Forrrester Report: Marketing Maturity in the Age of the Customer

A Forrester Consulting

Thought Leadership Paper

Commissioned By Oracle

October 2014

Why You Need To Be AModern Marketer:The Business Impact Of MarketingMaturity In The Age Of The Customer

Table Of Contents

Executive Summary ...........................................................................................1

How Mature Is Marketing? ................................................................................2

Marketing Maturity Supports Business Success...........................................2

Marketers Upgrade To Modern Practices .......................................................4

But More Work Is Required...............................................................................5

Modern Marketing Delivers Tangible Benefits ...............................................6

Key Recommendations .....................................................................................7

Appendix A: Methodology ................................................................................8

Appendix B: Endnotes.....................................................................................10

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Executive Summary

Technology gives customers new decision-making andpurchasing power. Potential buyers can access informationabout products, services, pricing, and brand reputation fromanywhere, anytime. This makes customer understanding astrategic imperative, and only those companies that obsessover knowing their customers intimately will thrive in thisnew digitally powered age.1 The mounting need to leveragecustomer data, along with the insight to better targetaudiences, engage them in dialogue, build relationships thatturn into sales, and engage customers throughout their lifecycle, is transforming marketing from an intuitive art to apredictable science. But are marketing practices keeping upwith this rapid pace of change?

In June 2014, Oracle commissioned Forrester Consulting toevaluate marketing’s maturity in targeting, engagement,conversion, analysis, and technology — the areas in whichmodern marketers most need to excel to engage their morecapable and sophisticated buyers. To further explore thistrend, Forrester set out to test whether companies withmore mature marketing practices — what we called“modern marketers” in our benchmark — experience morebusiness success when compared with peers.

In conducting 492 surveys and six phone interviews withmarketing decision-makers across the US and Europe,Forrester found that most companies are in the process ofevolving marketing practices, but on average they are onlyabout halfway to the goal of becoming customer-obsessed.In fact, only 11% of our survey base scored well enough tobe considered a modern marketer today.

KEY FINDINGS

Forrester’s study yielded four significant findings:

› Marketing maturity has an impact on the business.Companies that employ marketing best practices andtopped the scale as modern marketers on our maturityindex also grow revenue faster and enjoy greater marketshare than their less sophisticated peers: 44% of modernmarketers said their companies exceeded revenue goals

by 10% or more last year, compared with just 23% ofpeers.

› Despite increasing focus on digital channels andmarketing automation, many marketing practicesremain immature. While the majority of marketersindicated that their practices around customer dataanalytics, data management, and segmentation andtargeting are mature, most are less than halfway to thegoal when it comes to marketing measurement andattribution, automation and technology adoption,communicating using dialogue with buyers, andconverting prospects to longtime loyal customers.

› Traditional brand management skills rank as mostimportant. While marketers recognize data now drivesthe business and have upgraded core practices arounddata management and targeting, their hiring practiceshave yet to catch up. Data analysis ranks third on the listof most important hiring and training criteria, laggingbehind traditional marketing, brand management, andbusiness strategy experience.

› Modern marketing delivers increases in sales andprofitability. Marketers who win and retain customers inthe digital age use technology and new processes toscale their reach and engagement while deliveringmeasurable results to the business. When asked todescribe the results of upgrading to modern marketingpractices, over 55% pointed to increased sales and 37%to higher profitability.

With technology expanding rapidly, marketersmust refine and evolve their marketingpractices to better understand and servecustomers.

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How Mature Is Marketing?

Marketing is undergoing incredible change. The longtimeguardian of brand, advertising, and the corporate image,marketing today must prove its value against firmwidebusiness revenue and growth objectives. Recently,Forrester Research found that 54% of chief marketingofficers (CMOs) identified meeting revenue targets as theirmost important business driver.2 Yet being accountable tothe business has never been more challenging, asmarketers face a growing array of program options, bothdigital and physical, where technology is essential toengaging increasingly sophisticated buyers.

To explore the rapidly changing marketing landscape,Oracle commissioned Forrester Consulting in May 2014 toconduct a study assessing marketing maturity. Oraclewanted to understand how mature capabilities potentiallyaffect business results and to identify the characteristics thatdistinguish marketing excellence. The study surveyed seniormarketing executives and managers from corporationsacross a diverse set of industries to learn how modernmarketing practices are distributed across the marketplace.

Upon completing a survey of 492 marketers from the US,UK, France, and Germany, we found that 56% of marketersranked only in the first two stages of our maturity index (seeFigure 1).

Just 11% of those surveyed scored high enough to beconsidered modern marketers.

Marketing Maturity SupportsBusiness Success

Our study discovered a strong correlation between modernmarketing practices and business success. Companies thatembrace modern marketing processes outperform peersand competitors on key business performance indicators,including revenue growth, market share, and workplaceexcellence. A closer look at the connection between modernmarketing practices and positive business outcomes showsmodern marketing has an impact on:

› Revenue growth. Overall, 44% of modern marketers,those scoring in the top category of our index, reportedthat their company’s revenues exceeded their plan by10% or more over the past 12 months, versus only 23%of their peers (see Figure 2). Companies that achieve thislevel of revenue growth also outperform peers with lessrevenue growth in their use of intelligent targeting andtheir ability to comprehensively understand customers.3

FIGURE 2Mature Marketers Improve Revenue Growth

Base: 492 North American and European marketing decision-makersSource: A commissioned study conducted by Forrester Consulting onbehalf of Oracle, September 2014

“How would you characterize your company’srevenue growth rate over the past

12 months against your plan?”

Achieved 10%+ highergrowth rate than plan

25%

Achieved 1% to 9% highergrowth rate than plan

41%

Achieved plan orwere close

23%

Were lower than plan7%

Don’t know4%

44% of modernmarketersachievedrevenue growth10%+ aboveplan.

FIGURE 1Only One Out Of Nine Are Modern Marketers


Marketing maturity(Respondents graded on seven criteria, each worth

up to four points)

“Novice”(2 to 11)

15%

“Developing”(12 to 17)

% of respondents

41%

“Experienced”(18 to 23)

33%

“Modernmarketers”(24 to 28)

11%

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› Increased market share. When we asked respondentsto evaluate their company’s market share and leadershipposition in their respective markets, an overwhelming94% of modern marketers told us that they have attaineda significant market share, and 49% enjoy the marketingleading position (see Figure 3).

› Workplace excellence. In our survey, 71% of modernmarketers claimed that they had received nationalrecognition as a “best place to work” at least once in thepast three years. Experienced marketers achieved similarrecognition just 51% of the time, developing marketers45% of the time, and novice marketers only 38% of thetime (see Figure 4).

“We are using technology to createefficiencies in manpower, time, andrevenue. This differentiates us fromour competitors who are striving forthe same thing, but technology hasgiven us that little bit of difference inunderstanding who we are, what ourbusiness is, who our customers are,and how to approach them.”— Global director at a communications firm ranked in the

modern marketing category

FIGURE 3Modern Marketing Leads To Market Leadership


“Which statement most closely describes yourcompany’s market share relative

to your closest competitors?”

Sole market leader35%

Share marketleadership with on �eto two competitors

47%

Are not in a marketleading position

16%

Don’t know2%

49% of modernmarketers identifyas sole marketleaders.

FIGURE 4Modern Marketing Improves Workplace Culture


“Which statement most closely describes theindustry or market recognition you have

received for your employee workingenvironment within the past three years?”

Have been named tomultiple national “best

place to work” lists22%

Have received localrecognition as a

“best place to work”14%

Have been named toat least one national

“best place to work” list27%

Have not receivedworkplacerecognition

34%

Don’t know3%

71% of modernmarketers havereceived national“best place towork” recognition.

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Marketers Upgrade To ModernPractices

To assess marketing maturity, we asked marketers tomatch their current practices against a list of increasinglysophisticated options (see Figure 5). Looking at thebenchmark results, we found there are several areas wheremarketers overall excel at putting technology and processesto work. Specifically, our study found that marketers:

› Improve targeting and customer understandingthrough data analytics and personas. Marketers todayare very mature when it comes to using data to helpunderstand their customers: 67% said they have formal,consistent data gathering techniques, including 34% whoare developing personas for each of their major audiencetypes. An astonishing 87% of respondents agree that theirmessaging has become much more targeted becausedata analytics now give them the ability to addressspecific segments, personas, or client needs.

› Increase investment in data management technologyand skills to turn data into insight. Marketers areadvancing in data management and in their ability to turninsight into action: 60% said they have successfullycombined — or are in the process of combining — real-time customer data with predictive models and statisticaltechniques to help them drive their business opportunitiesmore efficiently. Retail and telecom are the mostadvanced here, with media and financial services trailingother verticals. To find lookalike prospects, 83% of those

surveyed somewhat agree or strongly agree that they areable to use their existing customer data to analyze theirbest customers and understand how they buy (see Figure6).

“You can’t be narrow-minded aboutwhat you are doing. Despite whatyour traditional marketing practicesmay be, innovating continually leadsto some of the most successfuloutcomes.”— Channel marketing lead for a financial services firm

ranked in the modern marketer category

› Use real-time feedback and behavior tracking tounderstand their customers better. Of the five keyareas studied, marketing practices around targeting andsegmentation also rated as very mature. Fifty-five percentof marketers have advanced beyond basic demographicand firmographic information and basic readiness criteriato segment prospects based on personal criteria such asexpressed preferences or interests. Another 31% employintelligent targeting based on real-time feedback andbehavior tracking. Retail and telecom respondents are, onaverage, particularly advanced in this category, with 46%

FIGURE 5Modern Marketing Practices Increase In Sophistication As Maturity Grows

Source: A commissioned study conducted by Forrester Consulting on behalf of Oracle, September 2014

“Novice” marketers:Segment inconsistently and use basic information like industry,company size, and geography.

“Modern” marketers:Employ intelligent targeting based on real-time feedback data andbehavioral analysis in addition to preferences and readiness criteria.

Use data to develop personas for every major audience type, and usethese to guide marketing strategy, messaging, and execution.

Distribute thought leadership, build a two-way dialogue about challenges, andgive customers exactly what they need at each stage of the purchase journey.

Use scoring, nurturing, behavioral triggers, and recycling across not only thesales pipeline but also after sales to increase loyalty.

Have current and real-time accessible customer data. Use predictive modelsand statistical techniques to create models and drive business opportunities.

Leverage attribution measurement to understand the impact of all channels.

Have a standard, fully integrated cross-channel marketing automation platform.

Don’t really use formal data to inform understanding of customers.

Focus on outbound communication through direct channels likeemail and sales calls.

Use conventional conversion processes, running campaigns andturning respondents over to sales to qualify and close.

Have incomplete, siloed, and untrustworthy customer data.

Measure channel effectiveness for each channel separately.

Do not use any marketing automation systems.

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using intelligent targeting, versus other industries such asmanufacturing, which had the lowest rate of intelligenttracking at 18%.

But More Work Is Required

Despite this progress, we also found a few areas wheremarketers are not quite as mature. We found manymarketers still need to:

› Extend conversion efforts beyond acquisition. Morethan half of our respondents (52%) focus conversionactivity on customer acquisition and rate their processesas conventional with limited use of lead scoring andnurturing. The most advanced marketers (17%) extendadvanced conversion techniques — like lead scoring,nurturing, behavioral triggers, and lead recycling —beyond the sales pipeline to include after sales activityaimed at retaining customers and increasing loyalty. Onthe positive side, 77% of all respondents said they nowengage with customers post-purchase to ensuresuccessful adoption and use, and 79% said they haveinstituted programs aimed at converting buyers intorepeat purchasers.

› Avoid depending on traditional outboundapproaches. While marketers strive to communicate withcustomers and share information customers care about,57% still conduct mostly one-way, outboundcommunications. Only 11% said they engage in realdialogue with buyers at each stage of the purchasejourney and personalize communications according totheir needs. Media, financial services, and healthcare lagbehind in the adoption of engagement tactics that givebuyers exactly what they need at each stage of thepurchase journey personalized to their preferences.

“One of the key investments we have made is in ourdigital and social media presence. We have a teamthat has grown to about four times the size of whatwe had two years ago. We feel this helps us toengage in dialogue with our members.”— Marketing director for an insurance organization

ranked in the modern marketer category

› Measure cross-channel influence to better attributemarketing’s impact on the business. When it comes tomeasuring campaign effectiveness, 31% of marketersstudied said they measure each channel separately,

independently from other activity or media. Another 25%claimed to be able to measure the halo effect of channelsand campaigns. Only 13% of marketers leverageattribution measurement beyond these limited channeleffects to understand the impact of marketing activitycarried out across multiple channels. Overall, marketersshowed the least maturity on this criterion.

› Knit together systems to produce a fully integratedautomated marketing platform. Poor adoption andintegration of marketing automation contribute to theinability to perform cross-channel attribution. More thanhalf (57%) of respondents admitted their marketinginfrastructure is separated by channel, not well-integrated,or lacking entirely. Only 14% have standardized, fullyintegrated cross-channel marketing automation platforms,with 42% of retailers standing out as more advanced thanother verticals using this type of solution. Fortunately,marketers see technology evolving rapidly, and 78% ofrespondents agree that cloud-based deployments are theideal way to access all of, and the best, functionality theyneed.

FIGURE 6Marketing Practices Are Evolving


Our messaging has become much moretargeted toward specific segments,

personas, or client needs87%

Agree or strongly agree

We analyze our best customers tounderstand how they buy and

find others like them83%

We have programs that actively engagecustomers to convert them into repeat

purchasers or to grow wallet share79%

Cloud-based deployments are the idealway to ensure we have access to all

of, and the best, functionality78%

We have programs and processes thatengage with buyers after purchase to

ensure their onboarding, adoption,and use is efficient and valuable

77%

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› Place a higher premium on analytic skills. When askedto rank the most important skills they consider when hiringor developing marketing staff, one-third of respondentsput brand/marketing management in the top spot, whileonly 12% did the same for data analytics (see Figure 7).While it is important to balance the creative side ofmarketing with the analytical, the transformation tomodern approaches will lag behind until marketers bringthese skill sets into alignment.

Modern Marketing Delivers TangibleBenefits

When marketers transition to more modern practicesaround sophisticated targeting, engagement, conversion,and analytics, they start to see important results in businessactivity and marketing progress (see Figure 8). Marketingorganizations that upgrade their marketing strategy,processes, technology, and skills enjoy:

› Increased sales. When we asked respondents to rankthe benefits they have seen on their journey to becomemore modern marketers, 35% listed increased sales asthe primary benefit. Overall, the vast majority of thosesurveyed (55%) said higher revenues were a directbenefit of investing in marketing.

› Streamlined profitability. Modern marketing contributesnot only to revenues, but to the bottom line as well. Morethan one-third of respondents (37%) believe they arebetter able to focus their marketing efforts on moreprofitable activities through the use of more modernprocesses, technology, and skills.

› Greater executive support. As a result of theirinvestment in modernizing their practices, 32% said theyhave seen an increase in how executives championmarketing as a strategic part of the business. As a seniormarketing strategist at a manufacturer told us: “Ourleadership has worked to give marketing a moreprominent role outside the company — in particular indevelopment. We’ve become much more consumer-centric and are using that consumer centricity to helpfigure out what products to bring to market.”

FIGURE 7Traditional Marketing Skills Still Top List OfTraining And Hiring Criteria


“Which are the most important skills that youconsider when hiring/developing marketing staff?”

(Rank up to top five)

Brand management/marketing 33%Rank 1

12% 8% 6% 8%

Strategic planning 13% 12% 12% 9% 5%

Data analysis 12% 14% 8% 6% 6%

Creative strategy 6% 7% 9% 7% 7%

Email marketing 6% 8% 6%5%6%

Lead management/nurturing4%6% 9% 9% 6%

Copywriting/publishing 5% 7% 6%4%

4%

Event planning/production4%6%5%5% 4%

Public relations3%5%5%6%6%

Graphic design3%6%

4% 4%2%

Social media1% 2%

4% 11% 8%

Mobile strategy2% 3%

6%4%

4%

Search engine optimization2% 3%

5%5% 4%

Website management1%

1%5%5% 7%

Rank 4 Rank 5Rank 2 Rank 3

FIGURE 8Companies Enjoy A Wide Range Of Benefits FromUpgrading Their Marketing


“What have been the most important results ofupgrading your marketing strategy, processes,

technology, and skills during the past two years?”(Rank up to top three)

Rank 1 Rank 2 Rank 3

Increased sales 35% 12% 8%

Emphasis on more profitableactivities 13% 11% 13%

Senior management championsmarketing strategies 14% 11% 8%

Increased ability to prove marketingdelivers a return on investment 7% 12% 14%

Lowered costs/competitiveadvantage 7% 13% 12%

Better able to differentiatebrand/new productivity 9% 9% 10%

Validation of marketing’s mission 6% 12% 7%

Improved image as adigital company

4%10% 8%

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Key Recommendations

Forrester’s in-depth interviews with marketing executives and managers, supported by global survey results with 492of their peers, show how companies with modern marketing practices outperform on revenue goals, capture marketshare, and deliver better business results. To develop the practices and make the right technology investmentsrequired to nurture a firm’s untapped marketing potential, marketing leaders and executives should:

› Use technology and process to simplify the marketing approach. Advancing all five key modern marketingpractices simultaneously can become complicated without tools and analysis that can focus the marketing team’spriorities. Modern marketers should work toward putting a marketing architecture and platform in place that letsthem focus on the customer and build relationships across the buyer’s lifetime. As one channel marketing lead ata financial services firm told us; “The use of a platform has made it easier for us to run campaigns, conduct A/Btesting, analyze results, and do a lot of other things that were very manual or just not smooth before. We give alot of weight to the analysis that we do and have dropped programs that didn’t work to give us capacity andbudget to spend on other programs.”

› Invest in a comprehensive data strategy. If customer understanding is the key to competitive advantage in thedigital age, then data will become the currency by which marketers acquire this insight. Modern marketers puttheir data to work when they combine primary customer data from internal systems and databases withanonymous third-party sources to upgrade their customer intelligence. A more comprehensive customer datamodel — managed through a data management platform that enables marketers to activate this data — helpsmarketers predict which leads to pursue, target and reach the most promising market opportunities, conductlookalike modeling based on ideal customer profiles, and determine the next best offers to make to potentialbuyers.4

› Sharpen their attribution acumen. Marketing can no longer rely on soft measures like brand awareness ordisconnected stats like trade show badge scans, social likes, or website traffic to demonstrate how marketingreturns value to the business. When only 10% of marketers can strongly agree that marketing’s financial impact isclear to the business, it’s time to put metrics to work managing marketing’s performance.5 Modern marketersupgrade their metrics, reporting, and dashboards to quantify cross-channel campaign effectiveness; track andattribute marketing activity against sales; and measure marketing’s contribution to overall revenue goals.

› Combine content strategy with automation to scale message delivery. To maximize the chance eachmarketing-generated opportunity turns into a successful revenue event, modern marketers must combinemarketing automation with content marketing strategies that engage customers with information and utility theyvalue. Modern marketers deliver the right message at the right place and time when they develop cross-channelstrategies that engage buyers in ways appropriate to each channel as they also convert suspects to prospects,prospects to customers, and customers to advocates.

› Own the customer’s digital experience. Digitally empowered customers are in more control of the purchaseprocess. This provides an opportunity for marketing to assume a leading role in transforming the customer’sdigital experience across the organization from pre-sale to post-sale activities. Modern marketers must lookbeyond their own marketing practices to engage peers in sales, support, service, and customer experience so allparts of the business can better understand a customer’s context and preferences, deliver utility with everyinteraction, and guide the customer into the next best interaction.

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Appendix A: Methodology

In this study, Forrester conducted an online survey of 492 B2B and B2C marketing decision-makers in the US, the UK,Germany, and France across industries to evaluate the evolution of their marketing practices. Further, Forrester conductedsix phone interviews with these same respondents who scored high on the maturity scale in order to gain deeper insightsinto their marketing activities. Respondents were offered a small incentive as a thank you for time spent on the survey. Thestudy began in June 2014 and was completed in September 2014.

To benchmark marketing maturity, we asked seven questions that progressively assess how well a marketing organizationtargets its audiences, engages with buyers, converts buyers across their lifetime, analyzes marketing’s performance againstgoals, and uses technology to support all the associated marketing processes. For each question, respondents picked thestatement that most closely matches their current practices, with statements increasing in sophistication. We assigned ascore of one to four points to each response, for a maximum of 28 points total. We then ranked respondents into one of thefour maturity levels based on their scores. We found marketing maturity follows a normal distribution, with 74% ofrespondents falling into the two middle categories out of the four we identified in our maturity index.

Our maturity scale included the following nomenclature and defining characteristics.

“NOVICE”

These marketers:

› Segment inconsistently and use just basic information like title, industry, company size, or geography to distinguishaudiences.

› Don’t really use formal data to inform understanding of customers.

› Have primarily outbound communication; they focus mostly on brand advertising and promoting messaging through directchannels like email and sales calls.

› Use conventional conversion; they run campaigns and turn respondents over to sales to qualify and close.

› Have disorganized customer data: It’s incomplete, siloed, difficult to work with, and few people trust what it says aboutcustomers.

› Measure channel and campaign efficiency and effectiveness based on each specific channel, not considering othermarketing or media activity occurring at the same time.

› Do not use any marketing automation systems.

“DEVELOPING”

These marketers:

› Segment using readiness criteria like BANT (budget, authority, needs, timeline) in addition to basic information.

› Have superficial understanding of customers: Data gathering and analytics around customer types are inconsistent and adhoc.

› Distribute to the market information about customer successes and thought leadership on topics that customers careabout, in addition to outbound communications.

› Have conversion processes that are just beginning to adopt practices like the waterfall method of lead scoring andnurturing to develop demand ahead of sales involvement.

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› Are working to clean up customer data. They still have disparate systems but are doing manual analysis and augmenting itwith second- and third-party data.

› Measure the halo effects of channels and campaigns.

› Have separate, disparate automation systems running for various channels.

“EXPERIENCED”

These marketers:

› Segment based on expressed preferences or interests in addition to basic information and BANT.

› Have advanced customer understanding: They gather and use data about customers based on roles and responsibilitiesand involvement in the purchase process.

› Strive to build a two-way dialogue with buyers about the issues they face and the problems they want to solve.

› Have conversion processes that are maturing beyond scoring and nurturing to include behavioral triggers and leadrecycling that accelerate the most qualified leads through the funnel.

› Are maturing their customer data management. They are investing in more technology and skills to help streamline datamanagement, enhance it with second- and third-party data, and find hidden or novel insights across all transactionalsystems.

› Measure limited channel and campaign effects.

› Have separate marketing automation platforms that are integrated together.

“MODERN”

These marketers:

› Use a combination of expressed preferences/interests, BANT, and basic criteria and also employ intelligent targetingbased on real-time feedback data and behavioral tracking/analysis.

› Have customer understanding that is comprehensive: They use data to develop personas for every major audience typeand use these tools to guide marketing strategy, messaging, and execution.

› In dialogue with buyers, give them exactly what they need at each stage of the purchase journey, personalized to theirpreferences. They give the buyers nothing that would waste their time.

› Have conversion processes that are comprehensive and apply scoring, nurturing, behavioral triggers, and recycling acrossnot only the sales pipeline but after sales to retain customers and increase loyalty.

› Have customer data that is current and accessible in real time. They use predictive models and statistical techniques tomodel things like lookalikes and next best offers to drive the best business opportunities more efficiently.

› Leverage attribution measurement to help understand the impact of multiple channels.

› Have a standard, fully integrated cross-channel marketing automation platform.

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Appendix B: Endnotes

1 Source: “Competitive Strategy In The Age Of The Customer,” Forrester Research, Inc., October 10, 2013.2 Source: “The Evolved CMO In 2014,” Forrester Research, Inc., February 24, 2014.3 In the survey, we asked respondents about their revenue growth against plan, their market share against competitors, andabout any recognition that they have recently received for workplace excellence. We found correlations between success inall three of the above metrics and modern marketing practices, with the strongest link between modern marketing practicesand those achieving revenue at 10% or more above plan. Those who are achieving this revenue growth are greatlyoutperforming their peers in the use of intelligent targeting (47% versus 25% of their peers achieving lesser revenue growth);creating a comprehensive understanding of their customers (48% versus 29%); creating personalized dialogues (20%versus 9%); maintaining current and accessible real-time data (41% versus 19%); and using an integrated cross-channelmarketing automation platform (28% versus 11%).

4 Source: “How Analytics Drives Customer Life-Cycle Management,” Forrester Research, Inc., June 19, 2014.5 Source: “B2B Marketing Measurement Needs An MBA,” Forrester Research, Inc., August 27, 2013.

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