You’re Not An Insights Driven Business - And It Really Hurts

James McCormick

In Forrester’s new report, The Insights-Driven Business, my colleague’s Ted Schadler, Brian Hopkins  and I have identified a predator: the insights-driven business. These businesses are vigorously applying insights to decisions and customer engagements at every opportunity. Their leaders really have a fundamental and emotional understanding of the value of insights to driving their business today -  and for developing its future. They have corporate strategies and cultures that that mean that leveraging data, analytics and insights is easy and is deeply embedded in everything they do. For these firms prioritizing and coordinating investments in data, technology is not a tortuous process of guest-imating ROIs and long procurement cycles.

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The Data Digest: What Pokémon Go Reveals About Evolving Consumers

Anjali Lai

Within 24 hours of its launch, Pokémon Go broke app download records and user numbers began multiplying by the minute. It wasn’t long before mysterious names like “Jigglypuff” and “Squirtle” peppered daily conversation, stampedes of mobile-obsessed gamers became commonplace, and augmented reality approached a tipping point.

The future arrives faster than we think.

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Mobile Search: It's Different

Jennifer Wise

This post is co-authored by Julie A. Ask, VP and principal analyst at Forrester

Mobile search is essential. In fact, according to Forrester’s Mobile Audience Data, Q4 2015, 87% of US smartphone owners rely on browser-based search on mobile devices. And the data reveals that Google’s search engine is the most common path to a mobile site even for well-known brands such as Amazon, Walmart and Kmart.

As a top discovery resource, companies can’t afford to wait any longer to implement a mobile-first search strategies. The biggest seen mistake today? Either lacking a strategy completely, or treating mobile search the same way as desktop search. As Forrester Research’s Dr. James McQuivey says, “When businesses first adopt a technology, they do old things in new ways. When they internalize a technology, they begin to do new things.” Consumers use mobile phones very differently than they use desktop computers. So must Marketers.

Forrester conducted an in-depth analysis of how consumers use Google search on mobile versus desktop devices to parse-out how consumers use the two devices differently. Today, Forrester finds that consumers purchase a range of categories on their smartphones: insurance, travel, financial services products, and even pet food. For this research we focused on the travel category because consumers are so likely to research and book travel on mobile devices – Forrester’s Mobile Audience Online Survey, Q4 2015 reveals that 29% of mobile users have purchased hotel rooms and 22% an airline ticket on their smartphone.

To build on our Forrester insights, we looked at Google’s data and discovered that when it comes to mobile searching:

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Mobile Search: It’s Different

Julie Ask

This post is co-authored by Jennifer Wise, senior analyst at Forrester

Mobile search is essential. In fact, according to Forrester’s Mobile Audience Data, Q4 2015, 87% of US smartphone owners rely on browser-based search on mobile devices. And the data reveals that Google’s search engine is the most common path to a mobile site even for well-known brands such as Amazon, Walmart and Kmart.

As a top discovery resource, companies can’t afford to wait any longer to implement a mobile-first search strategies. The biggest seen mistake today? Either lacking a strategy completely, or treating mobile search the same way as desktop search. As Forrester Research’s Dr. James McQuivey says, “When businesses first adopt a technology, they do old things in new ways. When they internalize a technology, they begin to do new things.” Consumers use mobile phones very differently than they use desktop computers. So must Marketers.

Forrester conducted an in-depth analysis of how consumers use Google search on mobile versus desktop devices to parse-out how consumers use the two devices differently. Today, Forrester finds that consumers purchase a range of categories on their smartphones: insurance, travel, financial services products, and even pet food. For this research we focused on the travel category because consumers are so likely to research and book travel on mobile devices – Forrester’s Mobile Audience Online Survey, Q4 2015 reveals that 29% of mobile users have purchased hotel rooms and 22% an airline ticket on their smartphone.

To build on our Forrester insights, we looked at Google’s data and discovered that when it comes to mobile searching:

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Counting Down To Forrester's Next-Generation Financial Services Summit Sydney

Zhi-Ying Ng

Despite being geographically far away from the rest of the world, Australia's financial services sector has found its place on the world stage. Australian banks are some of the most innovative in the world. As our 2016 Global Mobile Banking Functionality Benchmark has shown, some Australian banks have overtaken their global counterparts, with Westpac taking the coveted top spot.

The question that I often get asked from Australian digital banking teams is, "so what's next in financial services?"

And I think that's a great question. As uncertain economic conditions, wavering markets, and tight budgets continue to increase the pressure on Australian digital teams to deliver better experiences and increased sales through digital touchpoints, we believe that digital business executives have to drive digital transformation. And this means far more than simply developing a "digital strategy". 

Digital banking executives must make mobile the hub of customer interactions, and not treat mobile as if it were just another channel. They should develop mobile banking as a platform to engage customers. To continue to win and retain mindshare and increase wallet share, the next step digital banking teams must focus on are ways to create new sources of value for their customers, not just meeting their basic needs.

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Three Use Cases Illustrate the Power of Predictive Analytics In B2B Marketing

Allison Snow

There are a number of predictive analytics firms dedicated to helping B2B revenue leaders examine their own successes and losses to inform everything from account selection to next-step action analysis and recommendation.

Last year, Laura Ramos introduced them to us in her report, New Technologies Emerge To Help Unearth Buyer Insight From Mountains Of B2B Data. Laura concluded this report with a recommendation to prepare to take the predictive analytics plunge.

Well, many of you have "taken the plunge," or are about to. Nearly two thirds of marketing decision makers plan to implement or upgrade predictive analytics solutions during the next 12 months. Since I joined Forrester a few months ago, I've spoken to many of you that wonder what lessons early adopters have learned and how to consider predictive marketing analytics in the context of your specific go-to-market strategies and organizational goals.  

In my first Forrester report, What’s Really Possible With Predictive Marketing Right Now, Laura and I collaborated to look more closely at the trends driving predictive marketing and the common attributes among early successes.   

What we found is that three categories of use cases dominate the current landscape, not only laying the foundation for more complex use of predictive marketing analytics, but also supporting the full scope of the customer lifecycle, from net-new prospect identification to account expansion: 

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The US Customer Experience Index for 2016, Part 2: CX Plus Digital Equals Disruption

Rick Parrish

In a previous blog post about the Customer Experience Index for US brands In 2016, Harley Manning contrasted the rising tide of CX quality with the stagnation among top brands.

In this post I'll explore another big finding from our research: CX-fueled digital disruption. In this year's CX Index results we found that:

  • Wireless service providers continue their advance, floating all digital boats. This year we saw an advance by the wireless service providers that help enable digital disruption through their networks: The high, low, and average scores for the industry all went up. Just as telling, seven of the 11 brands in our rankings improved while the remaining four brands' scores stayed the same. This general upward movement pushed the industry into fifth place overall.
  • Over-the-top (OTT) services crush incumbent TV service providers. This year, for the first time, the CX Index includes OTT service providers — companies like Hulu and Netflix that distribute video over the internet through a subscription model instead of through a legacy pay-TV provider. In their debut, even the lowest-scoring OTT service provider beat the highest-scoring cable company. OTT providers' universal superiority signals a huge threat to the revenue streams of traditional subscription TV services.
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Unilever Buys Dollar Shave Club: The End Of The Mass Marketing Era?

Jim Nail

When I read the news of Unilever buying Dollar Shave Club I couldn't help but think of an advisory session I did for a big CPG firm with colleagues Melissa Parrish and Brigitte Majewski a few months ago. One big topic of conversation was how to build a brand today in a media and marketing world that is so fragmented. We had used Dollar Shave Club as an example of how the rules have changed in the post-digital era.

And then I came across this post on the Stratechery blog that analyzes DSC and its disruptive strategy extraordinarily well.

I can't help but read from this the end of the mass marketing era whose rules P&G is rightly famous for codifying and rigorously training its brand managers in. My conclusions from this example include:

The end of product innovation. Really interesting story about how Gillette's 5-blade razor bombed. Basically, products reach a point of development that no further improvement is needed. Or at least the added cost of the innovative product didn't bring commensurate increase in performance to justify it. The model of continuous product innovation hit the wall -- certainly a product strategy driven out of a lab and corporate goal to merely increase price and profits hits the wall. DCS listened to customers and innovated not the product, but the pricing and distribution model to solve a different problem than delivering a "better" shave.

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Join me in Sydney for a Dose of Product & Service Design Thinking in Financial Services, August 4th

Ryan Hart

I started my corporate career in financial services – working for several large, global high street banks in Asia. During my time “in the trenches” of wholesale and mass affluent consumer banking, I watched a number of ambitious and well-intended new product and service ideas rise through the ranks of budget approvals and stakeholder support only to make it to market and then die a slow death on the vine when customer adoption or planned value failed to meet expectations.

Notwithstanding, the ideas were good – many smart people worked on these projects. However, equipped with the clarity of time, I reflect back on some of those projects today and see a common thread between them. Fundamentally, those shipwrecks all shared one thing in common – they were never properly vetted with the customer before they were commercialized.

Today, while financial institutions are getting smarter at collecting quantitative data around channel experiences; the qualitative validation piece, the ethnographic research piece, the co-creation with customers piece is still missing in most organizations. In some cases, it’s only happening at the bleeding edge. While agile methodologies and minimum viable product-quick-to-market thinking has closed the gap on aligning with customer needs and expectations, the industry as a whole would benefit from an injection of human centered product and service design thinking to move the industry’s CX from good to great.

Join us for our inaugural invitation-only Next-Generation Financial Services summit in Sydney on Thursday, August 4 where I will delve into the topic of design thinking for financial services with my presentation, Fix your Products and Services with a Dose of Design Thinking.

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Amazon Has Surpassed Flipkart As Indian Consumers’ Preferred Online Retail Destination

Satish Meena

According to data from Forrester’s Consumer Technographics® Asia Pacific Online Benchmark Survey, 2016, in the past three months Amazon has, for the first time since 2014, surpassed Flipkart as the preferred online retail destination for consumers in India’s metropolitan areas. Amazon’s takeover has been rapid: 30% of respondents in our 2014 survey reported buying from Amazon; this year, 76% said they did. Compare this with Flipkart’s essentially flat growth: from 63% in 2014 to 68% in 2016. Snapdeal remains far behind both Amazon and Flipkart.

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