Small business is booming in the US. The US Small Business Administration declared this week as “National Small Business Week” to promote the role that small business plays in the US economy. Why should insurance companies pay close attention to the needs of small business? For starters, small businesses mean:
Big economic impact. Small business spells substantial opportunity. These small businesses comprise about 49% of private sector employment, and about 43% of private sector payrolls.[i] And as small business grow, that growth translates into the need for more insurance to cover employees, vehicles, and other liabilities.
New revenue streams. With self-driving vehicles tests planned in 30 cities by 2017, there’s trouble ahead for the industry’s cash cow, private passenger auto insurance.[ii] Small business insurance is one revenue stream that insurers can increase to counterbalance premium declines.
Well, the 2016 US presidential race has begun in earnest. Every day a new candidate enters the race on the quest to headline the Republican or Democratic ticket. I am a bit of a political junkie: not because I am a policy wonk, but because I am a marketing wonk. I love (ok, sometimes hate) to watch the unfolding strategies to win the ‘hearts and minds’ of the electorate. What interests me most is the struggle to stay ‘on message’. The candidate wants the dialogue to be about the ‘brand message’: “Don’t Swap Horses When Crossing Streams”, Lincoln, 1864; “Return to Normalcy”, Harding, 1920; “Are you better off than you were 4 years ago”, Reagan, 1980; and, of course, “Yes, We Can” Obama, 2008. But, it’s tough. Political discourse requires a political platform of messages on issues and topics that are targeted to micro-constituencies. Political operatives, surrogates and donors can get it all terribly muddled. And when they inevitably do, the damage control often rises to an art form.
It’s something any B2B marketing exec can relate to. Keeping everybody on message is never an easy task. Despite the hours spent in claustrophobic conference rooms discussing mission and vision and value propositions, key stakeholders just seem to go rogue when communicating in practice: the CEO wings it in press interviews; the SVP of engineering explores the nuances of fascinating, but irrelevant features with a prospective buyer; marketing managers write content that misaligns benefits and customer problems; agencies propose promotional taglines that are slick but won't stick; and sales reps create their own special spiel (and use it faithfully regardless of client context).
Our team was also present at Forrester’s two Marketing Leadership Forums held in New York and London. In addition to giving topic presentations there, we ran a 90-minute consulting workshop for over 100 B2B marketers in New York advising attendees on how to formulate their target personas and potential content for thought leadership programs and providing methodology and tools.
This week, Kim Celestre is presenting to thousands of marketers at the National Automotive Parts Association Expo in Las Vegas (yes, that is also B2B!). In fact, at our last research meeting, we discussed what’s the same across all different B2B industries and what varies. Here are some highlights from that discussion, some of which will appear in future reports. We hear that all B2B marketers feel that:
Digitally empowered buyers are disenfranchising sales (see this report)
To paraphrase the great humorist Mark Twain, rumors of the death of passwords have been greatly exaggerated. While people lament the challenges and problems posed by passwords, they remain a core authentication and security technology.
My colleague Andras Cser and I have been fielding so many client inquiries around passwords that we are undertaking a quantitative, anonymous survey from end user organizations to gauge their current password policies and usage. This online survey asks about your organization’s current password policies and challenge as well as the future role of passwords in your organization. We also are using the survey to gain perspectives on the future of passwords and how other technologies might replace passwords completely.
The survey is completely confidential, but participants who provide contact details will receive a complimentary copy of the report when it’s published later this year.
Last week, I stayed in two different hotels in the greater Atlanta area. One was a Ritz-Carlton, and the other a Marriott.* Hearing those two brand names, you might be tempted to assume that the guest experience at the Ritz was far better than the one at the Marriott. But it wasn’t — at least not for me.
Don’t get me wrong, the Ritz was beautiful. But one aspect of the experience there drove me nuts. Every time that I stepped off the elevator into the lobby I was swarmed by no fewer than three extremely friendly, extremely eager employees. They bombarded me with questions about whether I wanted coffee (which I don’t drink), a donut, help with my luggage, or anything else my heart desired. Now in theory, I love that the staff was so attentive. But they missed a pretty important need of mine — the need for personal space. When I travel for work, I want to be greeted by friendly people. And I want to know that I can easily find an employee if and when I need help. But otherwise, I prefer to be left to my own devices. That’s exactly what I got at the Marriott.
In doing research on why big data is not enough and customer insights teams are disconnected from business operations, Brian Hopkins and I came across three hugely important things happening:
Firms are adopting systems of insight -- insights teams with business, data, and developer skills using an insights-to-execution process and taking advantage of a new insights architecture. This is what our new big idea report is about.
Service providers are building insights practices with reusable technology, reusable insights models (including some with cognitive capabilities), and reusable engagement models for an industry or business function. Deloitte Digital and now IBM specialize in this, but many other service providers are recrafting their analytics practices to jump in.
Once a month, my co-research director and partner in crime, Chris McClean, and I will use our blog to highlight one of the 26 people who collaborate to deliver our team’s research and services and always make Chris and I look really, really good. Each “Analyst Spotlight” includes an informational podcast and an offbeat interview with the analyst. This month’s Analyst Spotlight features our newest analyst, Martin Whitworth. Based in London and bringing experience as a CISO and Head of Security across several industries, Martin will cover the most pressing issues keeping CISOs reaching for another bourbon on the rocks, including security strategy, maturity, skills and staffing, business alignment, and everyone’s favorite pastime, reporting to the board.
Prior to joining Forrester, Martin served as CISO and senior security leader for a number of blue chip organizations, including Coventry Building Society, Steria Group, UK Payments Council, British Energy/EDF Nuclear Generation, and GMAC. In these roles, he developed and executed a variety of security strategies and programs, and he has extensive experience successfully engaging business and board-level stakeholders. He also has considerable experience as a trusted advisor to security leader peers in the public and private sectors internationally, as well as advising standards and regulatory bodies.
Several Forrester analysts attended Huawei’s 12th global analyst summit in Shenzhen recently. This post will focus on the perspective of European CIOs; in our view, they should take note of Huawei due to the firm’s growing strength in the European enterprise segment. For Forrester’s global perspective on the event, please refer to our upcoming report. For European CIOs, the main takeaways of the analyst summit are that Huawei is:
Strengthening its financial performance. Huawei’s enterprise divisions — which the firm just announced in 2011 — impresses with its strong growth rates. Huawei grew its enterprise activities by 27% to $3.1 billion in 2014; two-thirds of that growth came from outside China, with Europe accounting for the largest share of that. Huawei’s goal is to grow its enterprise business to $10 billion by 2019. Outside of China — which still accounts for 38% of Huawei’s revenues — EMEA will continue to play a critical role for Huawei, as it accounts for 35% of revenues. In EMEA, Huawei reported revenue growth of 20%.
Upcoming changes to privacy regulation in the EU as well as rising business awareness that effective data privacy means competitive differentiation in the market makes privacy a business priority today. And this is not only relevant for tech giants: protecting both customer and employee privacy is a business priority for companies of all sizes and across industries.
But where do you start? Many companies start by hiring a chief privacy officer. Some have built brand-new privacy teams that manage privacy for the whole firm, while others prefer a decentralized model where responsibilities are shared across teams. What are the pros and cons of each approach? Which organizational structure would better meet the needs of your firm?
And when your privacy organization is in place, how do you establish smooth collaboration with other teams like marketing and digital, for example? Too often we hear that privacy teams do not have the visibility that they need into the data-driven initiatives happening within the company. When this happens, privacy organizations are less effective and the business risks failing its customers, undermining their expectation for privacy.