It was social’s time, and the living was easy. For years, B2C marketers told us that they didn’t need to make a business case for their social investments because budgets were easy to come by; social was rapidly growing and brands clamored to be present on social networks. But a decade later, executive teams are demanding proof of social ROI. In fact, Forrester received 132 inquiries on the topic of measuring social’s success in the past year alone. Have your answers at the ready. Use a business case to proactively address management’s concerns by mapping how social technologies will usher value into your enterprise. To succeed:
Follow the POST process. You can’t build a business case without first understanding what social tactics will benefit the business. Complete the POST (people, objectives, strategy, and technology) process to determine your strategy and what it will add to your marketing goals.
Outline the costs for the investment. Clients often assume their current organization can absorb social marketing’s investment but are then surprised by costs associated with time from internal teams (like legal and customer service) and agencies who need to contribute strategic thinking, process alignment, and content creation, as well as costs for the technologies that support social efforts.
"At my mid-year marketing summit, when I was pontificating on our transformation to customer obsession, I looked out at the sea of nodding heads and spotted my direct reports each mentally stepping up to the challenge of getting customer-obsessed in their product, industry, channel, and geographic silos. And I realized the problem was not vision, but strategy."
(CMO, global technology vendor)
We know you B2B marketing execs are not in denial. You get that 74% of business buyers conduct more than half of their research online before making an offline purchase — and that 59% of those same business buyers prefer not to interact with a sales rep as their primary source of information. You need to transform from an inside-out (company, product service) perspective to an outside-in (customer, outcome, context) view. Like all transformations, this is brilliant in theory but daunting in practice.
Well, come to the Forrester B2B Marketing Forum on October 18 and 19 in Miami, Florida to learn how to do this.
First, this is my inaugural post since rejoining Forrester Research in May. I’m a boomerang in Forrester parlance — a former employee returning to the company — and it’s been wonderful to immerse myself in the marketing world and reconnect with so many clients, vendors, and colleagues. In the time since my first tour at Forrester, I’ve held several executive roles, spanning global marketing technology, adtech, and SaaS technology. One of the interesting aspects of being a boomerang is bringing my range of experiences back to Forrester, which I believe will make me a better analyst and resource for clients. I am partnering with my colleague Rusty Warner to cover enterprise marketing technology. It’s a big topic! By teaming up, Rusty and I are in a great position to maintain the Enterprise Marketing Technology playbook, extend coverage of marketing technology into new and expanded topics, and work closely with Forrester clients on a global basis. In particular, I’ll be focusing on the future state of marketing and advertising technologies.
Marketers have a great arsenal of tools to drive conversions and now short form video needs to be part of that mix. Invest in it now to differentiate your business. Historically, video has been expensive to produce and manage, but that’s changed. It no longer costs a fortune to produce video content. In fact, some retailers added video production to their existing photography process and they’re using the same equipment. Online video platforms can track the performance of videos across multiple sites--not just your own--and how they influence customers. Because of this, video ranks among the top new initiatives where retailers plan to invest in 2016.
In this post, I’ll explore another big finding from our research: The way an experience makes customers feel has a bigger influence on their loyalty to a brand than the effectiveness or ease of the experience.
CX professionals often think that getting emotion right is simple: Make your customers happy, not angry. However, we find that anger and happiness do not have a very strong influence on customer loyalty. What does?
Making customers feel valued, appreciated, and confident drives loyalty. Consider the hotel industry, which had the largest percentage of customers that reported feeling “valued.” We found that 88% of these “valued” individuals will advocate for the hotel brand, and over three-quarters of them will keep their existing business with the company as well as enrich their relationship.
I am pleased to announce that Forrester Research is commencing a Forrester Wave™ evaluation of the Customer Feedback Management market and collecting data for a separate VoC vendor landscape overview. I will lead the project and the expected publication date is March 2017. For more information about the Forrester Wave process, please read here.
CFM / VoC vendors support companies' enterprise-wide voice of the customer programs by helping a company with all or some of the following: solicit feedback from key customers across channels, centrally collect solicited and unsolicited feedback, analyze structured and unstructured feedback, distribute insights from customer feedback across the organization, close the loop with customers who have given feedback, act on the insights from the feedback, and monitor CX progress continuously.
If you want to be considered for this research, we ask you to fill out a questionnaire. We will use it to determine which vendors to include in the full Forrester Customer Feedback Management WaveTM study and to gather data for a separate "Market Overview Voice Of Customer Vendors" report.
We must receive your responses to our questionnaire by: August 19, 2016, 12 pm (noon) EST. Please send completed surveys to firstname.lastname@example.org. After evaluating the completed inclusion surveys, we will select several vendors to invite to participate in the in-depth Wave research. Note that not all vendors receiving this survey will be included in the Wave. We will notify you of your status after we have completed the vendor selection process.
Thank you and looking forward to hearing from you.
What did we find this year? In 2016, the average US online adult receives an overall score of 40 and fits into our Social Savvies category. Social Savvies consider social tools a part of their everyday lives. On average, US online adults score highly for explore and discover— they use social tools to discover new products and also to explore them when they’re considering their purchases. Compared to last year, US consumers are slightly more social media savvy in 2016: The Social Technographics Score for the average US online adult has increased from 37 in 2015 to 40 in 2016.
Yesterday, Ping Identity announced it has acquired Austin, Texas-based UnboundID. Although the financial terms were not disclosed, Forrester estimates the purchase price in the $50M-$75M range, based on typical M&A SaaS revenue multiples of 6X to 8X and Forrester’s estimation of UnboundID’s annual revenue.
This acquisition is not particularly surprising, as UnboundID and Ping have had a healthy reseller relationship since April 2015, so the purchase merely consummates the existing relationship. It also demonstrates how reselling relationships can help software vendors validate how they complement each other and set the stage for a complete acquisition.
For me, there are three key takeaways from the Ping Identity/UnboundID merger:
1. Customer identity and access management (CIAM) demand is strong and growing. UnboundID’s focus on customer IAM complements Ping’s existing strengths in enterprise IAM and provides further evidence of the strong demand from today’s digital businesses to build compelling, identity-centric digital customer experiences. Forrester has seen a steady increase in the number of CIAM-related inquiries from enterprise clients looking to provide a holistic, omnichannel customer experience that doesn’t compromise on security or privacy. The Ping/UnboundID combination is now positioned to meet that growing demand.
Forrester’s POST methodology for social marketing success dictates four steps:
Often, marketers lead with T, but they need to start with P. The $64,000 question about People is not whether customers use social media, but rather if they want to engage with brands on social media at all, and if so, how. That’s right, the first and most important question is not whether your competitors are on social media or if the latest social network has the coolest ad format; it’s what your customers want from your brand. Marketers need to know this to guide how (or if) they add social to their overall marketing strategy.
Traditional manufacturing businesses must rework the structure and culture of their organization to address rapidly changing client expectations. Bosch is a fascinating example of how a traditional manufacturing firm can successfully transition into a leading digital business. Our discussions with Bosch highlight that:
The shift from selling products to outcomes-as-a-service requires business model change. In order to sell business outcomes, Bosch combines business process expertise with technical know-how and an outside-in approach.
Digital transformation depends on successful cultural transformation. Bosch’s digital transformation is based on a fundamental cultural transformation that takes every Bosch employee and customer along.
Bosch’s software engineering division acts as a catalyst for digital transformation. Bosch believes in a central coordinating role for its software engineering division as part of the digital transformation process.