Leadership In The Age Of The Customer

Victor Milligan

Leading through change requires that right mix of imagination, inspiration, and gritty execution. And we are in a world of change. Empowered customers and the constant and rapid wave of digital innovation are changing market fundamentals. Leaders are now challenged to respond.

I had the pleasure of hosting a discussion with James McQuivey, Carl Doty, and Sam Stern to talk leadership in the age of the customer. Our conversation covered a range of topics from having the wisdom to see the market for what it is versus how we would like the market to act to putting in motion strategic and operational change that is necessary, new, and risky. Here are the five takeaways:

  1. The customer is in motion. Customers rapidly adopt — and rapidly abandon — technologies, services, and brands. That is wonderful and scary thing. It creates new possibilities. But it also redefines the norms for churn where a decision to shift spend is made by a single experience — good or bad. This dynamic can represent a major threat to growth if companies need to absorb 10%+ churn. 
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Marketing With Virtual Reality

JP Gownder

Moonlighting as a contributor to our CMO role's research, I've just published a major new report about how virtual reality will affect marketers, collaborating with Forrester's lead on digital disruption, James McQuivey, PhD.

CMOs and other marketers have four choices when it comes to virtual reality (VR). Most of you should wait and see, because there's no business imperative to invest scarce time and resources in VR this year. But there are three other choices available to digital predators – that is, CMOs at companies that want to shape trends, not follow them:

  1. Crawl – The Coachella music festival went a step beyond providing an event app: they handed out thousands of cardboard VR headsets to attendees. Since festival-goers can't be everywhere at once, they can catch shows that happened on other stages, extending and rounding out the benefits of attendance. They recognized that consumers don't yet own their own VR devices, so they gave them out as part of the experience to deepen engagement.
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European Marketers Are More Likely To Model And Measure Customer-Obsessed Leadership

James McQuivey

It's the age of the customer, and only the leaders who know how to lead their organizations to increased customer obsession will be able to keep up with hyperadoptive consumers. Those consumers already expect to get what they want, when, where, and how they want it. The only question will be who will give it to them? Will it be you?

It's a question I asked today on stage at Forrester's Marketing Europe 2016 forum in London. I shared with them an overview of my recent report, "Leadership In The Age Of The Customer," a months-long project that revealed the five things that customer-obsessed leaders must do. I then asked the attendees to answer five questions. Just more than 40 executives took my short five-question survey, allowing me to compare the marketers in the UK and from across Europe with their counterparts in the US, where I asked the same questions just a few weeks ago. See the chart below to see how they compared.

As you can tell, our UK colleagues are more confident in how effectively they measure customer obsession. That's a tremendous thing. In a few key areas, however, they fall slightly behind, such as in recognizing and rewarding customer obsession in others and especially in providing the resources that are needed to achieve customer obsession. 

What to do next? You can measure yourself in more detail than these five questions — in a survey that still takes fewer than 10 minutes to complete. Just go to http://bit.ly/AoCLeadershipStudy to participate in and learn more about the full study.

Also, sign up for our upcoming webinar, "Adapting Leadership To The Customer-Led Market." See the link below, and click to register. See you there.

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Customer-Obsessed Leaders Do These Five Things: Do You?

James McQuivey

Five years into the age of the customer and it's clear that we're just getting started. More technology is coming — Amazon Echo, anyone? — and that doesn't even begin to touch on the stuff that will hit closer to 2020 and beyond: virtual reality, augmented reality, self-driving cars, and robot assistants.

I'm pleased to introduce my latest report: "Leadership in the Age of the Customer." This project is the result of months of work to update our view of the age of the customer, a 20-year business cycle in which power is shifting from businesses and institutions to end consumers. Technology, information, and connectivity are combining to instill in people a belief that they can have what they want, when, where, and how they want it. 

The key to emerging triumphant through all of this will be customer obsession. Organizations that put the customer at the center of their process, policies, and practices will successfully develop and deliver the experiences that hyperadoptive customers are ready to embrace. That will mean changing the operating model of the organization to be more customer-obsessed. It will also require that executives consciously lead the organization to customer obsession.

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Forrester’s New Breakout Vendor Series: Stay On Top Of Disruptive Technology

Carrie Johnson

Have you heard of Hubba? Coupa? What about APX Labs? Forrester features these technology vendors, alongside 19 others, in our new Breakout Vendor reports. To keep pace with the expectations of digitally empowered customers and clients, firms must stay on top of disruptive and emerging technologies. Keeping up with new providers of potentially game-changing technologies is overwhelming, which is why we're introducing this new Breakout Vendor research. In these reports, we give you insight into the most promising innovations — and the companies behind them — that will accelerate growth in the age of the customer.

Forrester's Breakout Vendor reports provide insight into:

  • Offering: What are the capabilities of the products and the technology?

  • Scenarios: What are the scenarios and environments in which the company excels?

  • Maturity: What is the company's go-to-market approach, channel strategy, and viability?

  • Challenges: What are the potential pitfalls and areas for improvement?

  • Road map: What's next for the business and its products?

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Why More Is More

James McQuivey

"Thank you for coming to this urgent, last-minute meeting today," I say to you and seven of our mutual colleagues. Pointing to a plate of 10 cookies on the table between us, I explain, "We're in luck, though. As a reward for your willingness to squeeze this meeting in, I have managed to sneak some cookies out of the executive meeting next door!"

We all smile, and that look on your face tells me that you already feel better about this meeting than you did just minutes ago. As I drone on about the urgent topic of the meeting, your mind does the math. Counting you and me, there are nine of us. It doesn't take much to figure out that there is at least one cookie for everyone in the room. Your brain signals a salivary response and depending on your current blood sugar levels, possibly a preemptive insulin release from the pancreas.

In other words, you begin to act like that cookie is yours. If I were to survey you at that moment about how appetizing the cookies seem and how much you expect to enjoy yours, you and the others might collectively estimate the cookies at 6.5 on a scale from 1 to 10. Good cookies, to be sure.

That's when a knock is heard at the door and someone enters — a confederate of mine, though you don't know this — who explains that they made a mistake in letting me take the cookies. In fact, the executives ran out of cookies, and they need eight of them back. I apologize, take two cookies from the plate and put them on a napkin for us to keep. My confederate leaves the room with the eight other cookies.

If I survey you now and ask you how appetizing the two cookies left on the table appear, what do you think happens to your estimate? If you guessed that your desire for the cookies goes up, you are in tune with human nature. Indeed, the average score for the cookies will be higher, coming in at more like 7.5, even though the cookies did not change.

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The US Presidential Election Is A Lesson In Adapting To Changing Times

Victor Milligan

It is often said that campaigns work in poetry (beautiful language with lofty ideals), but one governs in prose (the pragmatic workings of the day). If we are in a poetic state, this is one strange poem with little rhyme or reason. 

However, there are common threads that are meaningful that tell us something about not only the election but also the business climate.

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Key Takeaways: 2016 Predictions Webinar

Victor Milligan

The transfer of power from companies to the customer is driving a wide variety of changes: some small and targeted and some that are far-reaching and fundamentally change the trajectory of companies (and careers, I may add).

I had the pleasure of moderating a video webinar last week that explored the customer dynamic, specifically looking at how it will play out in 2016. We also looked at how companies sense and respond to this dynamic change: how well companies are reading the tea leaves and taking action and what actions seem to matter to compete and win in a customer-led market. 

I had a blast moderating this panel with Sharyn Leaver, Michelle Moorehead, and Harley Manning. If you saw it live or on-demand, I hope you had a blast as well and took something away that can make a difference for your company and yourself.

We captured the webinar through a thought-illustration that provides an artistic touch to a great conversation. 

It’s complex, right? There are a lot of moving pieces, big ideas, and really big decisions. So let’s break it down:

Strategic And Operational Pressures Loom . . .  

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Having The Right Team Players Won The Big Game. Do You Have The Right Team To Do The Same?

Sheryl Pattek

Super Bowl 50 is finally behind us. Forget the lackluster commercials — led by the silly puppy monkey baby— and the amazing technology feats that accompanied the NFL experience in downtown San Francisco. What was clear is that Americans are more obsessed with the national pastime of NFL football than ever. The leadup to Super Bowl 50 was like no other, with discussions of how the game has changed and the impact technology will have on the fan experience.

But the game is what most fans, me included, wanted to see. While it may not have been the most exciting Super Bowl of all time, one thing was clear almost from the start: Superstar and 2015 MVP Cam Newton couldn’t win the game on his own. Almost from the beginning, Denver prevailed — not because of the prowess of starting quarterback Peyton Manning, but rather because the Broncos had the right people in the right roles working together as a team to demolish the previously indestructible Carolina Panthers.

 What lessons can CMOs learn from this year’s Super Bowl?

While this may surprise you, your marketing team isn’t much different from the teams in this year’s Super Bowl. You doubtless have superstars who go the extra mile to power the marketing engine and make it succeed. But ask yourself: Do I have the right role players to keep the marketing team humming? Do I know what role players I need and what to look for when hiring them?

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Introducing The Forrester Wave™: Digital Experience Service Providers

Sarah Sikowitz
Coauthored by Anjali Yakkundi
 
“We can improve your digital customer experience with our strategy, design, and technical chops.” Does this pitch sound familiar? Digital agencies, consultancies, and technical services firms are all racing to be your digital customer experience partner. They have merged, acquired, and built new practices to meet the multidisciplinary needs of both technology and marketing leaders. 
 
Anjali and I evaluated this market — the digital experience services market — to find which vendors are best suited to help marketing and technology buyers deliver digital customer experiences. The result was two reports, one written for technology leaders and one written for marketing leaders. In both, we evaluated the top 11 vendors — Accenture Interactive, Deloitte Digital, DigitasLBi, IBM Interactive Experience, Infosys, Isobar, MRM//McCann, Razorfish Global, SapientNitro, VML, and Wipro — and probed into their strategy and customer traction. Our criteria spanned three main areas: 
 
  • Digital customer experience strategic consulting offerings.
  • User experience and design offerings. 
  • Digital experience platform implementation and integration offerings. 
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