In 2010, we entered a new 20-year business cycle where successful companies will be those that better understand and serve increasingly powerful customers. But what happens when government authorities with very specific rules about how companies communicate with customers regulate these interactions?
Wealth management, insurance, and pharmaceuticals come to mind as example industries where marketers and relationship managers feel this oversight most acutely. How do you thrive in the age of the customer when how you interact — and the data you maintain — is controlled by law?
These are questions that I plan to explore next week with marketing and client experience executives from the financial services industry at "The Forward Thinker" sponsored by EarthIntegrate. Thinking through the issues around how to be more customer-obsessed in an industry where every communication could be monitored or audited, I believe that the main challenge is not to stray outside the regulatory guidelines while meeting growing client expectations for responsive, online, anytime, anywhere engagement — all while maintaining the intimacy that high-net-worth investors, for example, expect of their advisor relationships or that insurance members expect of brokers.
For the past two weeks, the Sochi Olympic Winter Games showcased the best athletes in the world competing to win Olympic gold and be recognized as the best in the world. So, what does it really take to be an Olympian? A commitment to understanding the competitive environment to find your edge along with a willingness to put in the hard work to continuously excel above the rest.
Four years between Olympic Games is a lifetime in competitive sports. Yet from time to time, we find success stories such as Apolo Ohno (2002, 2006, 2010), the US women’s hockey team (1998, 2002, 2006, 2010), Dick Button (1948, 1952), and Bonnie Blair (four Olympic Games between 1984 and 1994) staying at the stop of their sport year and after year. How do these Olympians succeed when so many others have tried and failed? These unique stars understand that they must learn, grow, and evolve as the sport they play in changes. Beyond keeping up with the daily physical demands and competitive nature of the competition, they understand that staying at the top and winning requires them to be agile, evolve their skills, and always be looking just ahead of the curve.
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News out today confirms that Sony has indeed sold off its Vaio PC arm, ending 17 years in the personal computer business. And that CEO Kazuo Hirai has also decided to separate the TV division into a standalone unit in order to better heal it. Although he insists for now that Sony has no plans to sell that division, it would be foolish of the company not to consider any good offers. If there are any.
Because really, who would want that business? It has lost nearly $8 billion in the last 10 years and has been rapidly losing share to Samsung and LG and is about to get attacked by Chinese TV makers eager to have more influence in the US and other Western markets. I saw a very impressive offering from Hisense, TCL, and Haier at this year’s CES and expect them to make inroads against the more expensive panels from Sony, Panasonic, and Sharp, all of which have struggled to keep up.
This certainly doesn't mean most marketing is useless, but it's a telling statistic about the divide that separates marketing messages that operate at 30,000 feet from sales conversations that happen at 3 feet — the average distance between a salesperson and a prospect during a sit-down meeting.
In this digital age, it's increasingly important for marketing to play a bigger role in helping sales not just get "your" message in front of a customer, but to make it "their" message — something that the buyer cares enough about to talk to your rep and to do something that upsets the status quo as a result. It's about creating content that can play dual roles: attracting and educating buyers while giving sales a deeper understanding about what's attracting that attention in the first place. To achieve both, marketers have to understand their buyers. Better. Deeply. Obsessively.
Marketers, you are officially on notice: The very idea of brand relationship is going to become irrelevant thanks to digital disruption. If you continue to focus on building a wonderful brand relationship with your customer, you will one day awake to find that someone else has taken your place in your customer’s life — not with a more compelling brand relationship, but with a more compelling digital customer relationship.
Someone out there is building the “ultimate customer relationship,” a type of digital bridge I write about in my most recent Forrester report, "Start to Build Your Ultimate Customer Relationship." That ultimate digital customer relationship is the type of relationship that digital tools and services enable and that digital consumers welcome. They’re happily signing up for anything that tethers them to a source that can give them more of what they want, more easily than before. Even with the supposed threat of privacy all around us, consumers are diving into deep digital relationships with companies or brands that deal with the most sensitive aspects of their lives. Weight-loss app Lose It helps users log personal information such as calories consumed and tell others of their goals, leading to the loss of more than 27 million pounds so far; Square gets consumers to email cash to friends — thus introducing them to Square and inducing them to sign up; and Airbnb has welcomed more than half a million listings of spare rooms and apartments that have been visited by more than 9 million guests. What’s more personal than your weight, your money, and your spare room?
Second only to March Madness (with the latest from Warren Buffet), this is my favorite time of year for sports — conference championship weekend and the run-up to the Super Bowl. While the Patriots fell short this past Sunday and Belichick is far from my favorite coach, I have to admit that his belief that the team must continuously understand the field they play in and adapt their game plan to win hit home for me as lessons that marketers can learn.
While X’s and O’s matter in the NFL game, as I discussed in my “How To Build A Strong B2B Brand“ report (subscription required), for business-to-business (B2B) marketers, maintaining a strong brand with a clear, compelling, and relevant message is the key to meet empowered buyers’ changing needs head-on and win the battle of mindshare and wallet share. As a B2B marketer or sales enablement professional, it’s time to put your brand and go-to-market message front and center — and make sure that it accurately provides value to your customers across all of the stages of the buying journey.
In this research (subscription required), we found that, on average, B2B marketers expect to see budgets increase by 6%, compared with last year. This outlook is cautiously optimistic since 45% of respondents hope to hold budgets flat with 2013 and another 22% expect to see still more decreases. Pressure to hold the line on spending continues as 73% of respondents say they still feel budget pressure. (You can also see AdAge coverage of this survey here. And from CRM.com here.)
But here's the kicker; managing leads to revenue shouldn't end with a signed contract but should continue across the entire customer life cyle. It's about turning leads into long-term loyal customers. After all, a revenue event is a revenue event; it doesn't matter if it happens from engaging with a prospect or with an existing customer.
The madness that is the Consumer Electronics Show (CES) has finally subsided, people are safely home (some never arrived thanks to cancelled flights), and we’ve had sufficient time to read the CES stars and foretell what it means for 2014 and beyond. Condensing this show down to so few points requires omitting some things, even some fun things like Michael Bay’s meltdown and T-Mobile CEO John Legere’s attention-grabbing tactics, but it’s my job to say what it means. So here I go, predicting what will happen in 2014 with three (admittedly long) bullets:
Why do I feel so strongly? Because the business case for lead-to-revenue management delivers credible improvements in marketing program and sales productivity and can no longer be sidelined or ignored.
In research published earlier this month (subscription required), I talked to marketers, technology vendors, and marketing service providers deep into transitioning from competent campaigners to owners of the new customer relationship. Those involved in marketing automation today recognize that these systems not only affect revenue generation efficiency but also deepen the bonds between buyers and the firms that serve them.