It's Time To Take L2RM Beyond Revenue Performance

Lori Wizdo

 

I've just refreshed the core documents in Forrester, Lead-to-Revenue Playbook. While L2RM pioneers have realized significant business gains, they have also realized that L2RM is not just about taking responsibility for the impact of marketing spend on revenue performance or about standardizing, automating, and scaling your current marketing practice. Today's digitally empowered buyer controls the buying process far more than vendors control the selling process, and re-envisioning the L2R process offers B2B marketers a rapid evolutionary opportunity to catch up with an already evolved digital business buyer.  Forrester defines L2RM as:

A business system for marketers whose offerings mandate a long, complex, or highly considered buying process, comprising integrated goals, processes, and metrics that reshape marketing practices to drive effective customer engagement across the customer life cycle — from awareness to advocacy. It is measured through the metric of revenue performance — from new customer acquisition through lifetime value.

The point of this graphic is to show how your L2RM process needs to be tightly aligned to your buyer's journey.  

I'm thinking of calling it the B2B Marketing Flywheel.  What do you think?

You Need a Customer Insights Center of Excellence – Get Started With What You Have Now

Cinny Little

There’s a big insights gap out there. Not enough insights are turning into actions that matter, despite continued investment in data, people, and technology.  For example, in 2016, data and analytics pros reported that firms base only 49% of business decisions on quantitative information and analysis as opposed to opinion.  That’s up from 2015, but only by 3 percentage points – out of alignment with the investment in insights capabilities.  You feel the pressure, I know.  So, it's action time - to drive more value from insights.

For sure, firms today have bright spots of insights value –  for example, in digital channels, where A/B and other testing approaches enable continuous optimization of customer interactions that matter most to business outcomes.  But disparate bright spots are not enough, and businesses must move from insights-spotty to insights-driven.  Research by Forrester colleagues Brian Hopkins, James McCormick, and Ted Schadler paints the picture of what great looks like in insights-driven business.  Such firms organize and operate differently to take advantage of data and analytics in every aspect of their products and operations, and that closed-loop approach is embedded everywhere in the organization.  That's the end goal.  Customer insights teams must up their game now, and a center of excellence (CoE) is a first step.

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Adtech & Martech or: How I Learned To Stop Worrying And Love Convergence

Joe Stanhope

Few topics get more air time in marketing circles than adtech and martech convergence. The commentary spans a spectrum ranging from attempts to agree upon the deceptively simple semantics of adtech and martech (which usually ends when everyone throws up their hands and concedes that it is simply madtech) to existential examinations of the future of marketing itself. 

Some reactions to looming convergence approach satire, sometimes even intentionally. Like the war room bound leaders in Dr. Strangelove, we wonder: Are we heading for mutually assured destruction? Is somebody harboring a doomsday device? Have our deterrents been rendered useless? Which side will strike first? Who’s really in charge?

 Source: IMDB

Yet these questions are surprisingly apt in the context of convergence. It should surprise no-one that adtech and martech convergence evokes strong feelings. Modern marketing is a technology-driven discipline, and any widespread change will reverberate throughout the ecosystem. Convergence impacts the future of thousands of vendors (and their investors). It affects day-to-day marketing operations for tens of thousands of brands (and their agencies). The excitement, mystery, and controversy surrounding convergence speaks volumes about the marketing industry’s collective aspirations and fears. 

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The Data Digest: Forrester's Consumer Privacy Segmentation

Gina Fleming

Earlier this year, researchers at York University conducted an experiment to see how many people respond to privacy policies when signing up to a fictitious social networking service. During the experiment most participants just accepted the terms - unknowing they just agreed to give up their first-born child. When asking people directly, Forrester’s Consumer Technographics data reveals that just under a third of US online adults agree they usually read a company's privacy policy before completing an online transaction or downloading an app.

Forrester’s Consumer Privacy Segmentation defines four groups of consumers based on their attention to privacy policies and practices, as well as behaviors around safeguarding data, willingness to share personal information, level of trust in a firm's data practices, and overall tech-savviness. In the Age of the Customer, this framework helps firms understand their customers’ privacy behaviors and attitudes to ensure that they’re not jeopardizing customer trust. 

 

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Thank you if you bothered [formerly 'Why Bother']

Caroline Robertson

If you had a chance to participate in our survey, thank you so much.  We have now closed the survey.  

If you didn't get a chance to but are interested in becoming a panel member, please e-mail Matt Camuso at mcamuso@forrester.com and we'll be happy to include you in our panel so you can receive regular updates and participate in our next survey.

Original Blog Post:

We've recently gone live with our most recent primary research panel survey through which we are investigating the progress of ABM, Seller enablement and B2B Branding. If you’ve seen the invitation and completed our B2B Marketing survey, thank you.  

If you haven’t, the biggest question you likely have is ‘Why Bother?’  Here’s what your input helps us do for you;

  • Tune our research agenda to your most important imperatives
  • Give you the context of where you stand in relation to other B2B marketing leaders
  • Create fact-based research to guide your decisions and influence your constituents
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US Digital Marketing Spend Will Near $120 Billion By 2021

Shar VanBoskirk

Hot off the press: Forrester’s US Digital Marketing Forecast 2016 To 2021.  I’m proud to say that Forrester has been sizing spend on online and digital media for nearly twenty years.  My colleague Jim Nail launched this research in 1998, and I have been authoring our forecast reports since 2004.  Good thing neither Jim nor I has aged a day!  This time, the key finding from our research is that over the next five years, marketers will invest in quality over quantity.  What does this mean specifically for digital marketing budgets?

  • US digital marketing spend will near $120 billion by 2021.  Investment in paid search, display advertising, social media advertising, online video advertising and email marketing will pace to 46% of all advertising in five years. 
  • Working budgets will give ground to non-working ones.  Overall, digital marketing is pacing at a healthy 11% compound annual growth rate between now and 2021.  But this is not the experimental “spend on anything to see what works” investment that we saw between 2008-2012.  Marketers are more mature now with capable measurement practices. This means they will spend judiciously on just what works for their goals.  And many are dialing back pure digital advertising investment, prioritizing instead non-working investments in data, technology and customer experience.
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Disruptive Fintech Is Dead — Long Live Collaborative Fintech!

Zhi-Ying Ng

As we move closer to the end of January 2017, one thing’s for sure: digital financial innovation shows no signs of abating in Asia Pacific, and a series of financial technology (fintech) startups continue to put Singapore and Hong Kong firmly on the innovation map. Just last week Next Money held its Fintech Finals 2017 (FF17) in Hong Kong, and the Monetary Authority of Singapore (MAS) also announced that it will hold the Singapore Fintech Festival 2017 in November, the second year in a row that the regulator will be hosting the event.

FinovateAsia 2016 in Hong Kong and the Global Fintech Hackcelerator in Singapore last year gave us a glimpse into how fintech in the region will develop in 2017:

  • Asia’s governments are playing a pivotal role in driving fintech investment. MAS has committed nearly $160 million through 2020 to the Financial Sector Technology & Innovation (FSTI) scheme to fund infrastructure and deliver fintech services aimed at establishing Singapore as a smart financial center, as part of the Singapore government’s Smart Nation initiative. The Hong Kong government has announced a $370 million Innovation and Technology Venture Fund aimed at encouraging private venture funds to increase their investments in technology startups through a matching process. Both MAS and InvestHK have established dedicated fintech teams.
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Case Study: Increasing Customers’ Loyalty With Social CRM

Xiaofeng Wang

It’s increasingly challenging for marketers to earn loyalty as empowered consumers become entitled customers with more options than ever before. My latest report, Case Study: Max Factor China Rejuvenates Customers’ Loyalty With Social CRM, tells marketers how to leverage social CRM to define an effective loyalty strategy that spans the entire customer life cycle, across channels.

The US cosmetics brand Max Factor has been growing its business steadily since it entered the Chinese market in 2009. However, Max Factor has faced growing challenges in recent years:

  • An increase in competition from incumbent and new competitors.
  • A decline in new members and average member value.
  • An incomplete understanding of customers’ purchasing and engagement behaviors.
  • A confusing loyalty program unfit for the digital age.
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The Data Digest: The Year Of Empathy

Anjali Lai

Happy 2017! Settling in to the New Year often renews hope and excitement for the future, and rekindles anticipation for the brands, products, and experiences on the horizon. This year, it’s hard to think about imminent innovations without considering a modern imperative that is rapidly moving to the forefront of conversation: customer empathy.

We are barely three weeks into 2017 and already the cry for customer empathy – and brands’ responses to it – are popping up frequently. At the Consumer Electronics Show, the “insanely cute” Kuri personal robot stole consumers’ hearts, and took the notion of “tech love” to a whole other level. The progression of Artificial Intelligence is sparking public debate about the role of compassion in human connection. And people find themselves seeking meaning, purpose, and understanding over happiness.

The need for empathy affects how customers evaluate brands too: Consumers increasingly prefer companies that resonate with shoppers’ personal values. Forrester’s Consumer Technographics® social listening data shows that consumer buzz about company values is on the rise:

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The Beginning Of A New Age For AI

Brandon Purcell

These days it seems like you can't open a newspaper (ok, web browser) without coming across an article on artificial intelligence. Well publicized breakthroughs like Google AlphaGo's unprecedented victories over human Go champions have heralded the promise of a new golden age for AI. Add to that the personification of personal assistants in Apple's Siri and Amazon's Alexa coupled with Salesforce's “resurrection” of Albert Einstein and the rampant proliferation of AI-related startups - and the AI buzz becomes more of a cacophonous clamor.

To put it mildly, this is confusing for businesses, who are trying to determine what is real and what is mere snake oil. Will AI achieve its transformational promise, or will it join the trash heap of over-hyped technologies?

Forrester believes AI will significantly disrupt the way organizations win, serve, and retain customers... eventually. To do this, it will take massive amounts of data to train artificially intelligent systems to perform their jobs well enough to replace their human counterparts.

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