Forrester Blogs For Marketing & Strategy Professionals
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.
Last month I published new research on the Database of Affinity — a catalogue of people’s tastes and preferences collected by observing their social behaviors on sites like Facebook and Twitter — and how that database will change marketing. And I'm pleased to say I've gotten a lot of great feedback on that research. So I'm excited to be presenting the idea on stage at our Marketing Leadership Forum in London later this month.
What is the database of affinity?
I hope you'll be able to join us in London on May 21 and 22.
Rising digital customer expectations advances in technology, and continued digital disruption threats from outside the industry will change the game for banks and credit unions. 2013 will be a pivotal year for eBusiness and channel strategy executives to start planning for the next generation of digital banking to both stay relevant to digital customers and thwart disruptors determined to take over those customer relationships.
Customers' digital financial expectations are high. With the proliferation of digital devices, consumers are highly connected to their financial providers. And with adoption of each new device comes higher expectations of those providers, especially among the younger generations. Get it wrong and you risk losing their loyalty.
Our app-driven world will require flexible and extensible digital platforms. Creating a durable competitive advantage, one that can't easily be copied, includes a move to open platforms. An open platform strategy will allow financial firms to use third-party providers to create app solutions that will create differentiation through a personalized user experience and segment-specific capabilities.
After hosting a Forrester webinar on April 25 about "3 Ways To Turn Content Marketing into Thought Leadership", I received some interesting questions from clients. I thought I would share the questions -- and a short response to each – since this line of inquiry points to broader question about the role of public relations (PR) in content marketing generally and thought leadership marketing specifically.
After a long search, I am thrilled to announce that Adam Silverman has joined Forrester as a Principal Analyst to allow us to expand our coverage of commerce technology and services. Adam brings with him over 15 years of experience in marketing and eCommerce leadership having most recently been in the role of VP & GM for Alibris where he held P&L responsibility for the Alibris online marketplace. Prior to his role at Alibris, Adam has held senior eCommerce marketing and operations roles at Musician’s Friend, Target and Wet Seal and brings with him a great deal of experience of implementing eCommerce technologies at these retailers.
Adam and I are excited to be in a position to broaden Forrester’s coverage and research on commerce technology and services. Across verticals (retail, branded manufacturing, high-tech, distribution, telco, CPG, hospitality), we are seeing increased client demand for research and consulting on commerce technologies, strategy and associated implementation services. To ensure we are meeting the demands of our clients, we have an exciting research plan in the making that includes:
The role of order management solutions in omnichannel retail
Mobile POS and the changing in-store technology landscape
I’m excited to finally be able to talk publicly about our CX Forum East in New York at the end of June. The theme this year is “Boost Your Customer Experience To The Next Level.” We picked that theme because ever since last fall when we published Outside In, our book about customer experience, people have been asking us to show them how to either get started on the path to CX maturity or accelerate their progress. This forum is all about helping people create customized roadmaps for their organizations.
Megan Burns will kick off the first day of the event with a speech about “The Path To Customer Experience Maturity.” The speech will debut new research about companies that successfully adopted new competencies and changed employee behavior. Attendees will be the first ones to get copies of Megan’s new report that details her findings – I’m editing the report and I am really jazzed about what she’d discovering.
Kerry Bodine, my co-author for Outside In, will kick off the second day of the event with a speech about customer experience innovation. Her speech will also be based on new research. She’ll detail her findings into what distinguishes incremental CX improvements from true innovations. She’ll also describe how companies can create innovation engines within their organizations – the “road map” for the advanced class. For those of you who want to leap ahead of the pack and truly differentiate through customer experience, this is a “must see” presentation.
I am delighted to announce that for the first time, our annual US and European consumers and technology benchmark reports have a Chinese counterpart: The State Of Consumers And Technology: Benchmark 2012, China. This report is a graphical analysis of a range of topics about consumers and technology and serves as a benchmark for understanding how consumers change their technology adoption, usage, and behavior over time. The report, based on one of our Asia Pacific Technographics® surveys, covers a wide range of topics, such as online activities, device ownership — including penetration data and forecasts for smartphones and tablets — media consumption, retail, social media, and a deep dive on mobile.
For this report, we divided the metropolitan Chinese online consumers into three distinct groups based on their technology optimism and economic power:
Early adopters are high-income individuals who are also technology optimists — people who see technology as a positive force in their lives.
Mainstream users are either high-income technology pessimists or low-income technology optimists.
A chemical manufacturer with a solid customer listening program noticed an uptick in complaints about pricing. Unlike many firms, which would take the comments at face value and take action accordingly, this company first stepped back and reflected on its strategy: it sold premium chemical for advanced applications targeted at particular industries, so it surmised that the company shouldn’t see this kind of feedback. It did some root cause analysis, talking to those customers. It learned that some distributors were selling chemicals for applications in markets better served by off-the-shelf, commodity products. As a result, not only were these distributors driving detractors, which were creating a headwind for selling into their target market, but they were wasting time on low-value sales and more importantly, using valuable resources internally that made the company competitive in target markets (e.g. scientists to help innovative clients discover new applications for the chemicals). The company decided that the right course of action was to re-visit its distributor training and communications programs to better ensure sales teams understood the core value proposition and how to find the high value opportunities.
There are at least a few lessons to take away from this story.
Know your customer experience strategy. Firms often have blanket statements such as “we aim to delight our customers.” When these lack a connection to a company strategy, which should clearly articulate value propositions for specific target markets, firms can spend a lot of time and energy jumping through hoops trying to serve customers it never should have acquired in the first place. A situation that the chemical manufacturer avoided by reflecting on its strategy to direct its activities.
Cross-channel attribution. For customer insights and marketing practitioners, attribution is a white hot measurement topic. It’s viewed as the best way to measure effectiveness of marketing and media campaigns; a way for firms to assess…truly assess… the value of the customer journey. For the past 18 months, I have been living and breathing this topic and today I am happy….no, I’m elated…to announce the official publication of the Cross-Channel Attribution Playbook.
What’s a playbook, you ask? Well, a playbook is a framework to help organizations develop expertise around a specific business topic. The Cross-Channel Attribution Playbook helps marketers and customer insights professionals to take strategic steps in building an attribution strategy within their organization. It includes 12 chapters, including an executive overview, which covers different aspects of developing and managing a cross-channel attribution measurement framework. The four “chapters” specifically help organizations:
Is Jon Stewart’s recent online success in China a sign of new opportunities for non-Chinese brands? In China, the demand for global brands and content continues to grow - to the point that it has spread into new industries like comedy shows, where cultural cues are paramount to success. Jon Stewart is just one of many western icons with newfound success in China, all in part to the accessibility of new consumers through the internet.
Online businesses selling anything from humor, makeup, or shoes to baby formula can’t ignore these demands for their products in China: More and more consumers are exposed to global brands of all kinds through online offerings and travel. There are huge advantages to being one of the first brands to be noticed in the market, but just showing up isn’t enough. To be successful, learn from Jon Stewart and:
Localize your offering. Give your consumers things they can relate to and use. Jon Stewart did this by coming up with culturally relevant jokes about China’s culture. For retailers this could mean offering products that respond to needs specific to consumers in China, like Godiva’s Chinese New Year Chocolates.
Develop a fan base online. By giving your very social Chinese consumers a platform to talk about your brand, you can generate free marketing and new insights. Jon Stewart’s fans aggregate his videos in one place and work together to translate and upload subtitles on his video clips.
Chief Digital Officer (or CDO) is the latest in a long line of snazzy C-level titles to emerge over the last few years. At Forrester we’ve been watching this trend for a while now and have made a few comments, but I think it’s time to put a firm stake in the ground.
Don’t hire a Chief Digital Officer!
There. I said it.
Now, why might I say this when a number of high profile firms are in fact hiring CDOs? Well, to put things in perspective I want to look at a tale of three brands, all of which I’ve spoken about in the past: