This is a roll-up of all Forrester blogs written for Marketing & Strategy Professionals. Role-specific blogs are listed below. Visit Forrester.com to learn how we make Marketing & Strategy Professionals successful every day.
Today marks the first 90 days for me as Principal Analyst within the eBusiness and Channel Strategy role at Forrester, and I could not be happier with my decision to join this great team and organization. Along with working with extremely smart industry analysts in both business and technology roles, I have the opportunity to help participate in the growth and evolution of eBusiness leaders throughout the world. The benefits of being a Forrester analyst typically don’t involve complimentary champagne and caviar, but they do involve realizing a tremendous amount of enjoyment from helping eBusiness leaders and their companies succeed. Here’s how I’m adding value:
Gaining and providing insight by perpetually studying the business landscape. The role of an Analyst at Forrester is akin to attending your favorite college class, minus the exams and tuition expense. I’m rewarded for being curious and for having a point of view. This aspect of my role is very satisfying as I'm able to apply this insight and help our clients solve real problems.
Helping businesses solve issues through Inquiry calls. These client engagements allow me to provide tactical guidance and help solve urgent challenges. I’m often pulling from my experience running eBusinesses as well as leveraging the knowledge I’ve learned from my peers. Our clients love our Inquiry process because they get answers fast. These meetings often lead to stronger working relationships, allowing me to become a trusted adviser with our clients.
Today, social media is part of nearly every marketer's strategy: More than 90% of the marketers we survey are already using social tactics.
But the sobering reality is that nearly a decade into the era of social media, more social marketers are failing than succeeding. Why? Because of a problem we call “social exceptionalism.” Rather than regarding social media as just another marketing channel, marketers act as if social is somehow unique:
Some treat social media as an island. Too many marketers never connect social to the rest of their marketing programs. But social messages that don't match the rest of your marketing program are unlikely to contribute much value.
Others ask social to carry the weight of the world. No matter how social your audience, no one channel can shoulder the load of an entire marketing program on its own — as many marketers ask social to do. Successful marketing always relies on finding the right mix of platforms and tactics.
Most use unproven metrics to track performance. Marketers have moved past tracking only fans and followers — but few have gotten much further. Too many measure recently invented metrics like "engagement," and too few track the brand impact or conversion rate of social programs.
My new report, Convergence Disrupts Europe's TV Ad Market, looks at the fascinating landscape of TV advertising in Europe. The bottom line: disruption is coming that will make established TV buying strategies and practices ineffective. Marketers need to understand this change, and over the next three to five years, adopt new tools and strategies in order to achieve the reach and results they want from their video advertising.
While each country has unique attributes that both drive and hold back this evolution, five trends are unmistakable across the region:
On-demand viewing -- While on-demand is a small percentage of viewing time now, consumers are embracing the ability to catch up on missed favorite programs or discover other content on streaming services like LoveFilms. Younger viewers especially flock to these new viewing options and make up an increasing percentage of the classic 18 to 44 age demographic.
TV anywhere -- As relates to on-demand viewing, consumers find they're not always in their living room when they want to catch up on their favorite show. Programmers, networks, and distributors are all offering apps and services to make viewing on tablets, smartphones, and computers easy.
Original online professional content -- YouTube isn't just cat videos anymore. There is an explosion of high-quality professional content that won't ever be broadcast. I'll be watching these experiments closely to see how well they engage viewers.
Addressable advertising -- The dream of delivering different video ads to different viewers to match their interests is a marketer's dream. Long talked about -- and long delayed -- we will see the first broad market implementations this fall.
Like it or not, the success of your customer experience initiatives depends on business technology.
That’s because the quality of customer interactions with your brand results from a complex system of interdependent people, processes, policies, and technology that we call the “customer experience ecosystem.” And just like a natural ecosystem, when your CX ecosystem gets out of balance, every part of it suffers — especially your customers.
An increasing number of CIOs, enterprise architects, and application developers get this. That surprises many of the marketers and other business people I talk to on a regular basis. But it shouldn’t: Business technology leaders are ideally placed to see the connective technology tissue needed to create a standout omnichannel customer experience.
To help shed insight into the complex interplay of customer experience and business technology, I recently sat down with Stephen Powers, Forrester vice president and research director serving application development and delivery professionals, to record a podcast. You can hear it in its entirety below (episode 1) or choose topic-sized cuts (episodes 2, 3, and 4).
They commemorate the founding of the Royal Marine Commandos in 1942, and these windswept, bronze statues (almost as cold as the poor trainees were at the time) overlook the glens and lochs where the original commandos trained.
So what’s significant about the commandos in the context of eBusiness? Well, it isn’t that they were uber-cool special forces dudes. It isn’t even that they were pioneers of irregular warfare (i.e. innovators). The concept of Commandos pre-dated World War 2. In fact, in commanding the foundation of the commando units, Sir Winston Churchill took inspiration from his experiences in the Boer War and looked to the raiding tactics of the Boers for a model. So it's not even like us Brits invented the term.
What’s important about the commandos is that they were cross-functional. They were expert at collaborating across organizational boundaries. And in this they were pioneers.
Traditionally, the Army, Royal Navy and RAF were silos. Massive, traditional, centuries old silos who went further than just having incompatible processes and disjointed command structures. In many cases there was outright rivalry between service arms of the kind that would be intolerable in business. Troops fighting in bars. Intelligence actively hoarded by officers. Functional rivalry like nothing you have to deal with in eBusiness (hopefully).
Peter O'Neill here with some observations about cloud computing and channel partners. While cloud computing has been a boon for the tech industry in general, for channel partners the story is different. Channel partners have to deal with shrinking product margins, skills shortages, and new competitor types (including tech vendors themselves!).
And the funny thing is: many vendors still haven’t internalized what predicament their partners are in. How else can you explain Microsoft executives berating their partners that “only 2% of you are in the cloud business” at their recent Worldwide Partner Conference – and then adding insult to injury by suggesting calmly that the partners could host future customer visits in Microsoft Stores, where they can see those MS cloud products (I count the Surface tablet in that list) they cannot even sell!
Forrester Principal Analyst Tim Harmon and myself are discussing these issues almost every day with technology vendors; in fact with B2B vendors in general, because cloud computing is affecting every sector now (including insurance, health care, etc.). Channel partners are changing their business model stripes — in myriad directions, and oftentimes as ungrounded "experiments."
In our new Forrester report, “The Shape-Shifting Tech Industry Channel Ecosystem”, we write about how the successful channel partners of the future will be those that operate under a hybrid business model umbrella, combining on-premises and cloud delivery, and IT and business value.
I talked with several reporters yesterday about AOL's $400 million purchase of online video technology company Adap.TV. A popular question was "Why is a media company buying a technology company?" as if they had no business being combined. The published coverage focused on the value of their technology for programmatic buying and its future application to TV as the digital evolution disrupts today's television advertising industry. Important, but I think misses a more fundamental issue: Content may be king for consumers, but the consumer is king for advertisers. And to deliver consumers to advertisers in the way they want, content companies will need to have strong technology backbones.
AOL has always trumpeted that content is king -- I remember the Bubble 1.0 days (pre AOL Time-Warner, even!) when Ted Leonsis virtually coined this phrase. Even since the Time-Warner split, AOL has continued to pursue the content-centric strategy with the acquisition of The Huffington Post, Tech Crunch, and video syndication firm 5min Media. Until now.
Attendees at Forrester’s Forum For Customer Experience Professionals East in New York saw some great speakers, including Jamie Moldafsky, chief marketing officer at Wells Fargo, John Vanderslice, the global head of luxury and lifestyle brands at Hilton, and Graham Atkinson, the chief marketing officer and chief customer officer at Walgreen.
Interestingly, the speaker with the highest audience rating was Paul Heller, managing director of the retail investor group at Vanguard. Paul spoke about how the firm creates customer loyalty by providing low-cost mutual funds that deliver long-term outperformance, combined with quality service and investor advocacy. At the center of this virtuous cycle: highly engaged employees.
How does Vanguard manage to create a culture that engages employees around providing a great client experience? In this video excerpt of Paul’s speech, he shares the secret: start with “why.”
I published a report based on a Q2 2013 survey that benchmarked marketing innovation culture and indicated that most marketers are still not investing enough to accelerate their innovation efforts. Only 11% indicated that they are currently setting aside budget specifically for marketing innovation programs. Budget is both an indicator of intent and lifeblood for these programs to succeed. Today, Advertising Age published an article based on this report — "Most Brands Aren't Budgeting For Innovation." Below is the article Forrester submitted to Advertising Age.
Only 11% of marketers set aside a specific budget for marketing innovation efforts, and only 9% make marketing innovation a part of every marketer’s budget, according to a recent study of 45 marketing leaders. What’s more is that 95% of these marketers agreed, mostly agreed, or partially agreed that they are achieving positive ROI from their innovation programs. Why the difference? Mastering marketing innovation is getting harder and harder due to the ever-changing customer landscape caused by digital disruption, perpetually connected customers, and shifting customer expectations.
Are marketers in China measuring social media properly? Our data says NO. Marketers, if you are wondering at which stage you are for social media measurement and how you should improve it, the report “Social Media Measurement In China” is right for you.
In the report, we surveyed interactive marketers in China and found that most marketers are still at the early stage of social media measurement.
Social measurement is not new but very challenging. Nearly every social marketer we surveyed is measuring their social efforts. However, most consider effective measurement to be their top challenge in social marketing.
Marketers are measuring the wrong things. Most marketers we surveyed in China say increasing brand favorability is their primary social marketing objective, but most don’t conduct brand-impact surveys to measure it. Instead, the top three metrics that marketers use are number of fans/followers, number of comments, and number of shares.
We state in the report that marketers in China mature through three stages of social measurement:
Stage 1: Measure volume metrics, such as number of fans and number of shares.
Stage 2: Measure engagement, such as participation rate and fan activity.
Stage 3: Measure business success, such as brand awareness and sales contribution.