Unleash Your Digital Business

Nigel Fenwick

In my last post I outlined the research we just finished on digital transformation. Today I'd like to highlight the key takeaways for CIOs.

CIOs are destined to play a pivotal leadership role in the transformation of business to a digital business. The nature of business is changing and, in turn, the technology investment priorities of the past must change. The report - Unleash Your Digital Business - describes the dynamic ecosystems of value that drive customer behaviors and transform the linear value chain into a dynamic network supported by open APIs. CIOs must partner with CMOs to drive the business transformation needed to become a digital business. To survive, your business will need to embrace digital customer experiences within ecosystems of value, and digital operational excellence to drive the agility and innovation required to survive and thrive in the age of the customer.

Digital Is More Than A Bolt-on Strategy

Bolt-on digital is like painting go-fast stripes on a car; it doesn’t change the underlying business. To become a digital business requires fundamental enterprise transformation; something CIOs are accustomed to leading and shaping. The partnership with the CMO must be extended to create operational excellence through digital technology, augmenting customer value with digital products and services and driving rapid innovation across the business.

Dynamic Ecosystems Of Value Drive The Ability To Win Serve and Retain Customers

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The Future Of Business Is Digital

Nigel Fenwick

Your company is likely to face an extinction event in the next 10 years. And while you may see it coming, you may not have enough time to save your company.

Business leaders don't think of digital as central to their business because in the past, it hasn't been. But now your customers, your products, your business operations, and your competitors are fundamentally digital. While 74% of business executives say their company has a digital strategy, only 15% believe that their company has the skills and capabilities to execute on that strategy (see figure). These are just some of the findings from our latest research (Forrester clients click here).

Forrester data on digital readiness

For the past few years, companies have been bolting “digital” onto their existing business like teens paint go-fast stripes onto their cars. “Look, we’re digital” is the message CEOs want to send to investors. But the piecemeal strategy of bolting digital channels or methods onto the business is no longer sufficient. Instead, you must think of your company as part of a dynamic ecosystem of value that connects digital resources inside and outside the company to create value for customers. To do this, you must fully harness digital technologies, both to deliver a superior customer experience and to drive the agility and operational efficiency you need to stay competitive.

Dynamic Ecosystems Of Value

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Sales Enablement And The CEO: Partners To Drive Growth In The Age Of The Customer

Scott Santucci

There sure are a lot of often-quoted factoids/observations about the state of affairs among sales forces. We are hearing and reading how:

  • Fewer salespeople are hitting quota.
  • Buyers are much more knowledgeable before they meet with salespeople.
  • Improving the volume or quality of leads boosts marketers’contribution.
  • Making it easier to access sales information helps.
  • Sales managers are not effectively coaching their sales teams.
  • Lots of spending is dedicated to better equipping sellers.
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The Agency Landscape Is In The Crosshairs — Be The One To Call The Shots

David Cooperstein

The agency world is going through a teething stage, as agencies mature from the cooing softness of being social or mobile specialists, nurtured by large adoptive holding-company parents, and develop into more complex and thoughtful entities. I recently wrote a report (see the blog post about it here) that lays out the ways in which digital agencies, creative and media agencies, and large technology developers will align. Now I am on the hunt for an insightful, analytical, and objective opinion leader to take on the role of establishing, analyzing, and evangelizing the role of agencies as they evolve in this new era.

The role, like other Forrester analyst roles, is one-part analysis, one-part writing, and one-part speaking. The person who fills this slot at Forrester will be able to engage the CMO of a large CPG firm, the CEO of a large agency, and the leadership team of large integration firms, without skipping a beat. You’ll need to be a great writer to get your story clear and distributable and be able to assess the core elements of what makes an agency and a client work well together.

If you like to think deeply, write clearly, and then roll up your story into an executive discussion, send me your resume, or apply here.

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The Post-Digital Agency Landscape Emerges

David Cooperstein
Next month will mark the (gulp) 20th year of my tenure in "digital strategy." I started working on projects back in 1994 using Mozilla, Usenet, and WebCrawler as my guides. The World (its 2006 website is still live at www.std.com) was my ISP. We were still more attentive to CD-ROMs than graphical websites. Hair was still on my head, my dogs were not yet born, and my career was still developing. It was also 20 years ago, in 1994, that the first web design agencies — what became USWeb, Agency.com, and others — started to emerge. 
 
I mention this anniversary, because, like other industries that evolve quickly, the concept of a "digital agency" has become somewhat of an anachronism, if not categorized properly. Specialized agencies that deliver digital capabilities are common, as are the digital or interactive practices within tradition creative, media, and consulting firms. Because of this new and more complicated mix of participants, marketers have shifted their agency relationships to more project based work, at more types of agencies, and with less long term commitment to any one firm. 
 
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It's A Marathon, Not A Sprint: Making The Switch To Customer-Driven Marketing

Corinne Munchbach

Update: The following post was written prior to today's shocking events at the Boston Marathon. All of Forrester sends out thoughts, prayers, and well-wishes to the runners, spectators, and their families affected by this senseless violence. — Cory

Today is just tax day to most of the US, but here in Boston, it's much more likely to be referred to as marathon Monday. Indeed, thousands of runners and wheelchair athletes are currently moving toward the finish line in the 117th running of one of the world's most famous and popular races: the Boston Marathon. For some, the goal is just to finish, while others are out to set personal records. And all have been training with a regimented, well-planned routine for months in anticipation of the big day. Marketers should take a page out of the marathoner's playbook when it comes to making the switch to the customer life cycle, a customer-driven marketing approach that will help your organization succeed in the age of the customer. CMOs in particular have the responsibility of transitioning marketing to a customer-first philosophy, and my latest report, "Evaluate The Completeness Of Your Marketing Effort," will help you get there (subscription required).

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So, You Think You Can Disrupt?

Corinne Munchbach

If you’ve turned on reality television lately (and I’m sorry if you have), you have seen a lot of overconfident folks who think highly of their ability to cook, sing, model, dance -- whatever -- when in actual fact most of them stink. The spectacle of these shows comes from watching to see if these people ever accept the painful gap between their perceived and actual abilities. 

From data we have just published today in a new Forrester report, Assess Your Digital Disruption Readiness Now (client access required), it turns out that digital disruption is like reality TV in at least this one way: There is a significant, even painful, gap between how ready some executives think they are to engage in digital disruption and the actual readiness of the enterprise. 

This disparity rears its ugly head at a crucial time. As Forrester principal analyst James McQuivey has recently written in his book Digital Disruption, digital disruption is about to completely change how companies do business. Digital tools and digital platforms are driving the cost of innovation down to nearly zero, causing at least 10 times as many innovators to rush into your market while operating at one-tenth the cost that you do. Multiply that together and you face 100 times the innovation power you did just a few years ago under old-fashioned disruption (see figure). 

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Which Comes First: Content Marketing Or Thought Leadership?

Laura Ramos

Once upon a time, there was a little marketer with a big problem. Her sales executives said, "We need more leads." So she bought a big new shiny marketing automation engine . . . .

Stop me if you've heard this one before, but I'm sure we all know the end of the story. The marketing engine didn't live up to expectations because data and content didn't come in the box.

More than ever, marketers view content as the fuel needed to run a powerful revenue generation machine. But the debate over the quality of the content created seems to have reached a fevered pitch. Look no further than posts from SAP's Michael Brenner, Marketo's Jon Miller, UK-based Velocity (the slide show here is a riot!), Dr. Liz Alexander, and SHIFT Communication's Christopher Penn to see the backlash against bad content marketing practices grow.

Why now?  I see four key trends converging on business-to-business marketers that drive interest in, and failure with, content marketing:

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Off And Running . . . In The B2B CMO Race

Laura Ramos

"Hello, I'm Laura Ramos, and I write for chief marketing officers."

That's the standard line around here. It'll take a little gettting used to saying it. Heck, I still find myself saying "Xerox" instead of "Forrester" from time to time, but I hope to get out of that habit soon.  
 
Luckily, I won't have to break my habit of thinking and writing about the issues that face large companies that sell highly-considered products and services to other businesses through a direct sales force or channel partners. I've always been a business-to-business (B2B) girl, and I'll stick to that focus here at Forrester.
 
As part of the research team focused on the top marketing role in B2B firms, I plan to lean on my experience in lead-to-revenue management, marketing mix effectiveness, as well as industry and social marketing best practices to help CMOs reimagine and reinvent the role, organizational structure, and skill mix marketing needs to affect the business in this new age of the customer (subscription needed).
 
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Getting Zen about Sales Enablement

Scott Santucci

 

When you put the word “sales” and “enablement” together – it sure can mean a lot of different things – to a lot of different people. 

As the Research Director on Forrester’s Sales Enablement team – it’s a problem I see every day. 

What’s entertaining about this (or aggravating, if you are a sales enablement professional inside a large company) is that not only do many people view those two combined words differently – many of those people are extremely confident their own perspective is the right one.  Given what we publish, the number of presentations we give, all of the cross-functional group settings we run into – you might imagine we’ve heard our fair share of strong opinions.

Here are a few highlights of my favorite “certainties:”

·         Sales enablement is just lipstick on a knowledge management pig.

·         Sales enablement is the new label for sales training.

·         Product marketers have been enabling sellers for years, what’s the big deal?

·         Sales people should be enabling themselves with all of the resources we provide them.

·         Marketing should own sales enablement, because it is clearly a content issue, and the sales force doesn’t have access to good content.

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