Monday, October 20, 2014

Embracing Technology Leads to Business Success [Study]

After surveying marketers and rating their businesses, Forrester Consulting found that those who qualify as modern marketers are more likely to exceed their revenue goals and become industry leaders.

There's a strong correlation between being a "modern marketer" who embraces technology and greater business success, according to a new report by Forrester Consulting entitled, "Why You Need to Be a Modern Marketer: The Business Impact of Marketing Maturity in the Age of the Customer."
In the study commissioned by Oracle this past spring, Forrester Consulting surveyed 492 senior marketing executives from the USA, U.K., Germany, and France regarding the role of technology in their marketing habits. The marketers were graded on seven criteria and classified into four categories: novice, developing, experienced, and modern marketers. Most of those surveyed fell in the middle; only 11 percent were classified at the top as "modern."
Of the top scorers, 44 percent reported exceeding revenue goals by 10 percent or more, compared with 23 percent of their peers.
The modern marketers had higher scores all around: 94 percent have attained a significant market share, with 49 percent of those enjoying the leading position. More than 70 percent also received national recognition as a "best place to work" within the past three years, an accolade achieved by 51 percent of experienced, 45 percent of developing, and 38 percent of novice marketers.

Most marketers surveyed indicated that their practices are mature with regards to customer data analytics, data management, and segmentation and targeting. However, the majority are also less than halfway to their goals for marketing measurement and attribution, automation and technology adoption, communication using dialogue with buyers, and converting prospects to longtime loyal customers.

When asked about the benefits of upgrading their marketing practices, 37 percent of respondents cited greater profitability and 55 percent pointed to increased sales.

A lot of the ever-changing technology is centered on data analysis, which plays a huge role in driving business. Still, one-third of respondents don't have formal, consistent data-gathering techniques and only 14 percent utilize standardized, fully integrated, cross-channel marketing automation platforms. Additionally, the marketers ranked it the third most important aspect of hiring, behind brand management and business strategy experience.
Investing in a comprehensive data strategy is one of Forrester Consulting's suggestions for marketers to improve, along with using technology to simplify the marketing approach, sharpening attribution acumen, combining content strategy with automation to scale message delivery, and owning the customer's digital experience.


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