Half of top-performing marketers use UGC extensively

Ryan Skinner

Last week Salesforce published its 'State of Marketing' survey results, which included some interesting findings for data-driven marketers.

First of all, the over-ambitious title* and the survey's methodology tell you to take the findings with a grain of salt. 43% of the survey's 4,000 respondents were either CEO or owner, which correlates well with the apparently 39% of respondents from companies of 1-100 employees.

To highlight best practice, the survey designers created a sub-set of respondents (18%) classified as 'high-performing teams' because they responded that they were extremely satisfied with the outcomes from their marketing investment.

Which leads to the first compelling data point (reflected in this post's title):

"47% of high-performing marketers extensively use UGC (vs. 19% of moderate performers and 8% of underperformers)"

Essentially, 'happy' marketers are 6x more likely to use UGC than their 'unhappy' counterparts. I believe that this story is much greater than 'SMB marketers use UGC because it's free'; this is a case of effective marketers expanding their brand governance to include input, interpretation and involvement from communities outside the immediate control of the brand (to tell the brand's story). A lesson here: If you can't get third-parties interested in what your brand's all about, your brand's relevance is likely dwindling.

The second intriguing datapoint relates to email tactics:

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Forrester's Inaugural FSI Summit In Singapore: Accelerating Digital Business And Innovation In Financial Services

Zhi-Ying Ng

Faced with increasingly empowered customers, together with mounting pressure from existing and potential digital disruptors in the financial services sector (such as Alipay in China and Codapay in Southeast Asia), many banks across Asia Pacific have launched mobile banking apps to enable customers to make mobile transactions. Initally, these mobile banking apps suffered from abysmally low customer adoption and delivered poor customer experience. However, mobile banking apps have come a long way over the past five years, going from little more than an extension of online banking to what one digital banking executive calls “the most important part of my job.”

Through conversations with our FSI clients, we have observed a positive transformation in how eBusiness executives think about and execute on their mobile strategy, which contributed to rising adoption levels and better customer experience. The most notable shift that eBusiness executives have made is to perceive mobile as a crucial part of their organization’s broader business transformation imperative linked to specific business objectives and outcomes — this is fundamentally different from the early days when some eBusiness executives equated a mobile app to a mobile strategy.

Our exclusive FSI summit in Singapore on Friday, April 15 will bring together an intimate group of senior executives from banks, insurance companies, and selected fintech firms. At the event, my colleagues and I will share Forrester’s FSI digital business research, and facilitate discussions with industry leaders.

My presentation, “Who Does Mobile Banking Well In Asia Pacific?”, will explore:

  • Key mobile banking trends across Asia Pacific
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The Slow-Moving Consumer Wearables Revolution

Susan Wu

In the past two years, there has been a boom in wearable device adoption — but growth will slow. Instead of the anticipated adoption explosion that many tech enthusiasts dreamed of, Forrester predicts that US consumer wearables spending will roughly double in the next five years. The main reasons for consolidation are that:

  • Fitness activity tracker bands will be cannibalized. Fitness tracker bands currently dominate the market but will diminish in utility over time. They currently face a high abandonment rate because repeated measurement information becomes less useful unless the data they output is more prescriptive, rather than descriptive.
  • Smartwatches will largely drive the future of wearables spending. More sophisticated wearable technologies, such as smartwatches with fitness tracking features, will partially cannibalize standalone tracker bands as the price gap between these devices narrows.  As vendors begin to pair devices with more tactical applications, smartwatches will drive further wearable adoption.
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Understanding The New Guidelines For Foreign Direct Investment (FDI) In eCommerce In India

Satish Meena

The Indian government issued new guidelines for FDI in eCommerce on March 29, 2016 to provide clear definitions for the sector and to remove ambiguities in the law that companies have been using to get foreign investment. Here are some of the key changes and my thoughts on their impact:

  • The government has defined an eCommerce entity, a marketplace model, and an inventory-led model. For the first time, the government has given clear definitions to remove the ambiguity in this sector. It also makes clearer the government’s position on the business models that online retailers are adopting. Online retailers are increasingly adopting an inventory-led model, as it gives them more control over supply and speeds the route to profitability. By not allowing FDI in the inventory-led model, the government has made it more complicated for online retailers looking to become profitable in the near term to support their valuations, go for an IPO, or raise funds.  

  • 100% FDI is allowed in the marketplace model. Allowing 100% FDI in the marketplace model largely maintains the status quo, as most online retail companies like Amazon, Flipkart, and Snapdeal are funded through the marketplace loophole; these companies position themselves as technology facilitators for the buyer and seller. The new guidelines will help boost investment in marketplaces, as not every investor has felt confident about investing via a loophole. This is good news for the leading marketplaces that are looking for more funds to grow their business; they can now approach a new set of investors who were waiting for this clarification from the government.
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The Latin American Economy Is Slowing Down Online Retail Market Growth

Satish Meena

Online retail in Latin America faces a number of challenges: a troubling economy, rising unemployment, high inflation, and regulatory and infrastructure problems. The recently published Forrester Research Online Retail Forecast, 2015 To 2020 (Latin America) explores the impact of all of these factors. Some of the key findings are as follows.

  • Brazil remains the largest, but slowest-growing, online retail market. The online retail market in Brazil is double the online retail markets of Argentina and Mexico combined. But the ongoing economic crisis in Brazil is hurting its online retail market and causing a slowdown. We expect online retail in Brazil to grow at a compound annual growth rate (CAGR) of 10.5% from 2015 to 2020, compared with the CAGR of 28.3% witnessed from 2010 to 2015. Customers are spending less on both offline and online retail, which affects the overall growth rate and penetration of online retail, particularly in non-metropolitan areas. A lack of regulations and an unfavorable tax regime make it difficult for online retailers to expand beyond metropolitan areas.
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What The World Can Learn From Japan's Exquisite Service Culture

Ryan Hart

Those of you who have spent time in Japan might have noticed that interactions with service staff there play out in a carefully choreographed blend of ceremony and gratitude, regardless of whether you’re buying a coffee at the corner shop or a bag at a local boutique. The paradox is that this delightful customer experience occurs despite most companies in Japan lacking the accountability, rigor, and coordination that characterize leading CX global organizations.

What's interesting though, is that a high level of empathy enables Japanese organizations to overcome their CX maturity shortcomings by delivering an exquisite level of hospitality service. This empathy-focused culture is rooted in what the Japanese call omotenashi, a spirit of unobtrusive and respectful approach to guests that anticipates their needs, bestows respect, and surprises them at every point in the service scenario.

One misconception is that this exquisite hospitality is solely and inherently connected to Japanese culture and cannot be easily replicated elsewhere. Parents and schools inculcate an awareness of and sense of empathy toward others into Japanese children from an early age, and this ethos permeates Japanese society. However, as Charles Darwin pointed out in his book, The Descent of Man, everyone is born with an intrinsic level of empathy that remains present to varying degrees in all of us. Companies should recognize that omotenashi can take root anywhere and can begin planting the seeds of an omotenashi culture in their companies by codifying CX empathy programs that, in principle:

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GoPro: What Happened To The Content Marketing Child Prodigy?

Ryan Skinner

GoPro’s like the preternaturally gifted kid at Content Marketing High. Its community of content creators churn out viral video clips like butter, and its online audiences are second only to Red Bull’s. The product’s actually a viral video machine, giving it this absurd business, marketing and content strategy alignment:

But all is not well with the valedictorian of Content Marketing High. Its market value has been decimated in the last half year, as its stock crumbled to less than 25% of its former self.

Given that this brand is such a content marketing wunderkind, anyone interested in content marketing has to ask himself: Is this a demonstration of content marketing’s impotence? I’ve asked another content marketing influencer, who wouldn’t really answer the question.*

My colleague, Ted Schadler, has the consumer electronics savoir-faire to diagnose GoPro’s real problem: The product has not become a mass market product; it’s been embraced almost exclusively by extreme sports stars and wanna-be’s.**

Powerful consumer electronics brands cannot
grow on snowboarders and skydivers alone.

GoPro’s success documenting inhuman feats by death-defying daredevils has come at the expense of documenting the content that real people might want to create from a first-person camera.

The brand is adjusting to the market headwinds by investing in its software, making it easier for anyone to upload and edit video footage. Democratizing its storytelling to appeal to everyman should get as much focus.

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What's The Impact Of Content Marketing In The B2B Marketing Mix?

Laura Ramos
I have a confession to make.  I love talking with B2B marketers and clients, but there is one question I get occasionally that really makes me crazy. (And you will hear an earful if you are unfortunate enough to ask it.) 
 
“Laura, what’s working well in B2B marketing tactics?”
 
And I’m thinking, “Do I look like the Lone Ranger?”
(Silver bullets? Get it?)
 
To be fair, when marketers ask me "What works best?" I don’t really think they are looking for a simple and seemingly magical solution to a complicated problem. Most just want to validate their current choices and ensure they haven't overlooked other viable approaches. But when 87% of B2B marketers say they struggle to develop compelling content, no amount of messing around with the mix will create a significant improvement in results.
 
And now I have research to support that position.  Forrester’s recent report on the state of the B2B marketing mix reveals a couple of very interesting results:
 
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The Data Digest: Turn Data Monotony Into Data Mastery

Anjali Lai

Next time you find yourself wading through data points, sifting out patterns from the noise, hoping to catch the rare pearl of insight to affix to your business plan, know that you are not alone. Employees worldwide incessantly engage with data, and the companies they work for urgently execute on data-driven strategies in a race for better, faster results. Data pervades the workplace and continues to grow in terms of volume and variety: Research suggests that by 2020, the number of connected devices will more than triple, tens of thousands of data scientist jobs will be in high demand, and the majority of sales decisions will be data-driven.

But using data regularly doesn’t mean that employees truly understand it – or are comfortable with data practices. Specific obstacles prevent individuals – at the top and bottom of the organization – from eliciting effective insight. Forrester’s Business Technographics® and ConsumerVoices MROC data shows that while individuals rely heavily on data for decision-making, they still grapple with key challenges regarding the accuracy, volume, value, and security of the data they use:

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Beyond ROI: Showcasing The True Impact Of Mobile Marketing

Thomas Husson

My colleague Jenny Wise and I just updated the business case report of Forrester’s mobile marketing playbook with new data, examples and primary research.

B2C Marketers know mobile is a strategic imperative but the vast majority don’t strategically integrate it in their marketing-mix with only 13% saying they do so systematically. Only 27% of marketers we surveyed told us the ROI of their mobile marketing campaigns was profitable and a stunning 67% told us they simply cannot measure it!

Why? Because marketers:

  • Don’t align objectives and KPIs. There is a misalignment between their top objectives — improving customer satisfaction and transforming customer experience, which they barely track.
  • Can only start to benefit from vendors’ advanced ROI tools. Greg Stuart, CEO of Mobile Marketing Association, sums it up better than anyone else: “It seems crazy that CMOs haven’t pushed vendors to do marketing mix measurement comparing TV, mobile, and all other media and that the MMA, working with our research partners, is the only entity to have developed an industry methodology for an opportunity this obvious and big”. You can find out more on MMA's SMoX research here.
  • Find it difficult to measure the impact of mobile on other channels, especially offline.
  • Have limited mobile expertise of their own.
  • Can’t prove they need it to take budget from existing pools.
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