I am probably one of the few individuals who lives in the San Francisco Bay Area and only heads to Los Angeles during Forrester's annual Marketing Leadership Forum. I recently had the opportunity to visit Los Angeles for the second time and, just like last year, did not venture too far from my hotel. I have yet to experience the true LA "scene" or even get a glimpse of an actor, musician or sports star! But the highlight of my annual trip to LA is having the opportunity to completely immerse myself in various discussions with fellow marketers (yes, I still consider myself a marketer at heart!). Who needs to see Ozzy Osbourne'sJessica Simpson's mansion in Beverly Hills when I get to mingle with the real "stars" who are the clients, attendees, vendors and Forrester employees who participate in the Marketing Leadership Forum with such passion?
Engaging with perpetually connected customers is something you can't fake, and when you engage, you create expectations that need to be met. This is one of the key messages Yannick Grecourt, Head of Strategy and Marketing at Deutsche Bank Belgium, shared with me when I talked to him recently in preparation for his speech at our Forrester Forum for Marketing Leaders EMEA.
Q: How does Deutsche Bank Belgium prioritize the most important channels for reaching customers?
A: Confronted with remarks on why other banks were developing new initiatives and we were not, we were forced to share our direction with all the internal divisions explaining the prioritization process. We decided to divide all channels into two categories: the managed and integrated channels, and the ‘non-integrated’ channels, and we used the customer journey to define all possible touch points. For the integrated category, the most important elements are alignment and relevancy, whereas for the non-integrated the judgment call is made based on the impact to the integrated channels.
Q: How do digital channels improve the advisor/client relationship?
A: A key impact of the financial crisis was the increasing involvement of clients in the management of their portfolio. As a consequence, clients were in search of more frequent contact but in a more and more digitalized environment. The development of a new advisory approach included a new online platform that has allowed us to align the tools we provide to our clients with the tools we use internally. As a matter of fact, our clients are sharing the same tools and information as our advisors do. Over time, clients are also getting used to how important/urgent a message is depending on the channel.
I'm still riding a high from Forrester's first ever event in China two weeks ago on March 20th entitled "Winning The Dynamic Digital Consumer In China" (#ForrForum). Approximately 200 marketing, eCommerce, and strategy executives, along with a fantastic cadre of leading agencies and marketing technology vendors, participated in the event. Via myriad content, networking, and business development conversations, it's clear that both the challenges and opportunities to engage, market to, sell to, and serve the Chinese consumer are considerable.
I've spent the last few days reflecting on my key takeaways from the event, and wanted to summarize them for you below.
Here’s one of the biggest trends for off-domain social initiatives that I’m tracking as I kick off a new overview of social tools for B2B marketers: Marketers like you no longer want just the perfect point solution for each new social marketing campaign; instead, they want integrated solutions and are starting to use larger software packages aimed at providing complete digital marketing solutions.
This is welcome news because successful social programs should be part of your comprehensive marketing plans; they can’t exist as their own island. Several years ago, B2B marketing organizations could run their social marketing initiatives in a silo, but today they must coordinate them with their lead origination and lead nurturing programs as well as with other awareness campaigns.
The three leaders in the most recent Forrester Wave™ evaluation of email marketing vendors reflect this change in their products; they all promote their social offerings front and center on their home pages, often with the same prominence as their traditional email offerings. Screenshots of each of those home pages are below.
ExactTarget expanded into social marketing beginning with its acquisition of CoTweet some time ago in March 2010.It now has a “Social Marketing Hub” as a part of its “Interactive Marketing Hub” — email marketing is just one of three product categories on its website, getting equal billing with both social and mobile marketing.
Forrester's global Marketing Technology Adoption survey investigates:
What technologies do marketers currently use, and what do they plan to use?
How much do marketers budget for technology acquisition and operations?
What are the users' top goals for and pain points from marketing technology?
You can use the survey results to:
Provide justification for a business case in your 2013 technology road map.
Compare your spend levels and technology use to those of other marketing professionals.
Spot trends and see best practices to incorporate into your technology strategy.
The survey will close on Friday, August 3, and the completed research report will publish in early September. Once the research publishes, I will also present the findings in a Forrester Webinar and in advisory sessions to interested clients.
If you’re marketing in China, social media offers an enormous opportunity: Chinese online adults are the most socially active among any of the countries we survey worldwide, and a whopping 97% of metropolitan Chinese online adults use social tools. And this isn’t only driven by the younger generations — we find that on average Chinese Internet users ages 55 to 64 are more active in most social behaviors than US Internet users ages 25 to 34.
But a Chinese social media strategy is not that simple to implement, especially for Westerners accustomed to marketing on sites like Facebook, Twitter, and YouTube – none of which operate in this market. So before you take the leap into social media in China, be sure that you:
My Customer Intelligence colleagues and I, like many others, can't help but wonder how Carol Bartz's departure from Yahoo! is going to play out for the digital behemoth. Shar VanBoskirk's post last week summarizes Yahoo!'s current state, and I agree with her assessment that the company's assets are worth far more piecemeal than as a whole. As she points out, Yahoo!'s advertising capabilities are one of its greatest assets.
But from a CI perspective, so is its OpenID-based Yahoo! ID, which enables single sign-on (SSO) functionality for its more than 273mm global email-service users. Now, while a relative minority of those users actually take advantage of Yahoo! ID across the web today, the demand for SSO and federated identity is growing such that Yahoo!'s broad user base and consumer trust is already tremendously valuable.
So, who are the "unusual suspects" that have the most interesting opportunity for acquiring Yahoo!'s personal services/communications/identity management business?
Wal-Mart. Yep, you read it right. Wal-Mart, despite being the world's largest retailer, continues to lose digital market share to Amazon, and it clearly wants to change that. Last month, it restructured its online organization to better align with its brick-and-mortar presence and just this week announced plans to to buy "key assets" of mobile ad targeter OneRiot. Yahoo! ID would give Wal-Mart the single sign-on capability that it doesn't have today, with some nice benefits over Amazon's closed-ecosystem identity service. And Yahoo!'s user base is, demographically speaking, a slightly better fit for Wal-Mart than other major big-box retailers.
By 2016, advertisers will spend $77 billion on interactive marketing – as much as they do on television today. Search marketing, display advertising, mobile marketing, email marketing, and social media will grow to 26%35% of all advertising spend within the next five years.**
What does this growth mean for you?
1) Interactive media has gained legitimacy in the marketing mix. In past forecasts, we found that interactive budgets grew because of marketing experiments, or firms looking for lower-cost alternatives to traditional media. No more. The next five years of growth comes from bigger interactive teams spending sizably to bake emerging media into their strategies for creating rich customer relationships.
2) Search’s share will shrink. Search marketing (paid search and SEO) will continue to own the largest portion of the interactive marketing pie. But its overall share will decline as marketers shift search spend into biddable display investments, mobile marketing, and even social media.
3) Display media will rally. Bolstered by advances in audience targeting and bid-based buying approaches, advertisers will renew their love affair with display media. We expect display investments to grow as marketers apply display instead of search. And niche or remnant inventory sells for higher prices due to demand-driven pricing.
Marketers, how are you getting along with IT these days? It matters more than it used to. The job your company expects you to do is more and more entwined with technology. And so are the people in your target market.
Our research at Forrester shows almost half of US adults say technology is important to them. And the ecosystem of suppliers of marketing-centric technologies and services is ballooning. So whatever your aim as a marketer — whether it’s listening to the market, engaging with potential customers, or measuring the results of those efforts — you can’t do your job without these many technologies of new channels, new services, and new products.
This technology entwinement is especially tight when your company tackles the challenge of mastering the flow of customer data throughout the organization, from inputs across customer touchpoints, to the many ways you subsequently engage those customers. The struggle is not only in how to do this but also in how to do it sustainably: How to remember what data’s been collected, how it’s been used, what the outcomes have been, and on and on.
Where it gets messy is that marketers and IT often sing from different hymnals when it comes to making the most of all the relevant technologies. You’re eager to get to market with exciting new tools for engaging with potential customers, and you’re willing to experiment. But your IT colleagues often seem to be focused above all on cutting costs and avoiding risk — goals that rarely mesh well with what you’re trying to get done as a marketer. Not surprisingly, one marketing exec that Forrester interviewed recently called IT the “Department of No.”
Whereas in the past it may have been possible (even expected!) for marketing and IT to work at arm’s length, it’s not an option anymore.