L2RM Automation Is Powering A B2B Marketing Transformation

Lori Wizdo

Forrester just published The Forrester Wave™: Lead-To-Revenue Management Platform Vendors, Q4 2016.  Our research uncovered a robust market in which Act-On, Adobe, IBM, Marketo, and Oracle lead the pack; bpm'online, HubSpot, Salesforce, and Salesfusion offer competitive options; and CallidusCloud and Right On Interactive are Contenders.  Forrester’s Wave ™ process is comprehensive (we evaluated the products across 36 different criteria); rigorous (the process comprises executive briefings, detailed product review and demo, all validated with customer references); and completely transparent (each criteria is graded on a 0-5 scale with the scale explanation openly published).  There’s no hiding in the Forrester Wave ™ process – for the vendor, or for the analyst.  As the lead analyst on this research I want to thank the marketing and product marketing teams of the vendors who participated in the Wave research process.  

Our last Forrester Wave ™ analysis on L2RM platforms was published in 2014 and we found significant differences in:

  • Practitioner motivation: 
    B2B marketers are moving beyond revenue performance to life-cycle customer engagement
  • Platform maturity:
    Support for advanced B2B marketing practice is the differentiator with marketing practitioners looking for their marketing operating system.
  • Marketplace adoption: 
    There’s a lot of runway in the L2RM Platform Market.
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Forrester’s Predictions For B2B Marketing Professionals In 2017

Peter O'Neill

Just like many other research groups at Forrester Research in the past weeks, our team has gotten together, discussed, and agreed on a series of predictions for 2017 that will affect business-to-business (B2B) marketing professionals’ work. Forrester’s clients can review these in full detail in the published report, but here are some of the highlights. We have grouped our predictions into three sections.

Part 1: Account-Based Marketing Will Come Of Age In 2017

In 2016, vendors and consultants seriously hyped account-based marketing (ABM) — such that B2B marketing interest in it skyrocketed. In 2017, marketers will seriously consider new customer-obsessed approaches that team up marketing and sales to grow long-term highly engaged revenue relationships with key clients. ABM is a retro idea with revolutionary impact — especially when B2B marketing pros apply it to deepen relationships with the right customers at scale. And in 2017, we predict that ABM will:

  • Make the lead funnel (or waterfall) essentially obsolete.
  • Give marketing more ownership over post-sale customer experience (CX).
  • Drive advocate marketing as a key process.
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What You Missed At The B2B Marketing Forum — If You Weren't There

Peter O'Neill

Wow! It may have taken place seven days ago, but I am still exhausted — and exhilarated — from our inaugural B2B Marketing Forumin Miami last week. Here is a short recap of what we covered during the two days. And you can even watch this video of me opening the event (20 minutes of your time).

Day 1: Obsess On Customers; Orchestrate A Relationship; Conduct An Engagement

The opening main session began with Forrester’s James McQuivey, who inspired us all to understand both how to understand customer obsession and how to drive the necessary organizational, process, and even cultural change. Molly Murphy, from Eaton Industries, presented a best practice example of doing exactly that in her marketing organization. Forrester’s own Laura Ramos then explained how an account-based marketing strategy enables a full commitment to customer obsession in both marketing and sales. Amanda Kahlow, CEO and founder of analytics vendor 6Sense, rounded off this topic by telling her very personal story.

Then we broke out into the first of three repeated track agendas (so that all could attend each session of interest and not make sacrifices because sessions were competing):

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Speed Dating In Miami — Or What I Learned At The Forrester B2B Marketing Forum

Steven Casey

Now that I’m back from Forrester's B2B Marketing Forum in Miami last week, I thought I’d share a few observations. This was my second Forrester event as an analyst, but my first at a B2B Marketing Forum. 

It’s worth noting that my perspective as an analyst is completely different from that of an attendee, because so much of our time is consumed by one-on-one meetings. This means that I didn’t see much of the mainstage proceedings other than the first-day opening and part of one presentation over a hurried lunch on the second day.

If you’ve never been, a big part of the value of Forrester's events for attendees is these one-on-ones, which provide various opportunities: to sit down across the table from analysts with whom you may speak regularly but have never met face-to-face, to make first-time introductions, or to simply reconnect with old friends. The one-on-ones are set up speed-dating style — 20-minute conversations scheduled on the half-hour, starting at breakfast and stretching throughout both days of the conference. And maybe I’m bad at time management or just get caught up in interesting conversations, but just about all of my meetings ran into each other. So it was a whirlwind experience, exciting and exhausting at the same time.

I did my best to take notes, and here’s a few of the major themes I observed, based on my interactions with dozens of B2B marketers throughout the entire event:

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Categories:

Account-Based Marketing Will Elevate, Not Eclipse, Lead-To-Revenue Management

Lori Wizdo

The explosion of interest in account-based marketing has created uncertainty for business-to-business (B2B) marketers who have invested in marketing automation to optimize their lead-to-revenue processes. It’s not surprising because the vendors that market ABM-badged wares – and many pundits -- generate attention with controversial proclamations, like: “ABM is the death of demand generation”; “ABM replaces inbound marketing” and “Lead to Revenue Management (L2RM) is only a suitable strategy for selling products and services to small businesses”.  

While these arguments might help hawk new technology, they create confusion about both ABM and L2RM. It’s not surprising that 73% of B2B survey respondents agree that, as an industry term, ABM lacks specificity and gets applied to many different approaches inconsistently.  In my most recent report, Account-Based Marketing Will Elevate, Not Eclipse, Lead-To-Revenue Management (subscription required), I set out to rationalize the concepts of ABM and L2RM.  

Key takeaways:

  • B2B marketers should use ABM to accelerate the pivot to customer obsession.
  • B2B marketers need to decompose ABM into its component parts: strategy, tactics and technology.
  • Forrester's Go-To-Customer Strategy Matrix helps B2B marketers fine-tune their ABM strategy.
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Three Ways B2B Marketers Can Put Interactive Content To Work

Daniel Klein

Interactive content (i.e., online assessments, calculators, and quizzes) helps B2B marketers shift from explaining to conversing. As my colleague Laura Ramos explains, “Interactive tools...help to create an ‘across the table’ approach at scale.”

Despite this obvious connection, only 44% of attendees at a recent webinar I hosted said they currently use interactive content on their website. So what should B2B marketers do to help close this gap between content delivery and buyer engagement? Interviews with over a dozen senior B2B marketing leaders reveal three primary ways they are putting interactive content to work creating business results: 

  1. Generating leads. Interactive content is great for generating leads because it attracts prospects’ interest by offering an engaging and tailored experience that doesn’t exist when someone passively reads or watches your content. In fact, our January 2016 content objectivity and credibility survey of 200-plus IT and LOB professionals showed that two out of the top six content sources they prefer to read/use are interactive content tools.                            
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Forrester's B2B Marketing Forum Happens Next Week - See You There?

Laura Ramos

The Zika virus.

The National Doral in light of Donald Trump's presidential candidacy.

Hurricane Matthew.

Who knew Miami would have so much to offer a year and a half ago!??!

Well, here are three MUCH better reasons to come to Miami with us for Forrester's B2B Marketing 2016 forum next week: great content, expert analysts, and the chance to hear from and network with top business-to-business marketers about the topics that matter most to you.

Bug (and political pundit) repellent in hand, I'm looking forward to connecting with many of you about the issues that facing the modern B2B marketer. Planned topics will show how marketing must:

1) lead the way to becoming customer obsessed company-wide,

2) build deeper relationships between coveted buyers and your company,

3) engage with more digitally "entitled" customers on the issues they care about, and

4) enable sales to tell a more human, helpful, and consistent story through account-specific collaboration and more customer-centered organizational structures.  

Looking ahead (and after seeing a preview of some of the content), highlights you won't want to miss include:

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Tech Channel Partners Are Starting To Get The Business

Tim Harmon

In my stump speeches at partner conferences this year, I identify the No. 1 challenge that faces channel partners (and the tech vendors whose products they represent): partners’ inefficacy in reaching and resonating with line-of-business (LOB) decision-makers. It’s a disconcerting challenge indeed, due to the fact, of course (as Forrester’s Business Technographics® data repeatedly demonstrates), that LOB executives have strong influence over technology solution purchase decisions.

But that tide could be beginning to change. At Salesforce’s Dreamforce conference last week, Salesforce’s COO Keith Block lauded its channel partners, attributing much of Salesforce’s success in the past year to partners’ success in engaging C-level executives. Block specifically called out channel partners for their ability to empathize with CEOs’ goals of growth and shareholder gain. Block also claims that 40% of customers are insisting on channel partners’ strategic involvement in effecting solutions and business outcomes. And Salesforce tends to direct that business to its channel partners with proven business chops/acumen.

While Block’s partner callout may be considered more the exception than the rule today, it is still encouraging. Some channel partners are making the requisite investments and changes to regain relevance in the largely LOB-driven cloud era. And it shows in the data: Customers’ penchant for cloud channel sourcing has more than doubled, from fewer than 25% of cloud service/solution purchases via the channel in 2012 to more than 50% in 2016.

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How Do Buyer Journeys Relate To the Customer Life Cycle?

Lori Wizdo

At Forrester, we’re pretty zealous in our recommendations that B2B marketers must shift their marketing focus from a product and channel centric approach to a customer-centric approach, using the customer life cycle as a design framework for company-wide engagement. The customer life cycle is simply the enterprise’s view of the phases a customer passes through in the course of an ongoing relationship with a company.  This shift triggers a number of pivots:

  • From “what we do” to “what your customers want”  
  • From your process to the customer’s
  • From one stage (e.g. acquisition) to the entire life cycle  
  • From “transactions” to “relationships

In our B2B research, we also evangelize about the importance of buyer journey mapping.   Conceptually these two customer processes seem very similar, and I often get this question:

Q: “How should we use Customer Lifecycle when thinking about Buyer Journey? It feels like two different (similar models)”

A: Well spotted!  They are two different models. The Buyer Journey is about one particular decision journey.  There will be multiple buyer journeys throughout the typical customer life cycle, such as:

  • Initial purchase decision
  • Decision or renew (or expand)
  • Entirely new purchase decisions for entirely new stuff (cross-sell/upsell)
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Predictive Marketing Analytics and The Link to Customer Engagement Action

Allison Snow

Since 73% of companies understand the business value of data and aspire to be data-driven, but just 29% confirm that they are actually turning data into action – it’s not a leap to suspect that organizations are at risk of collecting data without deploying them in ways that support deeper customer engagement.

This concept – linking insights to action – is an example of a mission-critical imperative that transcends client roles. Consider:

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