September winds bring the spring to Sydney, the official end of the monsoon to Mumbai, more of the same to equator-bound Singapore and Forrester’s CMO-CIO Summits to all three! We are looking forward to bringing together the region’s digital business leaders in Singapore on September 2, Sydney on September 16 and Mumbai on September 22. Themed “Build Your Customer-Obsessed Enterprise”, Forrester’s 2015 Summits will focus on how to strengthen the vitally important CMO-CIO partnership to build a customer-obsessed digital business.
Our agenda will focus on the specific roles and responsibilities of CMOs and CIOs on the digital journey and the collaboration points between them. We will explore how CMOs can drive digital customer experience (DCX) and how CIOs can support their progress by driving digital operational excellence (DOX). Instead of frothy appeals that explain the importance of the CMO-CIO partnership, we will provide specific steps that will enable a roadmap to better teamwork.
Internet of Things (IoT) security is a hot topic among security and risk professionals. It seems as if every "thing" on the market is becoming smarter and more interactive. As the level of IoT device maturity increases so does the level of risk of data and device compromise. The scary thing is that we really have no idea what IoT devices are in our environment let alone the correct way to secure them.
Both IoT product makers and IoT product operators need to understand the security implications of IoT devices. Security in IoT involves product makers rethinking how they create technologies, secure code and hardware, develop new offerings, and ensure the privacy of the data they collect. These areas of security are not typically areas that automobile, manufacturing, and retail technology makers have had to consider in the past. The scale of IoT devices in each vertical is enough to employ a small army of developers who are yet not up to speed on the latest secure code and hardware concepts.
On the other side of the coin, enterprises have the unenviable position of implementing these poorly coded and built technologies. Overwhelming pressure will come from competing enterprises causing an increase in IoT adoption to improve business efficiencies. IoT will become pervasive, and mandatory, throughout every vertical from gas and electric to automotive. The threat landscape in these areas will be immense.
All CEOs strive to increase revenue. It expands market share and pushes stock prices higher.
In our digital age, how do you get it? As it turns out, good customer experience drives revenue growth. Seems obvious, but it took Harley Manning of Forrester months of research to prove it. You can find the report here (summary unless you are a client...)
Harley examined five U.S. B2C markets in which there was a leader and a laggard in Forrester's CX Index. He compared their revenue growth and CX Index levels over a five year period -- 2010 to 2014.
In cable, CX leader AT&T grew 6.2 times faster than laggard Comcast; in airlines, experience leader JetBlue grew 5.5 times faster than laggard United; in the full service investment industry, the leader Edward Jones' revenue grew 2.6 times faster than laggard Morgan Stanley; in the retail industry, customer experience leader Amazon grew 17 times the rate of laggard Wal-Mart.
The old telco business model is breaking up. Telcos are at a crossroads, with one path leading to becoming pure utilities, another to transforming into important members of digital ecosystems, and a third to their complete demise.
Telcos have had years to prepare for this situation, but few have used their time effectively. At this stage, I see few reasons to be optimistic about the prospects for most telcos to recover the ground they’ve lost to other players in the emerging digital ecosystems because:
Consumers care more about apps and devices than connectivity than ever.One main impact of the onslaught on telcos by over-the-top providers like Facebook and handset manufacturers like Apple has been to push telco brands to the back of the consumer’s mind. Consumers care more about which handset and apps they use than which connectivity provider they have. Telco brands just don’t rock as they used to years ago.
Business leaders do not see telcos as the first choice to provide ICT services.Data from Forrester’s Global Business Technographics® Networks And Telecommunications Survey 2015 shows that business and IT users trust systems integrators and independent solution specialists more than telcos with a wide spectrum of voice, data, and managed services. One of the reasons is that business and IT users feel that telcos don’t understand their specific business requirements sufficiently.
Presenting today with Marketo's CMO, Sanjay Dholakia, gave us the opportunity to talk about what CMOs (both B2B and B2C) need to do to transform marketing into a growth engine. Here's a little retrospective on our conversation in case you missed it.
In 2010, Forrester introduced our "age of the customer"(AOTC) research and defined four investment imperatives needed to better win, serve, and retain customers in this digital age.
Marketo focuses here, not just as a marketing technology provider, but as a practitioner as well. They've been talking about Engagement Marketing - the evolution from mass marketing to transactional to customer engagement -- for more than a year, and practicing it for much longer. Now their advice is as easy as ... well ... learning your alphabet.
Forrester's research shows that technological change reduces competitive barriers. Building and sustaining customer relationships is the exception. In some ways, technology actually enhances relationship creation and maintenance. Top firms recognize this and get customer-obsessed to beat their competition. By investing strategy, budget, and energy in the following four areas, they:
Sales organizations, for the last couple of decades, have used sales automation (SFA) to manage account and contact data, sales pipelines, territories and more – all inside-out capabilities that help optimize their productivity, The problem is that today, customers control the conversation that they have with companies. Customers increasingly demand effortless sales interactions that increasingly trend toward self-service. They demand interactions tailored to their particular industry, pain point, and profile. They want streamlined interactions that value their time, such as a simple, efficient quote-to-order process or a contract renewal process.
Today sales organizations struggle to provide sales experiences in-line with customer expectations. They cant:
Support buyers on their terms. Buyers increasingly leverage mobile touchpoints, self-service, and digital channels to interact with companies which sales organizations cannot support.
Get sales representatives to follow consistent processes. Sales managers have sales reps of different calibers, and they must up-level a team’s performance. Also, without a consistent sales process that clearly articulates conditions for the different stages, managers can’t accurately qualify their pipeline. This affects forecasts, valuation, and profitability.
Personalize conversations with stakeholders. Sales reps don’t have near real-time information about their prospect’s company or industry or about a particular stakeholder to make conversations more relevant. They may not understand relationships between stakeholders that are involved in a purchase. They often lack insight about the effectiveness of sales collateral for different stages of the sales journey.
In September, Kelley Mak and I are going to be kicking off our Automated Malware Analysis Wave. During a 3 - 4 month process, we will be evaluating the network based sandboxes of 10-15 vendors. If you would like the opportunity to participate, please contact Kelley Mak (kmak at forrester dot com) and Josh Blackborow (jblackborow at forrester dot com). They can send you the inclusion criteria. Since nearly every security vendor in the market has an AMA solution, not all vendors will be invited to particpate in the Wave. Our inclusion criteria are designed to ensure we evauate the vendors most capable of addressing Forrester's security and risk client base.
Since I first became the research director of the Security & Risk team more than five years ago, security leaders have lamented the difficulty of aligning with the business and demonstrating real business value. Over the years, we’ve written an enormous amount of research about formal processes for aligning with business goals, provided key metrics to present to the board, and developed sophisticated models for estimating security ROI. Yet for many, demonstrating real business value continues to be a significant challenge. If it wasn’t for the 24 hour news cycle and a parade of high profile security breaches, chances are good, that security budgets would have been stagnant the last few years.
Why Read: After bagging impressive early wins, lead-to-revenue management (L2RM) pioneers find it hard to sustain ongoing improvement. Our findings indicate that many B2B marketers launched their L2RM initiative by simply scaling and standardizing their legacy marketing practices. They have not undertaken the fundamental changes needed to transform the lead-to-revenue process to deal with today's digitally empowered buyer. Here’s what many B2B marketers find:
L2RM creates significant organizational stress and disruption. Many L2RM pioneers jumped into L2RM initiatives without a full understanding of the potential disruption. In practice, L2RM exposes siloed marketing, introduces process rigor that frustrates creative marketing minds, taxes marketing bandwidth, exposes skills gaps, and challenges the traditional dynamic between sales and marketing.