When it comes to content marketing, the majority of business-to-business (B2B) marketers we surveyed last month are not as mature as they think.
Roughly half of respondents (52%) are in the early stages of assembling a content strategy and executing against it. We call this early majority "aspiring editors," and while their practices are often inconsistent or not fully embraced across the organization, these marketers are busy laying the foundation upon which to build an editorial point of view that gives their buyers something useful and valuable to read, watch, or interact with.
In a new report, published today (subscription required), we took a closer look at the maturity of content marketing practices among 113 B2B marketing professionals. Half of our respondents hail from companies with 1,000 employees or more, and 41% occupy senior marketing positions including the title of CMO or senior vice president. When compared to peers, most (51%) believe their practices are very mature.
When I interviewed clients for a recent telecom sourcing best practices report, I heard a recurring refrain: “We need to drive down costs.” Both CIOs and sourcing and vendor management (SVM) professionals measure the health of their department with the amount of annual cost savings they can achieve. While this is a laudable metric, over time it can skew SVM pros’ perspectives and cause them to miss an opportunity to provide value to the business in the form of a vital “always-on” service.
SVM pros should:
Accept that cost savings are limited and short-term. Telecommunications is highly regulated in Asia Pacific; local competition is limited and governments own significant stakes in incumbent telcos. While cost savings can be had, they will diminish over the lifespan of a contract. SVM pros must understand how to work with lines of business and suppliers to create more value for the organization.
Focus instead on always-on service availability. Firms must focus on the fundamentals: ensuring that their communications services push toward always-on service availability. Getting the right price for services is important, but SVM pros in Asia Pacific must align business needs to service sourcing and ensure that the service delivers the expected value in terms of availability and quality.
Engender trust with providers with long-term commitments. View service providers as long-term partners; this will take the uncertainty out of the relationship and engender trust. One company was happy to lock in a five-year rental with an equipment supplier, eliminating a source of business risk in a volatile Asian economy. Focusing on long-term contracts gives providers the impetus to serve you well.
But what are the trends, and what are the best practices?
We are hearing from all the pharma stakeholders four stories that are driving the questions that are being asked of the data:
Pharma needs to get away from its focus on molecules and pivot to a holistic view of disease. As per a senior IT manager at a major pharma in a meeting with me last week: "We have to deliver whole solutions, and not just pills."
Pharma needs to understand prescribing behavior in the formulary and in the physician's office better in order to influence it and thus drive sales. As per a senior marketing manager from a meeting recently: "In the old world, we just sprayed and prayed," meaning that the marketing campaigns aimed at the physician did not discriminate as to who that physician was.
Genomic-based drugs are driving changes though the amounts and types of data that the industry must manage.
Too little data, too much data, inaccessible data, reports and dashboard that take too long to produce and often aren’t fit for purpose, analytics tools that can only be used by a handful of trained specialists – the list of complaints about business intelligence (BI) delivery is long, and IT is often seen as part of the problem. At the same time, BI has been a top implementation priority for organizations for a number of years now, as firms clearly recognize the value of data and analytics when it comes to improving decisions and outcomes.
So what can you do to make sure that your BI initiative doesn't end up on the scrap heap of failed projects? Seeking answers to this question isn't unique to BI projects — but there is an added sense of urgency in the BI context, given that BI-related endeavors are typically difficult to get off the ground, and there are horror stories aplenty of big-ticket BI investments that haven’t yielded the desired benefit.
In a recent research project, we set out to discover what sets apart successful BI projects from those that struggle. The best practices we identified may seem obvious, but they are what differentiates those whose BI projects fail to meet business needs (or fail altogether) from those whose projects are successful. Overall, it’s about finding the right balance between business and IT when it comes to responsibilities and tasks – neither party can go it alone. The six key best practices are:
· Put the business into business intelligence.
· Be agile, and aim to deliver self-service.
· Establish a solid foundation for your data as well your BI initiative.
Ten years ago, Forrester published some research with the slightly awkward title of ‘New Payment Systems’ Survival Guide’. One of our findings was that many successful new payment systems have some kind of ‘must-have’ transaction that encourages customers to go through the hassle of learning how to use a new system in the first place. Good examples of ‘must-have’ transactions include eBay’s auctions for PayPal, travel to work for Transport for London’s Oyster, and online shopping for iDeal.
Ever since, I’ve been seeking the ‘must-have’ transaction that will spark consumer adoption of mobile payments in developed economies. But what if there isn’t one? (And, after 10 years, it’s probably time to admit that there isn’t). The answer is to focus relentlessly on both lowering the barriers to mobile payment by making it as easy as possible for customers to use a new system and to increase the benefits by maximizing the number of ways and places customers can use a system.
When we look at our Technographics data on mobile banking adoption by bank, it’s clear that some banks are doing much better than others. Why?
Some banks are lucky. Some banks have distinctive brands or propositions that have earned them a customer base that is younger, better educated and higher income than the population as a whole. These customers are more likely to own smartphones, more like to use the mobile Internet, and more likely to be technology optimists. That makes them pre-disposed towards using mobile banking and so relatively easier to persuade to adopt mobile banking.
Others have just worked hard. The rising tide of mobile Internet adoption is not raising all boats at equal speed. Some banks have persuaded far more of their customers to use mobile banking than others. The secret of their success? The digital banking teams at the most successful banks have worked long and hard to design, build and promote mobile banking services that meet their customers’ needs.
Royal Bank of Canada (RBC) leads all of North America.RBC again took the top spot in the 2012 Canadian Bank Digital Sales Rankings, scoring 77 out of a possible 100. It continues to tweak and improve an already good design; the bank started a major redesign in 2009. RBC continues to excel in areas big and small: For example, the firm presents fulfillment options in an easy-to-read format (see screenshot below). In 2012, Royal Bank of Canada improved its navigation, content, and online application functionality, and its score for 2012 reflects that improvement.
Citi and Wells Fargo top the US banks.Citi and Wells Fargo topped Forrester’s 2012 US Bank Digital Sales Rankings by delivering on multiple levels. Both banks combine good usability with exceptional account-opening processes. For example, Wells Fargo uses presentation best practices to make its checking account fees clear to customers and prospects (see screenshot below).
Technology is radically changing the way bank customers interact with their providers, and mobile touchpoints are at the forefront of this change. In the past five years, mobile banking adoption in the US has more than quadrupled, hitting 17% by the end of 2011. This represents a compound annual growth rate (CAGR) of more than 33%.
As such, eBusiness professionals and mobile strategists at banks are in a white-knuckle contest to out-do each other in the mobile space. To evaluate and gauge banks’ mobile offerings, we applied Forrester’s Mobile Banking Functionality Benchmark to the four largest retail banks in the US.
What we found:
Big US banks offer solid, not-yet-splendid, mobile services. We employ 63 individual criteria in our Mobile Banking Functionality Benchmark methodology. The combination of weightings and scores for the criteria generates an overall score based on a 100-point scale. In our inaugural ranking, the four largest US banks posted an average score of 63 out of 100 – above our minimum standards but far from perfect.
Michael Masterson's book "Ready, Fire, Aim" is one of my favorites. Masterson, a serial entrepreneur who has built dozens of businesses, some to $100 million in revenue and beyond, explains that the biggest determiner between success and failure is how quickly we get going and execute…even if the plan isn't perfect. Spot on!
But, Masterson also takes great care to explain how critical (and often misunderstood) being truly "ready" is, and that "firing" without actually being ready is as bad as if not worse than delaying for perfection. So what do we do? Where do we draw the line when it comes to projects like client virtualization, with hundreds of moving parts, politics galore, and very little objective, unbiased information available?
Answer: The winners will get going today…now...and will get ready by talking to the people their work will ultimately serve, and learn enough about their needs and the technology and best practices to avoid the mistakes most likely to result in failure -- knowledge that they will acquire in less than 90 days. The fire process starts the moment they make an investment in new people or technology, and the aiming process continues through the life cycle of the service, steadily improving in value, effectiveness, and efficiency.
One of the reasons I enjoy working at Forrester is the unique opportunity to turn data into actionable insights that tech marketers can use to drive more revenue for their companies by increasing the efficiency and effectiveness of their marketing.
Based on this data and our work with clients, five simple but powerful guiding principles have emerged around targeting, marketing vehicles, content strategy, and messaging that all tech marketers can apply. Over the next five weeks, I’ll be sharing them with you via this blog, one per week on Tuesday mornings, starting today.
Guiding Principle Number One: Targeting
We all know that high-consideration technology purchases at medium and large enterprises involve multiple stakeholders. However, all too often, marketers and/or sales associate a disproportionate amount of influence to one or two particular influencers; for example, the CIO or line of business (LOB) professional. The reality is that no one influencer has more than 30% of the total power through the purchase process. You must ensure that you are allocating your marketing programs proportionally across all of the appropriate influencers and that you don’t get fixated on simply engaging one or two influencers, thinking that they control all of the necessary power.
So, the next time you are deciding whom to target, remember the 30% rule — it will serve you well.