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A Forrester Consulting Thought Leadership Paper Commissioned By Rocket FuelAugust 2017The Next Wave Of Digital Marketing Is PredictiveTable Of ContentsExecutive SummaryAnticipating Customers Wants In The Shifting Digital Marketing ParadigmMarketers Face Digital Data Roadblocks Five Fundamentals To Achieve Tailored 1-To-1 InteractionsMarketers See The Promise Of Predictive MarketingWork With Technology Vendors As Partners Key RecommendationsAppendix12 6 8 11 12 1415ABOUT FORRESTER CONSULTINGForrester Consulting provides independent and objective research-based consulting to help leaders succeed in their organizations. Ranging in scope from a short strategy session to custom projects, Forresters Consulting services connect you directly with research analysts who apply expert insight to your specific business challenges. For more information, visit forrester/consulting. 2017, Forrester Research, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. Forrester, Technographics, Forrester Wave, RoleView, TechRadar, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies. For additional information, go to forrester. 1-13MP1FKProject Director: Tarun Avasthy, Market Impact ConsultantContributing Research: Forresters B2B Marketing Professionals ResearchExecutive SummaryIt is imperative that todays companies create compelling, differentiating customer experiences through marketing. Predictive marketing changes the game for marketers: it gives firms the ability to anticipate consumers needs and interests, and more importantly, their likely reactions to marketing messages. The proliferation of digital devices raises an opportunity and a threat for marketers: with more data than ever before, marketers can better understand their customers and attempt to serve them more relevant, tailored messages and suggestions. The flipside for many marketing organizations today, is that they are now faced with more than they can handle. Too much data emerging from too many data sources present difficult challenges to customer intelligence and marketing teams ability to generate and act upon meaningful insights. Artificial intelligence becomes necessary to accelerate the loop from insights to execution. Without it, marketers will struggle to achieve their objectives of delivering truly personalized 1:1 marketing interactions in real-time. Artificial intelligence will drive innovation in marketing, by helping marketers move from post-campaign optimization to a more predictive execution and optimization of campaigns. In February 2017, Rocket Fuel commissioned Forrester Consulting to explore predictive marketing and AI themes to better inform marketers and agencies about the benefits and challenges of its application. The survey covered France, Germany, Italy, UK, US and Australia. The survey found the following key findings:KEY FINDINGS Five fundamentals of success will drive the future of predictive marketing. In this brave new world, marketers must take key steps to build marketing capabilities that anticipate and address individual customers needs and wants. Forrester recognizes this and ultimately found that in order for marketers to succeed in the digital age and overcome barriers, they must follow five core fundamental principles for success. The five fundamentals are:1. Customer recognition2. Nonlinear customer journey3. Real-time decision making4. AI-based intelligent decision making5. Using first-party data over external data AI-driven marketing promises to simplify, optimize, and streamline processes. Not only does AI-driven marketing enable automation of processes, it makes businesses smarter finding new insights that were previously not humanly possible and enables them to act on these insights in real-time. Find the right partners with the skills and expertise to help transform marketing. Navigating the complexity of predictive marketing and AI solutions can be daunting for any organization in any industry. Few organizations will manage to navigate the next era of predictive marketing without any assistance; its therefore paramount to work with partners that provide not only expertise but excellent customer services, too.84% want to achieve marketing that learns and optimizes from each interaction with a customer.1 | The Next Wave Of Digital Marketing Is Predictive Anticipating Customers Wants In The Shifting Digital Marketing Paradigm We are in the age of the customer, an age in which the empowered customer is compelling organizations to transform their marketing and advertising strategies. Satisfying todays demanding customers forces organizations to continuously reinvent themselves to thoroughly understand and serve these customers and remain competitive. Why? Customers want immediate responses and relevant messaging, served in their channel of choice, when they interact with the brand. If organizations dont deliver on their brand promise, the customer will go elsewhere. But at the same time each of these interactions creates data on customer behavior and interplay between devices. This gives marketers the opportunity to collect, analyze, and, most importantly, predict how to best engage with their customer with the next interaction. PREDICTIVE MARKETING WILL POWER THE FUTURE OF DIGITAL ADVERTISINGIn the marketing world, digital advertising continues to rapidly evolve to deliver cross-device experiences that are increasingly personalized. Our study revealed that in order to meet constantly changing customer demands, marketers must harness their data to predict what customers want. Predictive marketing helps organizations recognize their customers as individuals, understand their needs, leverage their historical data, and predict their intentions, to deliver content and suggestions tailored to each customer all in real-time. Our survey of marketers top priorities for the next 12 months revealed three key initiatives (see Figure 1): Investing in technology and data is crucial to delivering superior customer experiences. Marketers want to provide the right customer with the right experience during every step of their fragmented journey. How? By using data and analytics (83%) that reveal powerful customer insights. Marketers can then plan to grow customer loyalty and lifetime value (80%) with marketing that learns and optimizes from every interaction (84%).85% of respondents agreed with the following: Definition: predictive marketing is the use of data science, primarily driven by machine learning or artificial intelligence, to make smarter marketing decisions by predicting which marketing actions are more likely to succeed.“Predictive marketing consists of evaluating customer patterns and assessing historical behaviors. Our role is to understand how we can best assist customers to find what theyre looking for and how to make the most of cross-sell opportunities. Since its implementation a year ago, weve increased our customer base significantly and reduced churn were stronger than ever.”Sales and marketing director for a European technology company2 | The Next Wave Of Digital Marketing Is Predictive “Which of the following are likely to be your organizations top marketing initiatives over the next 12 months?”Figure 1Base: 579 marketing decision makers responsible for the programmatic at their organization with at least $250,000 media spend per yearSource: A commissioned study conducted by Forrester Consulting on behalf of Rocket Fuel, April 2017Strategy:“What”86% Improve our personalization capabilitiesCustomer focus Process improvements86% Drive customer-centricity84% Achieve marketing that learns (and optimizes) from every interactionwith a customer80% Increase customer loyalty and lifetime value/Reduce customer churn86% Leverage artif_icial intelligence to drive marketing decisions and actions86% Optimize marketing across the customer journey83% Increase our use of data andanalytics (including marketingmeasurement and customer insight)81% Refresh or strengthen ourcompanys brandMarketing decision makers described predictive marketing as the ability to turn insights into action in the customers moment of need (64%) and make assessments on the customer to predict and recommend the best marketing messages to show the customer (60%).3 | The Next Wave Of Digital Marketing Is Predictive Improving collaboration between different departments within marketing. Putting customers at the center of strategic marketing initiatives requires a different approach to collaboration. Marketers who are strong at communicating and coordinating across marketing functions and the rest of the firm (80%) also strengthen the brands messaging (81%) due to clear, concise business objectives. Marketers must coordinate their efforts across marketing functions or risk delivering mixed messaging and brand experiences to customers as they progress through their purchase journey a top priority for 86% of marketers. Investing and retaining digital marketing talent. One of the most important instruments in the marketing toolbox is employees. As the face of the brand, employees control and play a large part in the customers experience. Deploying and supporting new technologies while tackling the needs of the customer requires recruitment and development of better talent and even enhances existing employees skills (85%) to become better predictive marketers. How? It frees up employees time to use their own creativity, to ensure that the marketing function achieves the brand vision.To respond to these strategic marketing priorities, businesses plan to deploy various tactics by investing in capabilities and services that will help them build a connected brand experience across all channels. In particular, they look to understand the needs of the customer, implement predictive marketing capabilities, leverage first-party data, and increase the use of AI to drive marketing insights, improve user recognition across channels, and deliver consistent cross-device content (see Figure 2). They are planning to: Automate their processes by implementing predictive marketing capabilities. In marketing, AIs impact can be realized based on its ability to deliver remarkable customer experiences, drive business performance, and provide granular insights. As marketers seek to increasingly automate their processes, they will utilize AI to do so. Marketing automation with the power of AI will empower marketers to optimize operational efficiency, grow revenue through cross-selling (80%) and drive increased marketing insights (80%). Improve the cross-device recognition. In the age of the customer, consumers have made advertising more challenging than ever. Customers dont care that organizations function through various channels. Marketers have to become channel-agnostic to ensure consistency in the story they want to tell. Its no surprise, then, that marketers want to deliver consistent and optimized cross-device content (80%). Leverage first-party data. Organizations have tons of valuable information about their customers, such as a customers habits, behaviors, products they purchase, and how often they purchase them. By filtering and sorting through first-party customer data, marketers can generate insights on how individual customers interact with their product category, brand, or services, thus finding the optimal retention strategies for the business and, in turn, reducing churn (83%). 4 “We use a lot of automation-based tools like AI; from a marketing standpoint its freed up a lot of our workers time. It enables us to serve dynamic content that our potential targets can interact with.”Marketing operations and analytics lead at a marketing organization based in the US“Which of the following are likely to be your organizations top marketing initiatives over the next 12 months?”(Showing top f_ive only.)Implement predictivemarketing capabilitiesIncrease our use of AI todrive marketing insightsLeverage our own data ratherthan rely on external sourcesImprove cross-device recognitionDeliver consistent and optimizedcross-device contentFigure 2Base: 579 marketing decision makers responsible for the programmatic at their organization with at least $250,000 media spend per yearSource: A commissioned study conducted by Forrester Consulting on behalf of Rocket Fuel, May 2017Tactics:“How”5 Marketers Face Digital Data RoadblocksAs marketers embrace new and innovative marketing technologies to differentiate from their competitors and meet rapidly evolving needs of the customer, theyre also faced with a number of challenges. Despite having more data and being more connected to the customer than ever, marketers said they still have a tough time meeting customer expectations and delivering contextually relevant experiences. Their top challenges include (see Figure 3): The inability to create a single view of the customer. Creating a single view of the customer is crucial in driving personalized and contextually relevant information. 63% of survey respondents said they find it difficult to personalize ads to individual customers because they lack insights and customer understanding. The need to integrate data coming from various sources. Marketers collect multitudes of data types from various sources; this could be various touchpoints or various marketing and advertising platforms. Merging and consolidating all this data is a massive challenge, which in itself helps explain why creating a single customer view remains so difficult. Indeed, two-thirds of marketers recognized that customer and marketing data comes from too many sources to make sense of it. The inability to turn data and insights into action. As a consequence of the data explosion of the last few years, marketers have more data than they can process. Speed seems to be particularly challenging: 65% of survey respondents admitted that their customer insights team takes too long to deliver insights, and 62% said they are not able to use all their data when making customer decisions. “Data is the lifeblood of an organization. The quality of data the organization uses is absolutely critical in exceeding customer expectations. Predictive marketing has enabled us to do just that its leading us to more targeted sales.”Head of analytics and product marketing at a software company based in the US6 Only 30% of C-level executives said they use their own data to understand the needs of the customer.7 “Please indicate your level of agreement with the following statement about your organizations ability to extract and use customer insights for marketing” (Strongly agree and agree only)Figure 3Base: 579 marketing d
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