MarTech + AdTech: An Embarrassment Of Riches

Carlton Doty

A CMO and a CIO walk into a hotel bar (Let’s call them Tom and Dick). After ordering a drink, Tom says, “Dick, I really need to start working with a DMP this year, and I want your help selecting one.” Dick says, “A DMP? My enterprise architecture team is building a near real-time, self-service data management platform. We’ll be done by the end of the year. You’re going to love it in 2017!”  With an absent look on his face, Tom says “A DMP is a piece of AdTech that we can use to quickly target tailored audiences with our ad campaigns. It’s not a back-office data warehouse”.  Dick laughs and says, “Ad campaigns? Didn’t you just buy a campaign management tool from one of those so-called marketing cloud vendors? You know, our CRM system has a campaign module, not to mention an enormous customer database.”  Tom’s response: “You’re not getting it. Cross-Channel Campaign Management is a MarTech tool, not CRM. And a DMP is not a customer database.”  Exasperated, Dick shouts, “What the hell is the difference between MarTech and AdTech anyway!” 

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Introducing The New Insights Service Provider

Jennifer Belissent, Ph.D.

Do you ever feel like you’re facing a moving target?  Whether it’s the latest customer requirements, or how to improve operations, or to retain your best employees, or to price your products, the context in which you are doing business is increasingly dynamic.  And, so are the tools you need to better understand that context?  Everyone is talking about the promise of big data and advanced analytics, but we all know that companies struggle to reach the Holy Grail. 

Data and analytics tools and the skills required to use them are changing faster than ever. Technologies that were university research projects just last year are now part of a wide range of products and services. How can firms keep up with the accelerated pace of innovation? Alas, many cannot. According to Forrester's Q3 2015 Global State Of Strategic Planning, Enterprise Architecture, And PMO Online Survey, 73% of companies understand the business value of data and aspire to be data-driven but just 29% confirm that they are actually turning data into action. Many firms report having mature data management, governance, and analytics practices, but yesterday's skills are not necessarily what they will need tomorrow — or even today.

The same goes for data sources.  We all know that using external data sources enhances the insights from our business intelligence.  But which data and where to get it?

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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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The Data Digest: Is Love In The Air For Your Brand?

Anjali Lai

Valentine’s Day is just around the corner, but for marketing and insights professionals, the love between a customer and a brand should be present all year round. Today, building loyal customer relationships is increasingly challenging; it requires effort, patience, and empathy. “Love at first sight” may be a fairytale and few consumers commit to a brand until death do them part, but those companies that forge deeply emotional bonds and align with consumer values gain a competitive edge.

Therefore, professionals striving to foster customer love must understand consumers holistically by answering questions like “What are consumers naturally most passionate about?” “Where are consumers engaging when not with my brand?” and “How do current lifestyles create opportunities to connect with new customers?”

My latest report, which blends Forrester’s Consumer Technographics® survey, behavioral, qualitative, and social listening data, reveals that US consumers who prioritize their health have a distinct attitude that sparks broader lifestyle choices. “Health-conscious” is not just a descriptor; it is also a driver, as consumer commitment to health stems from a deep need for self-improvement. 

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Advocate Marketing Turns Goodwill Into Valuable Customer Engagement

Laura Ramos

Ah yes, the obligatory customer logo slide. As an analyst you get to see a lot of these. (Too many, perhaps.) Any more, these slides mean less and less.

What matters in the digital world -- what Forrester calls the "Age of the Customer" -- is not how many companies or organizations you serve, but how much they appreciate working with you -- and whether or not they are willing to tell others that they do. 

In B2B marketing, sharing customer logos is one small way of validating that you are an effective supplier of products and services. References are another. So are referred business and a host of other marketing programs aimed at turning customer goodwill into testimonial gold. In this digital age, where information accessibility and service-oriented business models favor buyers, it is essential to market with and through your advocates because:

  • Social opens up a new world of advocacy opportunities. Most B2B marketers and technology suppliers point to social sharing as the primary driver in making advocate marketing more important and effective today.
  • A subscription-centered economy makes retention essential. B2B firms must continue to demonstrate value to customers long after the ink dries on the contract to retain their business. Keeping the relationship fresh and top of mind is a key way to do that.
  • Operationalizing advocate marketing scales outcomes. B2B marketers are investing in advocacy to expand reference programs and encompass other aspects of the customer relationship beyond sales support. For little investment, many are seeing bigger returns.
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Finovate 2016: Automation And Personalization Take Centre Stage

Benjamin Ensor

Finovate came to London again this week and I was lucky enough to attend. Here are my thoughts from the two days:

  • This year’s big theme was robo-advice. Every Finovate seems to have an unofficial, accidental theme with a large group of start-ups clustered around the same disruption, like PFM, mobile payments, small business banking or digital wallets. This year it was robo-advice.
  • Robo advice is starting to look crowded. Each of the new digital investment managers has a distinct story. Scalable Capital offers a sophisticated quantitative, value-at-risk strategy. MeetInvest helps investors mimic the strategies of famous investors like Benjamin Graham or Peter Lynch.* Investify lets investors choose themes that feel right. DriveWealth offers fractional share investing to allow low-cost access to the US markets. SwipeStox makes it easy to follow other investors through an app. Capitali.se converts ideas into trading rules. Europe has many countries and investors are diverse. Even so, the market is starting to seem crowded. Clearly the cost of managing investment portfolios is falling, which should enable firms to break even with fewer assets under management, but the costs of regulatory compliance and marketing to achieve growth have not diminished. Investment performance will sort the unicorns from the donkeys.
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The Gods Of Fintech Are Harsh And Fickle

Oliwia Berdak

Games of buzzword bingo and comparisons of on-stage role-play to 1980s’ pornography acting…today’s comments on Twitter prove that it takes guts to face the sometimes cruel Finovate crowd. But if you want to measure the current beat of banking, wealth management, insurance, and startup hearts, there’s no better place than Finovate. Here are a few reflections on Finovate Europe 2016:

  • Robo-advice is all the rage. Just when blockchain made it into a Dilbert cartoon, it disappeared from the Finovate stage. The only mention of cryptocurrencies was during Ledger’s presentation of its “hardware wallets for decentralised applications” (bitcoins, basically). This is not a bad thing; Forrester advice is to maintain a healthy level of scepticism. Finovate isn’t the place to prove blockchain’s purported capabilities. We’ve also moved away from personal finance management (fondly called PFM), mobile payments, digital wallets. If you want to be in vogue, you now need to pay attention to digitising investment strategies, biometric authentication and contextual engagement. Apart from the international-payments startup Valuto, this year’s Best of Show winners (Capitali.se, DriveWealth, SwipeStox, EyeVerify, IDscan) all fall under the first two themes.
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How Self-Service Research Will Change B2B Marketing

Steve Casey

Greetings! This is week three in my journey as a Forrester analyst serving you, B2B marketing professionals, after nearly as many decades as a practitioner like you. I'd like to start our conversation by sharing an idea I had the opportunity to explore during the interview process for this position.

It was a process I enjoyed tremendously by the way, because it allowed me to connect the dots between several trends I had observed in my most recent role, where I led marketing for a digital engagement platform vendor, and some recent research from Forrester, most notably the Death Of A (B2B) Salesman report that struck such a nerve in the Forrester client base and beyond.

One of the conclusions of that and other Forrester reports that resonated most with me is that B2B buyers now prefer do-it-yourself options for researching products and services prior to purchase. And it’s not even a close call!  The survey conducted for the Death of a Salesman report showed that by a factor of three to one, B2B buyers want to self-educate rather than talk to sales representatives to learn about products and services.

Ironically, we B2B marketers have only ourselves to blame for this dramatic shift. By creating, publishing, and promoting a wealth of content to maximize the results from our SEO, PPC, and marketing automation campaigns, we’ve also made it possible (but not yet easy) for prospects to learn much of what they need to know prior to purchase. This has enabled more than half of all B2B buyers to now develop a set of selection criteria or finalize a list of potential vendors — based on digital content alone — without ever speaking to anyone at those organizations.

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Is Your Omnichannel Fulfillment Program Profitable?

Adam Silverman

In the race to keep up with skyrocketing consumer expectations around omnichannel commerce experiences, many retailers moved quickly to roll out omnichannel fulfillment capabilities without fully understanding the incremental expense of operating these programs. Today, retail executives are beginning to shift their focus towards profitability: moving from implementing to optimizing their omnichannel fulfillment initiatives.

In our new report Build A Profitable Omnichannel Fulfillment Program, we asked a number of eBusiness leaders and industry experts to share the processes, tools, and best practices they used to assemble profitable omnichannel fulfillment programs. Our research indicates that retailers can optimize their omnichannel fulfillment capabilities by:

  • Enabling product visibility and order orchestration. Omnichannel fulfillment initiatives—think endless aisle, ship-from-store, click and collect—are completely dependent on the ability for customers, associates, and retail selling systems to be able to accurately pinpoint the location of every product across the enterprise. Further, having a robust distributed order management system (OMS) can help retailers reduce the cost of fulfilling orders by orchestrating across all stores and distribution centers.
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Loyal Agents Have Big Impact On Insurance Carrier Business

Ellen Carney

Understanding agent attitudes toward their insurance carrier partners is crucial in earning independent agent loyalty—and driving sales.  Why?  Because despite predictions that direct-to-consumer insurance sales would doom the insurance agent, nearly 20 years after the advent of online insurance selling, millions of consumers and small businesses continue to rely on their local insurance agencies. Consider that when it comes to their agents, US consumers:

  • Buy from.  Even after all that money direct insurers spend on TV ads, consumers are still buying from insurance agencies. In a survey of 10,000 online Americans, we found that 84% of home insurance buyers stated that they bought from an agent; 82% did the same for their car insurance, while 57% of life insurance buyers said that they did.
  • Trust in.  When we asked in the same survey about attitudes toward financial services providers, more than 70% of life insurance buyers and about two-thirds of non-life insurance buyers we surveyed agreed with the statement “I completely trust my agent”.  And that trust runs deep for some customers, especially for 25-34 year olds we surveyed.
  • Stick with.   And after buying from an agent, consumers tend to stick with their them We asked US online adults how long they had been buying certain coverage from their agents. The average relationships with their auto, home, and life agencies were 12.9, 12.5, and 16.3 years Consumer steadfastness with an agent is often longer than that loyalty to a spouse:  the average American marriage that ends in divorce lasts eight years.  And no surprise, the tenure with direct insurers is much shorter than that with agent-centric insurers.   
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