You’re Not An Insights-Driven Business - And It Really Hurts

James McCormick

In Forrester's new report, The Insights-Driven Business, my colleagues Ted Schadler, Brian Hopkins, and I have identified a predator: the insights-driven business. These businesses are vigorously applying insights to decisions and customer engagements at every opportunity. Their leaders have a fundamental and emotional understanding of the value of insights in driving their business today — and for developing its future. They have corporate strategies and cultures that mean that leveraging data, analytics, and insights is easy and deeply embedded in everything they do. For these firms, prioritizing and coordinating investments in data and technology is not a tortuous process of guesstimating ROIs and long procurement cycles.

So who are these predators? Well, there are obvious players like Facebook, Amazon, Google, Uber, and Netflix. But, less obviously, there are many long-standing mature enterprises across many different verticals: Alaska Airlines,The Washington Post, some European football clubs, some retailers, and others that we call out in our new report are successfully transforming into insights-driven businesses today.

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Benchmark Your Customer Analytics Maturity

Brandon Purcell

Customer insights professionals consistently ask me what other companies are doing to turn their customer data into actionable insights.  To answer this question, Forrester partnered with Burtch Works, an analytics executive recruitment agency, to survey customer analytics and measurement professionals about their current efforts.  I’m quite thrilled to share the results in my State of Customer Analytics 2016 report.

This goal of this report is to give CI pros, marketers, and anyone tasked with gleaning insights from massive amounts of customer data a concrete snapshot of what others are doing in the space.  Here are a few of the key questions we set out to answer:

  • What are the top data sources companies are using for analytics and measurement?
  • What types of analyses are they doing?
  • How and where are they applying insights?
  • What challenges do they face?

In analyzing responses, we segmented companies based on their customer analytics sophistication so readers can see what separates leaders from laggards.  My hope is that as you read through this report, you will be inspired to evolve your own customer analytics maturity.  Please feel free to reach out to me via inquiry if you’d like to discuss how to do so.

Forrester’s Next-Generation Financial Services Summit Sydney Is Almost Here

Michael Barnes

Business leaders in the financial services industry (FSI) know that digital isn’t the future — it’s the present. How do I know this? A recent Forrester survey found that global FSI firms generated 34% of their 2015 revenue through digital products and services or products sold online. By 2020, this digital quotient will surge to more than half of their business, driving a digital arms (and capabilities) race against a new breed of competitor.

Australia's banks have already proven to be some of the most innovative globally. But faced with increasing consumer demands and financial technology (fintech) challengers, they need to continue to raise the bar. JP Morgan CEO Jamie Dimon accurately sums up the new competitive dynamic that all major banks face when he notes that “There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking.”

Our inaugural invitation-only FSI summit in Sydney on Thursday, August 4 will bring together an intimate group of senior executives from banks, insurance companies, and fintech firms to share Forrester’s latest digital business research and facilitate a discussion with industry leaders in the financial services industry. Our team of esteemed analysts will lead the discussion; here is a snapshot of the topics that will be presented on the morning of the summit:

  • Michael Barnes (Vice President and Research Director serving CMOs – Sydney): Accelerating Digital Business In Financial Services
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The Customer Insights Center of Excellence: Know Your Options!

Cinny Little

“Excellence always sells.”  --Earl Nightingale

The questions below may sound familiar to you.  I hear them from leaders of business insights teams of all kinds, from quant to qual, digital analytics to database marketing, customer analytics to voice of customer, market research to competitive intelligence, campaigns to customer service, behaviorial to predictive, B2C to B2B, CPG to pharma – you name it:

  • "I lead our [name the insights area[s] here] team.  We’re struggling to get our business and operational areas to take action on insights – heck, sometimes we don’t even know what happens to the insights we provide.  How do we change this?"
  • "Our insights teams work in silos that have built up over the years.  The teams are good at what they do.  But how do we pull together and combine our different flavors of insights to get more customer understanding?  How should we organize?"
  • "I've been asked to re-organize [or, I'm new and I've taken over] our insights areas.  I need to give a presentation to the C-team about what I'll propose.  Any ideas on a framework I should use?"
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Doubting Thomas Or Devil's Advocate? CX Does Matter To Government

Jennifer Belissent, Ph.D.

During a recent discussion of the Age of the Customer and how it applies to government, one of the participants from a government agency essentially asked why they should care.  The argument was “If I’m providing passport services why does customer experience matter to me? My “customers” can’t walk out that door and find another passport services provider.”  

Needless to say I was taken aback – not shocked really, this is the government after all and not traditionally known for accessible or user friendly services. But personally my experiences have never been as bad as the stereotype of government.  In fact, I just received a new passport in 2 weeks, having been told that it might take 3 – 6 weeks.  And, at least the rhetoric of late has certainly embraced, in principle, more customer centricity in government.  But here it was, the government monopoly argument rearing its ugly head.  At least to play devil’s advocate, suggesting that the sentiment did exist somewhere in the organization.

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Your Ticket To Driving More Value From Insights: Be A Master Communicator

Cinny Little

As a customer insights / analytics / digital measurement pro, do you experience any of these challenges?  And what can you do right now to make progress with them?

  •  I can’t keep up with requests from my stakeholders for analysis and insights.  Does the volume of requests and your team’s capacity seem increasingly out of whack in your organization?
  • Our customer data isn’t where we need it to be – we can’t get a comprehensive view of our customer.   You’re not alone.  Marketing and technology teams struggle to align objectives, roles, budget, projects and process, and timelines to maximize value from customer data.  Marketing decision-makers report several reasons they are failing: too many data sources (44%), lack of access to technology to manage data source integration (38%), lack of budget (35%), lack of skills to support integration (34%), organizational silos (27%), and lack of an executive sponsor (23%).
  • We’re leaving money on the table because our different analytics and insights teams work in silos.  Here’s a simple digital measurement example of this:  one digital team is responsible for driving visits to the website.  Other teams are responsible for maximizing on-site conversions.  They work in their own separate silos.  A more efficient and effective approach: work together to identify the characteristics of customers most likely to convert, and work on driving that group to the site.   That type of silo breakdown needs to happen more.
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Introducing The Digital Intelligence TechRadar™, Q2 2016: Essential Analytics Tech For Driving Digital Customer Experiences

James McCormick

Digital intelligence (DI) is the practice of bringing together the big data that we have on our customers to analyze and generate insights in so as to deliver the best, optimal and/or the most relevant experiences during moments of their digital interaction. Firms that get it right have a major competitive advantage in the digital age of the customer (For more information on the digital intelligence approach, see the “Optimize Customer Experiences With Digital Intelligence [61276]” Forrester report).

This hot topic is why I am excited to announce the publication of the brand new Forrester report entitled “TechRadar™: Digital Intelligence, Q2 2016 [76021]”.  In this report, I analyze and review the business success and growth of the 15 core technologies for digital data management, analytics, and experience optimization needed to deliver great digital intelligence capabilities.

Some of my findings include:

  • DI tech is really hot at the moment. Whether its technology to ingest, manage, and merge different customer data (e.g. tag management or data warehousing), or to generate digital insights (e.g. app analytics or spatial analytics), or that for optimizing digital interactions (e.g. online testing or behavioral targeting) we found all the core DI technologies are on a trajectory for delivering a moderate if not significant success.
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MARKETING 2016 Guest Q&A with Antonio Sciuto, Nestlé Waters

Carlton Doty

The customer journey is vital to success in the age of the customer, and as technology advances, collecting data can help personalize the experience from start to finish. At MARKETING this week, Antonio Sciuto, CMO of Nestlé Waters, will share insight into the company’s brand new ‘war room’ that displays real-time data showing customer journeys and tracking customer touchpoints.

You don’t want to miss Antonio’s talk on Tuesday afternoon. I had the chance to chat with him to get the inside scoop on how he’s leading his organization with a customer-obsessed mindset, from real-time data to customized customer journeys. Here’s what he had to say:

Q: Some may find it hard to see the applicability of customer journey analysis to a product as "simple" as bottled water. When did you first begin focusing on the customer journey? Why?

Antonio Sciuto: Digital is accelerating and changing several aspects of our lives.  In the US consumers are now spending 52% of total time on digital media channels. This is evolving the consumer journey shifting marketing focus from building databases to fostering communities. We aim to offer a seamless brand experience evolving from “simple” bottle water to healthy hydration solutions across all touch-points, online and offline.

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"Sustainability" - What Does It Mean For Your Business?

Jennifer Belissent, Ph.D.
Forrester is kicking off research on what it means to be a sustainable business and why it matters. In short, it matters because customers and investors care. But what do they care about? And, what does sustainability mean to them, and to the companies they do business with? 
 
First stop in exploring the definition of something is, of course, a search for the term. “Sustainable” means that something can go on, and continue and “be maintained at a certain rate or level.” For consumers, that might mean their health, their environment, or the health and environment of others -- but also their budgets. The literature on sustainability often refers to three pillars: social, environmental and economic. But how does this translate into business metrics?
 
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MARKETING 2016 Guest Q&A – The Next Wave: Age Of The Customer

Carlton Doty

You might have read my blog post last month about why you should attend this year’s MARKETING Forum in New York. The event is just around the corner, and I’m looking forward to all the sessions we have in store that will help marketers learn to deliver brand promise in every customer touchpoint.

I recently caught up with a few of our guest speakers to chat about their sessions, their brand strategies when it comes to innovation and personalization, and how leading their organizations with a customer-obsessed mindset has brought them success.

Be sure to check out The Next Wave: Age of the Customer sessions that will close out the event on Wednesday afternoon, which will feature talks from Anna Fieler, EVP of marketing at POPSUGAR Inc. and Michael Medenhall, CMO at Flex.  

I hope to see you at the Hilton Midtown next week – register here! In the meantime, here’s a sneak peek of what to expect at the Forum.

Q: Personalization is one of POPSUGAR’s core strategic pillars. Can you explain how you create personalized experiences for your customer base? Some make a distinction between "personalization" and "individualization" -- what do those terms mean to you?

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