How Audience Intelligence Fuels Customer-Obsessed Marketing
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Forrester's Vice President, Principal Analyst, Shar VanBoskirk and 4C CMO Aaron Goldman discuss how brands can pivot to a customer-obsessed strategy in this webinar moderated by 4C VP, Marketing Communications, Kari Brownsberger. Watch the full webinar here: https://www.youtube.com/watch?v=WEfupWuT3Sw
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How Audience Intelligence Fuels Customer-Obsessed Marketing
- 1. How Audience Intelligence Fuels Customer-Obsessed Marketing
- 2. Today’s Webinar Kari Brownsberger VP, Marketing Communications 4C Please ask questions for Q&A session at the end. Let us know if you are having any technical issues. Use/follow #ModernMicroscope.
- 3. Our Speakers The Model for Modern Marketing Shar VanBoskirk Vice President, Principal Analyst, Forrester Research Modern Tools for Audience Intelligence Aaron Goldman Chief Marketing Officer, 4C
- 4. © 2018 FORRESTER. REPRODUCTION PROHIBITED. The Model For Modern Marketing Shar VanBoskirk, Vice President and Principal Analyst 2 May 2018
- 5. 5© 2017 FORRESTER. REPRODUCTION PROHIBITED.
- 6. 6© 2017 Forrester Research, Inc. Reproduction Prohibited How has technology changed you?
- 7. 7© 2017 Forrester Research, Inc. Reproduction Prohibited Hyperadoption has changed literally billions of lives ?
- 8. 8© 2017 Forrester Research, Inc. Reproduction Prohibited Digital disruption creates opportunity on unprecedented scale
- 9. 9© 2017 FORRESTER. REPRODUCTION PROHIBITED.
- 10. 10© 2017 FORRESTER. REPRODUCTION PROHIBITED.
- 11. 11© 2017 Forrester Research, Inc. Reproduction Prohibited How can you prevent this fate?
- 12. 12© 2017 Forrester Research, Inc. Reproduction Prohibited Make your customer the center of your total operating model.
- 13. 13© 2017 Forrester Research, Inc. Reproduction Prohibited Forrester calls this Customer Obsession.
- 14. 14© 2017 FORRESTER. REPRODUCTION PROHIBITED. Customer led Insights driven Fast Connected Customer-obsessed operating principles FROM Customer aware Data rich Perfect Siloed TO
- 15. 15© 2016 Forrester Research, Inc. Reproduction Prohibited Marketing should drive customer obsession at your firm.
- 16. 16© 2016 Forrester Research, Inc. Reproduction Prohibited But most marketers prioritize the wrong things
- 17. 17© 2017 Forrester Research, Inc. Reproduction Prohibited What should you prioritize instead? Brand experience Customer understanding Brand strategy Listen LeadCalibrate Connect
- 18. 18© 2017 Forrester Research, Inc. Reproduction Prohibited Listen
- 19. 19© 2017 Forrester Research, Inc. Reproduction Prohibited Source: pepsico.com/purpose/performance-with-purpose
- 20. 20© 2017 Forrester Research, Inc. Reproduction Prohibited Ethisphere’s Worlds Most Ethical companies list 5% revenue growth in 2016
- 21. 21© 2017 Forrester Research, Inc. Reproduction Prohibited Lead
- 22. 22© 2017 Forrester Research, Inc. Reproduction Prohibited Source: Cotopaxi.com © 2017 Forrester Research, Inc. Reproduction Prohibited
- 23. 23© 2017 Forrester Research, Inc. Reproduction Prohibited 200–400 applicants per job req Negative customer acquisition cost
- 24. 24© 2017 Forrester Research, Inc. Reproduction Prohibited Connect
- 25. 25© 2017 Forrester Research, Inc. Reproduction Prohibited Source: aviva.co.uk/good-thinking/ © 2017 Forrester Research, Inc. Reproduction Prohibited
- 26. 26© 2017 Forrester Research, Inc. Reproduction Prohibited 16% lift in brand awareness £11 million profit in 6 months
- 27. 27© 2017 Forrester Research, Inc. Reproduction Prohibited Calibrate
- 28. 28© 2017 Forrester Research, Inc. Reproduction Prohibited
- 29. 29© 2017 Forrester Research, Inc. Reproduction Prohibited
- 30. 30© 2017 Forrester Research, Inc. Reproduction Prohibited Source: Forrester’s Forrester/Internet Retailer Q1 2017 Global B2B Buy-Side Online Survey 26%
- 31. 31© 2017 Forrester Research, Inc. Reproduction Prohibited It’s time to work differently.
- 32. forrester.com Thank you Shar VanBoskirk | Vice President, Principal Analyst svanboskirk@forrester.com
- 33. #ModernMicroscope @4Cinsights Modern Tools for Audience Intelligence Aaron Goldman, CMO, 4C
- 35. #ModernMicroscope @4Cinsights What do I care about?
- 36. #ModernMicroscope @4Cinsights Gettingin his head is key to selling your product.
- 39. #ModernMicroscope @4Cinsights Gettingit wrong can have disastrous consequences.
- 40. #ModernMicroscope @4Cinsights SOCIALMEDIAENGAGEMENTS TWO WEEKS TO VOTE ONE WEEK TO VOTE DAY BEFORE VOTE We saw it coming.
- 41. #ModernMicroscope @4Cinsights SOCIALMEDIAENGAGEMENTS TWO WEEKS TO VOTE ONE WEEK TO VOTE DAY BEFORE VOTE We saw it coming.
- 42. #ModernMicroscope @4Cinsights SOCIALMEDIAENGAGEMENTS TWO WEEKS TO VOTE ONE WEEK TO VOTE DAY BEFORE VOTE We saw it coming.
- 43. #ModernMicroscope @4Cinsights Social data is super valuable.
- 45. #ModernMicroscope @4Cinsights Conventionalwisdom is nearly always wrong.
- 46. #ModernMicroscope @4Cinsights Core values are everything.
- 47. #ModernMicroscope @4Cinsights So whatdo SantaClaus and smoking have in common?
- 48. #ModernMicroscope @4Cinsights 355X more likely to engage.
- 49. #ModernMicroscope @4Cinsights Social just tells part of the story. 2B SOCIAL MEDIA INTERACTIONS 100K PEOPLE METER RESPONDENTS 8M SMART TVS 220M U.S. ADULT PROFILES 1P DATA CLIENT-PROVIDED (CRM lists, DMP segments, etc.) 3P DATA SELECT PARTNERS (e.g. Auto, Purchase Data, Demographics, etc.) 4C INSIGHTS AFFINITY GRAPH™️ 2,100 GLOBAL CHANNELS
- 50. #ModernMicroscope @4Cinsights Gettingit right can have amazing consequences. 60% COST 10X CONVERSION RATE 50% COST PER SUBSCRIBER 174% ROAS 53% ENGAGEMENT 223% REVENUE
- 51. #ModernMicroscope @4Cinsights It’s allin Scope. 85% OF CLIENTS SEE AT LEAST 10% LIFT IN BRAND AWARENESS 80% OF CLIENTS SEE AT LEAST A 10% INCREASE IN ENGAGEMENT 77% OF CLIENTS SEE AT LEAST A 10% LIFT IN LEAD VOLUME 80% OF CLIENTS SEE AT LEAST A 10% INCREASE IN SALES REVENUE
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- 23 percent of teens reporting being targeted. About 15 percent reported bullying someone online themselves.
- Think with me for a moment about an answer to this question: How has technology changed you? How has it changed your relationships? How you spend your time? Your money? How has it changed how you think? What you value? Grab your pen and jot down an answer. Go ahead. I’ll wait. How has technology changed you?? 22% of us met our significant others online 73% of us binge watch video content 91% of students text during class Because of chronic technology use, millennials are more likely than people 55 or older to forget small things like what day it is or where they put their keys Every 30 minute increase in daily screen time links to a 49% increased risk of expressive speech delay in children But technology hasn’t just provoked negative changes. It is to the credit of technology that we enjoy the amazing standard of living that we do today. Our fundamental comforts like having running water, systems that warm or cool our homes, have evolved into
- People will now embrace new things more rapidly Hyperadoptions has changed literally of lives More than 1 billion who use facebook every day More than 1 billion on the planet who have an android device More than 1 billion people a month who use WhatsApp – especially in markets around the world where it has become the primary method for personal and business communication Or if it is whatever else will rapidly become the newest in the 1 billion member club Now just to put hyperadoption in context, prior to these digital experiences, only three things in the history of humanity have ever reached the billion member club they are China, India and the Catholic Church Other examples - astronomical ascent of collaboration disruptor Slack or the billion users of global messaging phenomenon WhatsApp. End consumers are engaging in the rapid, simultaneous uptake of new experiences.Use numbers, stats, examples, whats app =- we’ve become humans who crave new things. Adopton of ipods and how long that took compared to ipads, compared to whatsapp…literally billions of people clamouring these things
- The second dimension I mentioned is digital disruption which creates opportunity on unprecendented scale. By this I mean, that innovation used to happen only for a select few of erudite, well funded individuals or businesses. NOW, the low cost of technology, and the easy access to information an technologies make it possible for innovation to happen much easier. Entirely new disruptors are entering traditional industries and out innovating incumbents. And traditional companies like GE are disrupting themselves with the help of citizen innovators.
- This data shows how significantly this has declined from the 60 years average in 1958 Another study of 30,000 public firms in the US over a 50 year span found results equally as stark. Public companies have a 1 in 3 chance of being delisted in the next 5 years. whether because of bankruptcy, liquidation, M&A, or other causes. That’s six times the delisting rate of companies 40 years ago. And the rise in mortality applies regardless of size, age, or sector. Why does the outlook for companies look so bleak?
- Months tenure of an average CMO.
- So how can you prevent this fate? You:
- Forrester calls this customer obsession. And it is a good strategy because it will prevent your company from failing AND because it will generate growth and new opportunities. We created a 21 question assessment to determine just how customer obsessed companies are today. My colleague Laura Ramos is going to introduce you to this assessment in her keynote later this morning. Our assessment allowed us to sort companies into four segments based on their maturity.
- Many companies think they already are customer-obsessed, but they’re not. They may have pockets of it, but the company as a whole does not operate around the customer. We analyzed the practices of over 50 companies at various stages in their customer-obsessed transformations. Through in-depth discussions with C-level executives at each of these firms, we teased out the common core for success. Turns out customer obsessed firms operate according to 4 key principles (outlined here as a to-from structure so it’s easier to understand how they compare to more traditional firms) From customer-aware to customer-led. Most companies collect information on their customers, but only 11% of marketers report centralizing structured and unstructured data to make informed marketing decisions. Customer-obsessed organizations like The Lego Group have an integrated view of the customer. They embrace more advanced techniques like ethnography that go beyond the "what" and "how" of customers' behavior to reveal the "why" by eliciting customers' deep-seated needs and motivations. From data-rich to insights-driven. Most firms are swimming in data, but they're only using about a third of it. Worse, only 29% say they are good at translating the result of data and analytics into measurable business outcomes. In their quest to become insights-driven, customer-obsessed firms work to master data enablement — specifically the processes and systems required to make data available, clear, and secure in their moment of need. MGM Resorts, big insights from small data example. From perfect to fast. The faster you execute, the more quickly you will win over these hyperadoptions. Yet few leaders deliberately exploit their action-taking opportunities. Instead, they get lost in their own bureaucracy and preference for developing bulletproof solutions. To prosper, customer-obsessed firms like Coca-Cola instead use a bias for action to quickly test what the market thinks of an idea or premise, and then iterate on their learnings. Exotel hackathon to use machine learning to detect caller sentiment example. From siloed to connected. Traditional command-and-control, siloed functional models can drive clear accountability and predictability. But they also drive long decision cycles and often result in competing and conflicting customer experiences. At customer-obsessed firms like HSN, many of these functional silos are giving way to cluster models where smaller, multidimensional teams of sales, marketing, service, product development, production, and technology staff focus on serving a single customer segment, journey, or desire. These teams also often stretch beyond the firm's four walls to an ecosystem of partners that help meet customers' needs in their context. PepsiCo using customer insights to determine organizational strategy to guide hiring decisions, plan innovations, example.
- So with the forces of entitled customers in mind, let me say it again. Post Digital marketers do what they say. Now let’s parse this mantra so that you can tune in to what is different today from how you might have thought about this in the past. First: PD marketers do what they say – that is, they make good on their promises. My colleague Fatemeh Khatibloo is going to address this specifically as a powerful enabler of trust in her keynote session tomorrow morning. PD marketers DO, they don’t just say – they work with product, ecommerce and customer experience colleagues to build solutions, not just communications. Then, PD marketers actually do+say, that is, they consider what combination of communication, utility and experience a user needs throughout her lifecycle. Forrester analyst Rusty Warner will address this in this afternoon’s session on Contextual Engagement. Breaking it down this way reveals the shortfalls of current marketing habits. For example,
- Marketing habits haven’t kept pace. Let me explain. Media planning and budgeting is principally based on frequency – an approach which made sense in the age of distribution which was a time when media only reached end customers during their morning commute or evening TV hour, but now just barrages people with too many ads. Messages are still primarily designed to the lowest common denominator, even though they could be customized. And 86% of all marketing investment goes toward advertising, when consumers distrust ads and creating contextually relevant experiences across the customer lifecycle is a better approach. At the same time efforts developed in response to digital technologies emphasize the performance of specific channels potentially at the expense of how well they work together. This came out of the age of information because of the introduction of the click through. But this also perpetuates a false sense of precision. As Carl introduced in his opening remarks this morning, a customer is not the same customer from moment to moment, context to context. Tracking customer purchase path, attributing revenue, and creating lookalike models can’t account for all possible scenarios. And digital marketing doesn’t manage for complex human nature. It reduces customers to “targets who will respond in a certain way based on a desired performance goal.” But of course we are complicated, irrational even, and we make decisions 95% of the time for emotional reasons, which algorithms can’t account for. Neither set of practices is adequate for today’s climate. What you need to move past legacy habits is to;
- Let me introduce you to MOM: your new Marketing Operating Model. In a post digital world, marketing is responsible for three things across the customer’s lifecycle: Customer understanding Brand strategy And Brand experience Now these might sound like familiar labels to you, so let me explain what I mean by each of them so we have a shared understanding of what is in and out of marketing’s remit. Customer understanding is not a team or a database or a series of focus groups. Customer obsessed marketers are the acknowledged customer advocates for their firms. They know who their customers are, what they value, and why Brand Strategy means that marketers define their firm’s brand promise and how the firm will live it Brand experience then means that marketing balances how their firms will solve customer problems while staying true to its brand promise To accomplish these responsibilities marketers will work in a new way. They will: Listen, Lead, Connect, Calibrate. Let’s drill into each of these in a bit of detail.
- When I say Listen, don’t think I just mean social media monitoring here. Listen means understanding your customers, their context, values and emotional needs in order to plan optimal brand interactions, but also to determine how to organize, what to spend on and whom to hire.
- PepsiCo bases its organization, innovations, promotions, service, supply chain management and sustainability strategies on global customer, employees and partners across all brands. Doing so has helped Pepsi generate 5% revenue growth despite a decline in consumption of sugary drinks. Plus, it puts PepsiCo on Ethisphere’s list of the World’s Most Ethical Companies for 11 years running.
- PepsiCo bases its organization, innovations, promotions, service, supply chain management and sustainability strategies on global customer, employees and partners across all brands. Doing so has helped Pepsi generate 5% revenue growth despite a decline in consumption of sugary drinks. Plus, it puts PepsiCo on Ethisphere’s list of the World’s Most Ethical Companies for 11 years running.
- When you lead, you architect your brand values, you demonstrate them individually, and you mobilize employees across the enterprise to live your brand promise, catalyzing a pivot where necessary to help the company be more customer obsessed.
- The CMO and co-founder of outdoor goods supplier Cotopaxi established its brand to mean “Gear For Good.” Cotopaxi makes quality gear, sustainably, gives 2% of revenues to alleviate poverty through grants and labor sourcing. And hosts outdoor races and events to educate and create community. Connecting with customers at a values-level and living its brand values returns for Cotopaxi a negative customer acquisition cost, and yields 200-400 applicants for every open job req.
- In a post digital world, consumers experience your brand everywhere – not just through marketing campaigns. This means that marketing must connect product, customer service, sales around your brand promise to ensure that you consistently solve customer problems everywhere.
- Marketing at UK-based insurance company Aviva created a customer initiative called “Good Thinking.” which includes advertising plus online utilities, smart devices to track at risk behaviors, and customized products and pricing all focused on helping end consumers plan for their financial futures. The effort – driven designers, data scientists, customer experience and marketing drove an £111m in profit in 6 months and improved brand awareness for Aviva 16%. http://www.campaignlive.co.uk/article/aviva-combined-marketing-overhaul-business-disruption-says-ceo/1415967#pqK6ZjeTdGg705sq.99
- The old version of marketing would allow a set of goals for the organization and a separate set of goals for marketing. This is why you can feel like you are generating lots of leads, but still not seeing your stock price move. In the age of the customer marketers calibrate the results of brand interactions back to business goals.
- Stephanie Shore the CMO of digital print and design business Moo hired a former CPA to her marketing team so that she could show the rest of her organization a strong connection between marketing and overall business performance. And Pepsico developed an app for sharing marketing performance metrics with its strategy and product teams. http://www.activitycloud.com/blog/what-you-can-learn-from-pepsicos-new-consumer-data-strategy/ Now I know that on the surface it seems easier just to stick to big goals that don’t have a lot of accountability. That way you don’t have to admit if you haven’t done your part. Likewise, I know the false sense of security that comes from just staying busy managing the chaos of your current assignments
- Stephanie Shore the CMO of online printing company Moo hired a CPA to her marketing team so that she can show the rest of her organization what marketing is doing and it is contributing to the corporate plan. And Pepsico developed an app for sharing marketing performance metrics with its strategy and product teams. http://www.activitycloud.com/blog/what-you-can-learn-from-pepsicos-new-consumer-data-strategy/ Now I know that on the surface it seems easier just to stick to big goals that don’t have a lot of accountability. That way you don’t have to admit if you haven’t done your part. Likewise, I know the false sense of security that comes from just staying busy managing the chaos of your current assignments
- So, we’ve gotten to the part of the presentation where I am wrapping up and giving you your marching orders. To do that, let me point out that nly 26% of global executives think it extremely likely that they will be more profitable in 5 years if they maintain their current management approach, corporate philosophy and innovation strategies. So let me give you a simple mantra to help the odds be ever in your favor. For marketing to be the driver of customer obsession at your firm, you have to:
- This means that to change, to become customer obsessed, to improve your email program performance, It is time to work differently. And this need not be a daunting task. You can start with a medium that you know today, but have just been under leveraging. To become customer obsessed you should:
- People can be hard to categorize
- And sometimes their behavior is out of character