive and thrive by delivering meaningful personal experiences. How can marketing lead the way forward, fundamentally shifting the way the brand (and the organization!) interacts with customers? Join Marketo’s Matt Zilli, VP of Product and Segment Marketing, and Forrester’s Shar VanBoskirk, VP and Principal Analyst, to learn: • How businesses can transform themselves into customer-obsessed enterprises • What you need to be a successful business leader, now and beyond 2017 • How an engagement platform can help you fully tap the engagement economy
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Marketing in the Engagement Economy
- 1. Marketing in the Engagement Economy Shar VanBoskirk VP and Principal Analyst Forrester Research, Inc. Matt Zilli VP, Product & Segment Marketing Marketo
- 3. Growing Customer Expectations only consider brands that show they understand and care about ‘me.’ (Wunderman) 79% say the best brands exceed expectations across the entire customer journey. (Wunderman) 64%70% of buying experiences are based on how customers feel they're being understood. (McKinsey)
- 4. Email Web Mobile Social Ads Expanding Customer Touch Points
- 5. More Informed Buyers of buyers conduct research online during the buying process. (Accenture) 94%
- 7. 7© 2016 Forrester Research, Inc. Reproduction Prohibited How has technology changed you?
- 8. 8© 2016 Forrester Research, Inc. Reproduction Prohibited Technology has: Created entitlement. Added stress. Adjusted our values.
- 9. 9© 2016 Forrester Research, Inc. Reproduction Prohibited Source: Forrester’s North American Technographics® Online Benchmark Survey, Q3 2011, Base: 57,751 US online adults 18+ Source: Forrester’s North American Consumer Technographics® Online Benchmark Survey (Part 1), 2015; Base: 61,222 US online adults 18+ We are always addressable 51% 2011 62% 2015
- 10. The expectation that I can get what I want in my immediate context and moments of need.
- 11. © 2015 Forrester Research, Inc. Reproduction Prohibited 11 Decisions create stress “I was slightly stressed out about what to make for dinner this week.” “I feel very stressed, rushed and under pressure at all times to make the best decisions.” “If there had been a resource that could have helped us, it would have relieved some worry.” “I wish I didn't feel so bad about my decision.” “In the past I have rushed choices and then regretted them afterwards, usually after doubting myself at the time.” “I felt tired, dizzy and fed up about having to decide.” “I felt hurried and I wasn't happy that I had quite a few choices.” “I was slightly stressed out about what to make for dinner this week.” “I feel very stressed, rushed and under pressure at all times to make the best decisions.” “If there had been a resource that could have helped us, it would have relieved some worry.” “I wish I didn't feel so bad about my decision.” “In the past I have rushed choices and then regretted them afterwards, usually after doubting myself at the time.” “I felt tired, dizzy and fed up about having to decide.” “I felt hurried and I wasn't happy that I had quite a few choices.”
- 12. © 2015 Forrester Research, Inc. Reproduction Prohibited 12 “When trying to concentrate on a task, an unread email in your inbox can reduce your effective IQ by 10 points.” -Dr. Daniel Levitin Digital makes it worse
- 13. 23% 15%
- 14. 14© 2016 Forrester Research, Inc. Reproduction Prohibited For businesses this means: A need for immediacy. Brand democratization. Data proliferation.
- 15. 15© 2016 Forrester Research, Inc. Reproduction Prohibited
- 16. Technology is smart and cheap
- 17. © 2015 Forrester Research, Inc. Reproduction Prohibited 17 We have entered a different era for business
- 18. 18© 2015 Forrester Research, Inc. Reproduction Prohibited Most businesses aren’t ready
- 19. ENGAGEMENT ECONOMY This new world is the And it’s here today
- 20. ENGAGE each person intelligently LEARN from behaviors + adapt LISTEN across channels + touchpoints
- 22. 22© 2017 Forrester Research, Inc. Reproduction Prohibited Make your customer the center of your total operating model. Forrester calls this: Customer Obsession.
- 23. © 2017 Forrester Research, Inc. Reproduction Prohibited 23 Customer obsessed businesses shift: Customer led Insights driven Fast Connected FROM Customer aware Data rich Perfect Siloed TO
- 24. © 2017 Forrester Research, Inc. Reproduction Prohibited 24 Customer led Insights driven Fast Connected Apply these four operating principles across six levers
- 25. 25© 2017 Forrester Research, Inc. Reproduction Prohibited 31 mentions of the “customer” in letter to shareholders 2 of 5 strategic priorities are customer-focused Training makes customers the center of every role Bank of Montreal puts the customer at the center of its business
- 26. 26© 2017 Forrester Research, Inc. Reproduction Prohibited
- 27. 27© 2016 Forrester Research, Inc. Reproduction Prohibited Marketers: catalyze a post- digital mindset.
- 28. 28© 2016 Forrester Research, Inc. Reproduction Prohibited ∞1 : Pre-digital
- 29. 29© 2016 Forrester Research, Inc. Reproduction Prohibited 1 : 1 Digital
- 30. 30© 2016 Forrester Research, Inc. Reproduction Prohibited 1 : Moment Post-digital Compare car models Find dealers near me Take a test drive Sign the contract Plan my first road trip Order parts
- 31. 31© 2016 Forrester Research, Inc. Reproduction Prohibited Human Helpful Handy
- 32. 32© 2016 Forrester Research, Inc. Reproduction Prohibited Employees become brand ambassadors
- 33. 33© 2016 Forrester Research, Inc. Reproduction Prohibited To summarize: Technology has changed customer behaviors and values. This redefines business requirements and competitive strategy. Work to become customer obsessed Marketing can help with new rules for your brand: Be human, helpful, handy.
- 34. 34© 2016 Forrester Research, Inc. Reproduction Prohibited 4. Lead the change. 2. Manufacture customer moments. 1. Adopt a post-digital mindset. 3. Engage with context.
- 35. 35© 2016 Forrester Research, Inc. Reproduction Prohibited What will you start, stop, and continue doing now?
- 36. MARKETO ENGAGEMENT PLATFORM MARKETO APPS PARTNER APPS AUTOMATION ANALYTICS ADAPTIVE CUSTOMER DATA & IDENTITIES ENGAGEMENT APPS ENGAGEMENT HUB
- 38. Thank you! Shar VanBoskirk VP and Principal Analyst Forrester Research, Inc. Matt Zilli VP, Product & Segment Marketing Marketo
Notes de l'éditeur
- Marketing: we’re trying to do all these things… Build brand Grow revenue and Prove Our Impact These goals are the root cause of everything that keeps us up at night. And why are we awake at night, thinking about our objectives? Because achieving these goals is more challenging than ever before. The relationships between customers and brands has fundamentally changed
- First, expectations have increased… Customers only want to work with brands that care about them. These days, they value experiences more than price, and feel that the best brands are delivering above their expectations across the whole customer journey.
- Brands also have to meet these expectations across expanding customer touchpoints. Email, Web, Mobile, Social, Ads. Customers move freely across these channels expecting you to deliver meaningful, continuous interactions throughout.
- And making the connection end up falling squarely on the Marketer’s shoulders. We’re really the only ones who can reach savvy customers. They’re doing all the leg-work on their own, without your sales team. Without making direct contact. Which means brand has to cultivate demand where sales can’t go. Think about your own experiences… Shar, does this sound like what you’re seeing?
- Customers are entitled, not just empowered. This means that we have excrutiatingly high expectations. And in the healthcare industry….who can blame them? Don’t’ they deserve price transparency? Clarity on benefits coverage vs. out of pocket costs? Simplicity in obtaining the healthcare they need for themselves and their loved ones?
- We refer to our constant connection to the digital world as being always addressable. We’ve conducted a survey in North America for the last several years, that looks at this phenomenon. A positive response in this survey means that you connect to the internet with 3 or more devices, you connect to the internet several times a day, and you use a phone or tablet device when you are away from home or the office. In 2011, just over half of Americans self-reported as being always addressable. Last year, that number rose to nearly two-thirds.
- These moments aren’t unique to mobile. Have you ever had a discussion in your organization about “who owns the customer?”. Well, the truth is, nobody owns the customers, but somebody always owns the moment. That moment could be pre-sale, viewing an ad, using a product, or requesting service. 30 billion mobile moments.
- To understand first hand the psychology of end consumers around decision making, we asked members of Forrester’s Market Research Online Community to tell us about big and small decisions they had made recently. We discovered some very interesting insights. Choosing stressed out our community members. Of about 200 comments in our community, words like “stressed” “worry” “anxiety” or “regret” were mentioned 75 times. They spoke of stress when describing all types of decisions no matter if they were big or little. And some even indicated the stress continued as self doubt after the decision was complete. This is a lot of anxiety…
- …Which digital makes worse Technology-induced multitasking strains your brain. We aren’t wired for multitasking. Neuroscientist Dr. Daniel Levitin explains that “When trying to concentrate on a task, an unread email in your inbox can reduce your effective IQ by 10 points. And creates what technology behaviorist Linda Stone calls this a state of “consistent partial attention,” which increases the stress hormone cortisol, provokes an artificial sense of constant crisis, which in turn compromises the ability to be creative and make decisions. Worse, checking off a decision feeds the brain’s pleasure center. So we prioritize petty choices over important ones to gain a faster sense of accomplishment. The other problem here is that Option overload creates decision fatigue. We now have thousands of choices to make. You are choosing right now to answer the emails coming through on your mobile device, or ignore them and pay attention to me. Processing these decisions consumes the calories we need for deeper thought which leads to decision avoidance, loss of impulse control, and automatic response to decisions based ingrained habits and desires for comfort, not logic. All the while digital is creating stressful distractions for our brains…
- 23 percent of teens reporting being targeted. About 15 percent reported bullying someone online themselves.
- You know that social media gave consumers a place to rant. But now entitled customers can use new applications like Facebook Live to stream live brand interactions. Yep, now every one of your difficult customer interactions can be exposed and subjected to live public commentary. In this example Cenk Uygur (pronounced Jenk You Grrr) from The Young Turks --an online political and social commentary program -- records 4 different videos of his experience in with American Airlines in LAX while waiting on a delayed flight to Miami. The in-airport flight representatives – and their get out of my face gestures -- *become* the American Airlines brand, to the thousands of people watching Uygur’s feed.
- Technology has changed how people - how customers - live, work, and spend. Empowered customers are causing a seismic economic and market shift. They're reshaping industry, creating winners and losers, and forcing businesses to evolve (or perish). Big, consequential decisions and actions loom. Business and technology leaders are charged with reorienting their organizations around the customer in order to win, serve, and retain customers at a time where risks have shifted from being first to being late to market. Forrester works with clients in this critical moment in time to securing their company's future growth.
- This data shows how significantly this has declined from the 60 years average in 1958 Another study of 30,000 public firms in the US over a 50 year span found results equally as stark. Public companies have a 1 in 3 chance of being delisted in the next 5 years. whether because of bankruptcy, liquidation, M&A, or other causes. That’s six times the delisting rate of companies 40 years ago. And the rise in mortality applies regardless of size, age, or sector. Why does the outlook for companies look so bleak?
- In short, DIGITAL DISRUPTION has changed everything. We’re in a new world: the ENGAGEMENT ECONOMY. A moment where everyone and everything is becoming connected. And it’s here today. So how can brands transform so they can play and win in the era of the Engagement Economy?
- To win, you have to deliver personalized and authentic messages at scale. How do you do that? Well, it looks a lot like a conversation. Easy to do if you’re talking about 10 customers, maybe 100. But doing that at scale is a challenge. You have to LISTEN… LEARN… ENGAGE.
- And as Shar just mentioned – a lot of us just aren’t ready to do this. Doing this at enterprise scale: thousands, perhaps millions of people requires complete DIGITAL TRANSFORMATION. Transformation that allows you to have personalized conversations at scale and drive customer lifetime value. And central to that is putting the customer at the epicenter of everything that your organization does. (Transition to Forrester, and their perspective on how you do that.)
- Customer led: Having a market research function which loosely tracks what or how, to studying customer motivations to understand why and using that to drive business decisions across the organization. Leggo Insights driven: Focuses on data intelligence not just data volume. MGM Resorts using interactions with the in-room control console to, 600% increase in breakfast orders by timing breakfast offers to when people set their alarms Fast – launching internal and external efforts iteratively in order to stay in front of market demand and ad just based on market response. At SXSW in 2014, 711 opened up its data to developers over a 12 hour period. This gave them hundreds of apps to consider for use. Connected -- Constellation Brands has a technology innovation team funded in collaboration between marketing, product and IT to identify critical new ways to use technology to improve.
- Operating levers The key here to making design thinking productive is to apply it across all of the fundamental operational pieces of your business. Think of being customer led, insights driven, fast, and connected across your company’s people, process and technology. We’ve broken people, process and technology down even further to allow for more granular analysis. Structure The structure of the organization Culture The shared values and beliefs that drive behavior Processes The ways people work and make decisions Technology The systems and tools that enable processes Talent Hiring, development, and retention practices Metrics The strategic measurements that drive business decisions
- This is what Exotel, a cloud telephony company that helps businesses communicate with customers efficiently over calls and texts, did through its hackathon on machine learning. For a company that claims to power over 3 million customer conversations every day and has processed 1.2 billion calls over the last five years, the challenge was to offer actionable analytics based on customer conversations. It was planning to build a system that could flag the sentiment of conversations as happy, sad, angry and neutral. "We wanted to see how some of the smartest engineering minds would approach this problem," says Shivakumar Ganesan, cofounder of Exotel. Insights driven: Focuses on data intelligence not just data volume. MGM Resorts using interactions with the in-room control console to, 600% increase in breakfast orders by timing breakfast offers to when people set their alarms Fast Connected: Asian communications giant Singtel trains all 800 of its IT professionals through ongoing workshops on how digital technologies can improve customer relationships Cleveland Clinic includes patient experience in its gauge of healthcare quality.
- Change your mindset Post digital marketing doesn’t need more technology, nor a host of new processes. In fact, if you balance the best of all of your previous practices in a way that has never been done before you can throw out what is no longer applicable. To do this you need to think differently about the world, the marketing function, and the role you play at your organization. Let me tell you a story to make this point.
- In a 1:many scenario – the objective is broad reach, building awareness, filling the funnel In the 1:1 scenario – it’s about driving relevance – right message, right person, right time, right place In a 1:moment scenario – marketers must take personalization to the next level. Each customer will have a different context, a different emotional state, different needs, each time they interact. Success requires the best of brand marketing, direct marketing, digital marketing….all rolled into an integrated approach that delvers the brand promise in every moment.
- Digital brought about the craze over personalization and 1:1 marketing. In this world, and for the past 15 years or so, the mantra has been to deliver the right message to the right person in the right place at the right time. I bet the vast majority of you are increasing your digital marketing spend this year. I know that because Forrester forecasts that digital marketing will become a $103B industry by 2019. And by the way, this year digital ad spend will surpass traditional TV for the first time in history. It’s a pivotal moment.
- Human – Of course Annette is a real person, but she also had heart. She responded to my situation with empathy. She joked with me, “my name gets misspelled all the time too, although never anything as bad as, SHART.” Lucky me, Annette. Helpful – she solved the problem! “Let’s take care of this so that you don’t have trouble on any future orders.” She even called me from her cell phone after her shift, to let me know that she’d gotten everything straightened out Handy – she flexed to the context of the situation. She express shipped my roses to me so that I could get them in the ground before the planting window in my geographic zone had passed. Now if you are thinking: this is a lesson for customer service, not marketing. Stop. Post digital marketers think of marketing holistically, not as just advertising. In this instance, isn’t Annette the face of the Jackson & Perkins brand just as those gate agents were for American Airlines in the videos that Cenk Uygur recorded? Your charter as a post digital marketer is to help your brand develop the characteristics that come so naturally to a good sales or service rep like Annette – be human, be helpful, be handy – at scale.
- The Tablet Smart Squad was created to help educate consumers in an effort to simplify their decision making during the purchase experience for tablets. Come again? You know that techy friend you call before you buy any new electronics? Or maybe you have a friend who’s really into cars and your go-to for any automative advice. We wanted to do the same thing, but with tablets. We created the Tablet Smart Squad to give people who were thinking about buying a tablet (and even some who weren’t thinking about it) access to PEOPLE that could help them decide what tablet would work for them. Does that sound fun and cool? Maybe, maybe not. If you keep reading, I’ll guarantee you will think it is!( I apologize that this was written using more than 140 characters, but it’s worth it.) In less than four weeks, the team generated more than 1,800 social interactions, which amplified into 44,693 consumer interactions. The conversations created by these influencers generated 13.8M impressions.
- Wanted to note, many of the things I talk about today will be covered in much greater detail at our marketing industry event, the Marketing Nation Summit, coming up April 23-26 in San Francisco Largest marketing industry event designed for marketers by marketers Featuring Shar’s colleagues, LORI WIZDO and RUSTY WARNER, sharing perspective on customer-obsessed B2B marketing and customer-centric measurement, respectively, among many other incredible speakers across 120 sessions.