Do you have what it takes to be a loyalty legend?

Emily Collins

There are more than a few loyalty-esque proverbs that float around marketing departments and boardrooms everywhere: "repeat customers spend more," "it costs five times more to acquire a customer than to retain a customer,"  "80% of your revenue is driven by 20% of your customer base." If you are reading this blog post, chances are that you have uttered at least one of these phrases at some point in your career. But, if you've ever tried to put your money where your mouth is, you also know that achieving true customer loyalty requires strategic alignment, deliberate planning, and financial and cultural commitments. Loyalty is both behavioral and emotional, and companies that really want to compete for their customers’ loyalty need an evolved approach that extends beyond the program.

To help you understand where your loyalty strategy stacks up, Forrester has developed new self-assessments that examine loyalty from two points of view: the business' and the member's:

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The Enterprise Marketing Software Landscape, 2014 Edition

Corinne Munchbach

Forrester has written about enterprise marketing software (EMS) for almost a decade and in the course of that 10 years, there are a meager two things that have stayed the same: 1) the name and 2) the fact that we're talking about technology marketers use. Beyond that, the EMS space has undergone enough major change to be almost unrecognizable from earlier renditions. To that end, I just published a new/old report called "Let's Revisit The Enterprise Marketing Software Landscape (Again)" that builds on our existing years of research but offers a significant makeover to the categories and how we think about the components of the marketing software technology stack. Where used to put capabilities into four pretty traditional buckets — marketing management, brand management, relationship marketing, and online marketing — now we offer four new buckets, based on our contextual marketing research. The four new categories are interactions, analytics, insights, and automation.

In the report, I lay out what today's contextual marketer needs to do her much more complex job and therefore what she seeks in her technology. I also offer a lay of the land for a space that continues to change radically and rapidly. The report also highlights the core capabilities the vendors in each of the four categories provide today — and some of the areas on which they need to focus to really stand out for marketers. 

Give it a read and then let me know what you think of our categories and how you're sourcing all of these capabilities in your marketing org today. Enjoy!

Ideation and the Art of Conversation

Rusty Warner

This past Friday I had one of the most enjoyable meetings of my professional life.  I had initially been worried about this particular meeting.  After spending 3 nights in Switzerland, I travelled back to the UK, spent 2.5 hours at Heathrow and then caught a flight to Finland, arriving well after midnight.  Knowing that I would only have a few hours’ sleep in Helsinki before heading 100 km north to Lahti for the meeting, I was concerned that travel and tiredness might take their toll.

I needn’t have worried.  Several participants had enjoyed a late night at Lahti’s famous summer retreat, and they were pleased I had made the extra effort to join them.  As we drove up to the log cabin in the woods, I was reminded of my 4-H camping days back in West Virginia.  Though I had spent childhood summers barefoot, I was surprised when asked to remove my shoes for a business meeting.  But, when in Finland… So we added our shoes to the 9 or 10 pairs already by the front door and joined the others in a family-style sitting room.

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Plan, Don't Hope, For Lead-to-Revenue Benefits

Lori Wizdo

Marketing execs forecast a great number of top and bottom line results in order to get the budget to automate the lead-to-revenue process, fuel content marketing, and drive the marketing flywheel for lead production. Unfortunately, benefits don’t always happen according to plan.  In fact, they don’t always happen.   This leaves marketing leaders in a risky situation — no safety net, no assurances, and no soft landing — when it comes to accounting for the return on all that investment. 

That’s the problem I set out to address in the most recent document in Forrester’s Playbook on Lead to Revenue Management.  The report "Plan, Don't Hope, For Lead-To-Revenue Benefits"  (subscription required) gives marketers a framework -- and offers three actionable tools — that can be used together to jumpstart and sustain a benefits realization discipline in your marketing organization:

  1. The L2RM benefits results chain identifies the relationship between benefits. The L2RM results chain make it easy to see the causal relationship between benefits at the tactical execution level (e.g. improve campaign performance) the strategic level (e.g. increase marketing contribution to pipeline) and the business level (e.g. increase profitable revenue). Using a results chain to model your L2RM benefits can take some time, but the end result is an artifact that makes the link between new L2RM initiatives and benefits incandescently clear.
     
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Make the Case for Cross-Channel Attribution

Tina Moffett

By now, we know that attribution is essentially the answer to many marketers’ prayers: more accurate performance metrics, better cross channel insights, and a more informed marketing spend.  While the benefits to attribution are clear,  many CI pros and marketers still need to make the case for attribution.  They need funding, and support from their executives.  In light of this aversion to investing in attribution, the recent business case report, Measure the Impact of Cross-Channel Attribution, will help CI pros build the business case you need to convince executives that implementing cross-channel attribution is definitely worth the time, effort, and money.  As you follow our guide to building the business case, you will cover all necessary bases by laying out the costs and benefits of attribution, while also planning for any possible risks you may run into along the way.

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Perking Up Your Loyalty Program Benefits Is As Easy As A-B-C

Emily Collins

Consumers and marketers don't always see eye to eye when it comes to customer loyalty programs. Consumers tell us they enroll in programs for the points, discounts, and savings, while companies tell us boosting customer engagement is a top goal for their loyalty programs. Sixty-seven percent of consumers consider themselves active in programs they join, yet the marketers who run loyalty programs report that only 16% of customers are active program participants. Regardless of which camp you fall into, one thing is clear: a program is only as strong as the members who participate in it. And, the value exchange a program creates is central to attracting members today and getting them to come back tomorrow, next month, and next year.

But, choosing program benefits can create some anxiety. Marketers need a mix of rewards that satisfies consumers' desire for savings while encouraging deeper engagement, and acknowledging/recognizing customer value. Forrester clients often ask me questions like "What can we offer besides points?," and "How do we make customers feel valued?." The short answer is that there are a lot of options that have varying objectives for the customer:

Table of benefits and customer impact

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What Does Acxiom's $310M LiveRamp Bid Mean For Marketers?

Tina Moffett

On May 14, Acxiom announced its intention to acquire LiveRamp, a "data onboarding service," to the tune of $310 million in cash. Several Forrester analysts (Fatemeh Khatibloo, Susan BidelSri Sridharan, and I) cover these two firms, and what follows is our collective thinking on the impending acquisition after having been briefed by Acxiom's leadership on the matter.

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What Does Acxiom's $310M LiveRamp Bid Mean For Marketers?

Fatemeh Khatibloo

On May 14, Acxiom announced its intention to acquire LiveRamp, a "data onboarding service," to the tune of $310 million in cash. Several Forrester analysts (Tina Moffett, Susan Bidel, Sri Sridharan, and I) cover these two firms, and what follows is our collective thinking on the impending acquisition after having been briefed by Acxiom's leadership on the matter.

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The Forrester Wave™: Web Analytics, Q2 2014 Shows That Web Analytics Is More Important Than Ever

James McCormick

At Forrester we have talked about the fact that digital intelligence has replaced web analytics.  Digital intelligence tackles emerging channels, sophisticated consumers, technical challenges, and the enterprise democratization of digital analytics.  Achieving this requires a technology toolkit which far outstrips the data, analytics and action remit of even the top web analytics tools.  Does that mean we throw away web analytics?  Absolutely not!  Forrester’s most recent research shows that web analytics remains relevant even as digital intelligence strategies mature because top vendors are:

  • Extending the capabilities of their web analytics tools to collect and ingest multiple on and offline data sources and democratizing insights and discovery by improving usability and support of sophisticated data and analytics techniques.  
  • Supporting other processes, systems and tools within the digital intelligence toolkit which provides actionably (e.g testing, behavioral  targeting, etc.) by making web analytics data and insights available to these systems – in real time.

Don’t throw away web analytics; use it as a starting point and cornerstone for your firm’s digital intelligence journey.

Check the recent Forrester Wave™: Web Analytics, Q2 2014 wave report to get further insight as to how enterprise web analytics vendors have advanced their products to support digital intelligence.

New Customer Insights Analyst Covering Marketing Technology

Rusty Warner

If you haven’t kept up with the activity in the marketing technology space – acquisitions, product enhancements, "cloud" wars, et al., then I don’t blame you. The marketing technology landscape is complex, crowded, and confusing. To compete in the age of the customer, enterprises are quickly deploying technology to manage big data, execute contextual marketing, and orchestrate real-time customer interactions.

Whether you are a marketing technology vendor, buyer, or end user, this is an exciting time, and I am thrilled to join Forrester as a principal analyst on the Customer Insights team. I am based in London, and I will cover marketing technology along with my colleague Cory Munchbach. Together we will help Customer Insights (CI) Professionals as they navigate the digital marketing landscape and make marketing technology investment decisions. With a background that includes more than 25 years’ experience in marketing, customer analytics, product management, and product marketing, with both large and small vendors in the marketing technology sector, I am excited about my new role at Forrester and on the CI team.

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