About 40% of US online adults now have a home theater audio system connected to their TVs, providing a better sound experience than the typical speakers connected to a PC or those built into a boom box. Forrester’s Consumer Technographics® data shows that US consumers who have home theater systems take home entertainment seriously; they have a variety of entertainment devices, including set-top boxes, connected to their TVs.
Several of my recent client engagements have been about the social media skills/resources that will be required in field marketing in the next years. While this is something I am already working on with an empirical survey, that will take more time to complete, so watch this space for those details. Here are my initial thoughts, tested with several tech marketing practitioners already.
Firstly, my stake in the ground — I think Field Marketing’s focus will morph from customer acquisition to relationship management, from demand generation to demand management; it will be all about lead nurturing.
We’ll need to reduce our base of pure marketing professionals (events/marcom people), by automating and semi-centralizing (from country to regional level) marketing campaign management. And we’ll need to increase local resources to engage with local bloggers, communities, prospects, and customers. This will include a mix of hiring expert people (strong consultative sales reps looking for an easier time, experienced support people, current product champion field marketers) and leveraging local journalistic resources. More importantly, we will also need to re-engineer our collateral to a marketing asset library of shorter and more direct, but less hard-selling, pieces that we can leverage into the lead-nurturing programs.
Top rail navigation will go tabular – in response to positive use of the category navigation along the left hand side of Bing, MS is also going to adjust the top rail of the search results to include tabs that will allow for drill down into categories of content related to the user’s search. Left rail and top rail categories will vary according to the search. See below for an example:
Reviewing this year's survey results I was surprised that, while B2B marketers experimented enthusiastically with social networking sites (Facebook, LinkedIn) and microblogging (Twitter), social media have yet to create budgetary or business impacts on the marketing mix. (Note: this research looks at firms of 50 employees or more only. The data set includes results from smaller firms as well. Tim Harmon will likely publish on this data.) In fact, most digital media fair equally, and unremarkably, poorly on the list of "what works?" in the marketing mix.
Would you classify your marketing organization as "highly accountable"? What I mean is, are you always able to accurately measure the true business value of your marketing efforts, and do your senior leaders trust the results? If you're like most marketers, the honest answer to that question is a resounding "no". Proving the business value of multichannel marketing is getting progressively harder—and more important—because:
Traditional marketing measurement practices are rooted in stable but inflexible tactics that leave marketers ill-equipped to keep pace with the real time nature of channel digitization.
CFOs wield ever-more influence over marketing budgets, which is driving your CMO to lean harder on you to measure business results with scientific rigor.
Your customers are in control; uncertainty and unpredictability are the norm; and marketers that can't adapt appropriately are doomed to fail.
This is where you come in. I believe that Customer Intelligence professionals are remarkably well positioned to address these challenges head on, and improve marketing accountability across the enterprise. Why? Because you sit at the cross-section of unfettered access to mountains of customer data from a dizzying array of online and offline sources. "Big data" as the recent article data, data, everywhere in The Economist puts it, is big business. CI professionals are right in the middle of it all helping firms capture customer data, analyze it, measure business results, and act upon the findings.
Plenty has been said today about how Nestle failed. But I keep thinking about another question, “Is it too late for Nestle?” And maybe it’s the eternal optimist in me, but I don’t think it is. Nestle still has a chance to shape the tone of the discussion by sharing next steps in social communities. Interestingly, Nestle did respond to the Greenpeace allegations in a March 18 statement on its website, and they told traditional media outlets on Friday that they would remove a questionable supplier from all parts of their (very complex) supply chain by mid-May. But that word isn’t getting out - Clearly, traditional outreach isn’t enough. Bjorn Edlund, former EVP of Communications for Shell, joked at Friday’s conference: “The best way to hide data is to put it on your corporate website.” Case in point.
Over the past few months, we’ve fielded multiple requests related to the online shopping market in Asia. Retailers and vendors alike are looking to position themselves for long-term success given the rapid online growth rates in the region: By 2013, for example, close to half of the global online population will live in Asia, with some 17% of the global total coming from China alone. To see how US online retailers are taking advantage of this shift, we took a look at the top 50 online retailers on the Internet Retailer Top 500 list and mapped their transactional sites in Asia. A few observations follow.
Japan tops the list, especially for companies with only one web site in Asia. What was interesting as we worked through the list was that relatively few of leading online retailers in the US operate transactional sites in Asia, and far fewer operate in multiple countries. Several top online apparel retailers, for example, operate a web site for Japan only: Lands’ End, L.L. Bean and Cabela’s have all taken this approach.
Consumer technology companies have the broadest regional reach. By contrast, online retailers in the consumer technology arena tend to have a broader regional presence. Dell, Apple and SonyStyle operate in multiple Asian markets, with Dell and Apple having the most transactional web sites in the region despite Sony's Asian roots. Office Depot also has a strong commitment to the region with eCommerce sites in Japan and China, as well as in South Korea.
I thought I would expand a little on my aside comment in last week's blog which was actually about HP. In the introduction to the blog I noted that we analysts seem to be abusing Twitter. I was so provocative that I named my colleagues “adolescent journalists” because they broadcast tweets ad verbatim as the HP speakers went through their presentations. I have noticed this has gotten progressively more (as far as I am concerned, worse and worse) over the last 12 months at various analyst retreats.
Many of these colleagues have responded to my blog and basically asked “What’s your problem with this?” Well, I certainly do not want to be seen as a “grumpy old man” (though I love those books) - ie. Someone who is not up to the times. While I am turning 54 years of age today, I think I do understand Twitter, and use it; and I think I can blog adequately as well. Then again, we analysts at Forrester have been well trained by our Marketing analyst colleagues who are at the forefront of all these developments. Our latest research on “Using Twitter for eBusiness” discusses how companies use Twitter but it doesn’t address the usage I am on about here. So, the issues I have with our just typing in every 140 characters of whatever the person on the stage is saying is as follows:
My colleague Julie Ask just published a piece on the reality of mobile coupons in response to questions like “do consumers use mobile coupons?” “should we be developing a mobile coupon offering?” and “what technologies should I adopt to support mobile couponing efforts?” – questions that she and I get asked with some frequency.
I was involved in some of the initial structuring of this report and then also involved in the editing phase. And I would love to recommend it to interactive marketers. Here are the most important takeaways:
Consumers like the promise of mobile coupons, but there is not yet mass adoption. Mobile coupons promise to be a convenient way to aggregate customized discounts all in a single place (your mobile phone) that is much easier for storage than say an envelope of clipped paper coupons.
Mobile coupons appeal to advertisers too, but technology hurdles prevent mass utilization. Advertisers love the idea of being able to offer targeted promotions that are cheaper to deliver and redeem than traditional coupons. But the reality is that scaling redemption technologies and processes at check out is pricey for the limited coupon-using audience today.
Advertisers should start small mobile coupon trials now. Mobile coupons don’t need to be your top marketing priority for 2010 (that honor goes to paid search, display ad, advanced email and social media) but we do recommend now as a good time to start a trial. Vendors like cellfire can outsource the management and distribution of mobile coupons and offer flexible terms in an effort to sign up new advertisers.
Identified the 10 highest-ranked public companies (CXP Leaders) and the 10 lowest-ranked public companies (CXP Laggards).
Calculated the average annual total returns of the Leader group and the Laggard group
Compared the results for each group to the S&P 500 index for years 2007 – 2009.
Andrew’s analysis confirmed Watermark’s findings: The customer experience leaders consistently outperformed the other two groups; the customer experience laggards consistently fell short.
Does this prove that good customer experience leads to good stock performance (or that the CxPi picks hot stocks)? No. Stock performance relies on many factors, including human irrationality.
However, the correlation does highlight a relationship we all intuitively understand: Companies that treat their customers well perform better than companies that don’t. (And it sure looks like treating your customers poorly is a very bad idea, especially in an economic downturn.)