Collaborate With Finance To Prove Marketing's Business Value

Fix Your Marketing Measurement Mess: Key Takeaways And What You Can Do

Tina Moffett

A few weeks ago, my colleague Jim Nail and I conducted a “Fix Your Measurement Mess” workshop at the 2017 Consumer Marketing Forum in New York. Our workshop became a great conversation starter for participants to understand and take inventory of their challenges and to recognize priority metrics for their own businesses.

The 4-hour measurement workshop was a hands-on session to deconstruct marketers’ current measurement approach, prioritize and classify metrics, unearth what makes a valuable metric, and identify the triggers marketers need to start, stop, or continue monitoring as they become more measurement savvy. We discussed current measurement maturity across channels, metrics adoption, and baseline capabilities for measurement success. Here are a few things we learned:

  • Marketers are more confident in their metrics. Our workshop participants know the metrics that help them determine campaign success, customer intention, and customer preference. For example, participants thoughtfully conducted deep analysis of understanding how awareness metrics drove customers to the consideration phases. They also discussed the importance of mapping the distance between a metric and a sale to quantify the real value of their metrics.
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Effective Metrics Are Critical For DevOps and Agile Success

Robert Stroud

In the days of old, not very long ago, release cycles were measured in years —organizations were using “on-time” and “on-budget" as the mantra for project efficacy. Business today is compelled to deliver business technology in cycles of hours, or days. Faster cycles render not only tradition “waterfall” processes and silo based IT obsolete, it also renders traditional metrics ineffective! These arcane metrics no longer deliver the visibility and granularity tech pros need to fine-tune their delivery capability. The mission has transitioned to rapidly deliver high quality, high value solutions. For all, this is a significant shift from the past, when the main points of focus were schedule, cost, and efficiency. Modern software metrics — speed, quality, and value — are based on continuous feedback from business partners and customers.

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Marketers Are Measuring Engagement All Wrong

Tina Moffett

Over the course of my career as a marketing analytics practitioner and as a Forrester analyst, I’ve tried to tackle some of the most pressing questions around measuring marketing’s effectiveness. I’ve seen a recent surge in marketers using the metric “engagement” as a way to measure marketing success. When I start to question what they mean by the term “engagement” and how they measure it, I’m often met with a flurry of answers, including a running list of metrics, such as likes, shares, or time spent on the site, that marketers Read more

It's Time To Rethink Digital Banking Metrics

Zhi-Ying Ng

This time of the year is significant not only because of the never-ending amount of Christmas log cakes (or puddings) that we guiltily consume without restraint at our offices, it is also when we sit together to talk about everything that has transpired in the past year. As we go into the festivities over the next few days, this is the time for us to pause and reflect on the things that have gone well, and those that haven’t quite gotten to the stage of being ideal.

For the financial services sector in particular, this means taking stock of your digital transformation journey by evaluating your progress in digital banking in the age of the customer.

At Forrester, we have done extensive research that involved speaking to incumbent banks globally and leveraging our consumer technographics data for our digital banking strategy playbook. We have recently published the digital banking strategic plan, processes, and benchmark chapters. 

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What Marketers Can Learn From The Chicago Cubs

Tina Moffett

Bleary eyed baseball fans are waking up to the unimaginable: the beloved Cubs broke their 108 year old dry spell and won the World Series. Their quest to World Series champions was a mix of talent, dedication, heart…and data.  Data, you say? Yes, data. Baseball franchises are enamored with using data to make smarter trades, shift line-ups, field position, and predict player performance.  But how did the Cubs move to a data driven baseball organization? One man helped transform baseball from a gut decision strategy to using information, using data to make decisions: Theo Epstein.

Theo Epstein is credited for the breaking the Red Sox World Series curse using data and insights to make strategic player acquisitions, changes in field play, and predict how players would perform. He took his data talent over to the Chicago Cubs, where he made some major trades and empowered the coach to make data driven field and batting changes. His data driven approach helped transform the way franchises think about baseball. Less gut, more information to help drive decisions.

Marketers must embrace the baseball management mentality: use data to shift marketing strategies at the moment of need. Marketers can use past marketing performance data, customer insights, and competitive information to:

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The Forrester Wave: Marketing Measurement and Optimization Solutions, 2016

Tina Moffett

Gone are the days of marketing mix providers.  So long cross-channel attribution technologies.  There’s a new sheriff in town—Marketing Measurement And Optimization Solutions.

Today, Jim Nail and I are excited to publish The Forrester Wave: Marketing Measurement and Optimization Solutions, 2016.  The 2016 Marketing Measurement and Optimization Wave combines the previous Marketing Mix Modeling Wave and Cross-Channel Attribution Wave.  This report evaluates 10 vendors on current offering criteria, strategy, and market presence. 

Why did we take this “unified” approach to marketing measurement?  Customer data deluge is putting pressure on marketers to measure the effectiveness of ALL marketing initiatives, across each customer.  Marketing mix modeling and cross-channel attribution each provide deep marketing performance insights but each fell short in providing what marketers urgently need: a singular view of marketing performance.

Over the past 18 months, Forrester saw a dramatic shift in solutions; traditional marketing mix modeling measurement providers were investing in technology and methodology develop for attribution and we dubbed this “Unified Marketing Impact Analytics”. 

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The No. 1 Barrier To Effective Digital Transformation

Nigel Fenwick

In a recent post, I wrote about how digital experiences shape customer perceptions of value. But it's easy to forget that your organization's culture also shapes your customer's perception of value.

Earlier this week, I was moderating a panel on digital transformation at a Software AG event in New York. In opening the event, Kevin Niblock, Software AG's North America President and COO, described digital business as "a cultural phenomenon." Organizational culture plays an enormous role in the ability of a company's employees to transform a traditional business into a digital business.

If you're not the CEO, you might be forgiven for thinking that you have little control over your corporate culture. But we all have the opportunity to shape our organization's culture. And while nurturing the company culture is arguably one of the most important jobs of the CEO, it is also a critical capability for any leader.

Former IBM Chairman and CEO, Lou Gerstner, reminds us of this in an excellent Wall Street Journal (WSJ) article: "The Culture Ate Our Corporate Reputation". Gerstner writes: "What is critical to understand here is that people do not do what you expect but what you inspect. Culture is not a prime mover. Rather it is a derivative. It forms as a result of signals employees get from the corporate processes that structure their work priorities."

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Neustar Acquires MarketShare To Close The Data to Insights Gap

Tina Moffett

Last Thursday, marketing data and analytics company, Neustar, agreed to acquire marketing analytics technology provider MarketShare Partners, for $450 million.  Neustar is an information services company, providing everything from complex registry management to deliver marketing insights. MarketShare Partners provides advanced analytics technology to help c-level executives improve marketing’s impact on revenue.    

The Neustar acquisition of MarketShare means:

A powerful insights engine will come to market.  The Neustar acquisition of MarketShare for $450 million indicates one thing:data is not enough. Neustar needed to expand on its existing data, marketing, and identity solutions and add an analytics technology layer to help CMOs measure, analyze, and optimize marketing initiatives.  The acquistion of MarketShare helps Neustar clients bring all that rich data to life, and will give MarketShare clients access to even more customer based data to enhance its current analytics.

Neustar to gain more access to CMOs .  Neustar’s primary stakeholders sit right below the c-suite. This acquisition will  hopefully change that; MarketShare’s strong experience  as a  trusted advisor Fortune 1000 to clients such as USAA, Hilton, and Neiman Marcus.  MarketShare has a proven track record of guiding executives through marketing planning decisions, changes in prices, and change management decisions.  This acquisition will potentially give Neustar more credibility with C-level executives, if they can speak their language.

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What Do CX And The Environmental Movement Have In Common (AKA Top 10 Tactics To Rally Your Organization Around CX Metrics)?

Maxie Schmidt-Subramanian

We all share this sentiment that we want to protect our resources — our planet for generations to come — so that our children and their children can live happily ever after. It’s that warm and fuzzy feeling we get when we see a little girl holding a flower in her hand. I realize that we all share this sentiment every time the press reacts with irate reports criticizing the extent of pollution in China — or when “Reduce, Reuse, Recycle” became part of pop culture with Jack Johnson’s song of the same name (sorry if you have that song playing in your head now). Protecting the environment is the right thing to do. But how many times have you used disposable dishes or cutlery when there were other options that were just less convenient? And why do you do that? It’s easy: Life gets in the way.

As a customer experience (CX) professional, you’ll have noticed the parallels by now. You regularly try to share insights from CX measurement or the voice of the customer (VoC) program with your colleagues across the organization to tell them what important customers think about their experiences with the company and what their pain points are. Using these insights is the right thing to do. But how many times have you met polite but superficial interest? And why is that? Life gets in the way. Your colleagues are busy, don’t know why to care, or have other priorities. It’s no wonder then that 72% of CX pros we asked in our recent survey on the state of CX maturity said that their organizations have only been somewhat or not effective at all in improving customer experience.

I looked at ways that CX pros have managed to rally their organizations around CX metrics and found 10 tactics that companies like Avaya, Elsevier, Hampton Inn & Suites, Sage Software North America, and Verizon have proven to work in the real world.

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