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A Forrester Consulting Thought Leadership Paper Commissioned By Marketing Evolution September 2018 The Current State Of Marketing Measurement And Optimization How And Why Organizations Are Re-Evaluating Their Marketing Measurement To Achieve Business GoalsTable Of Contents Executive Summary In A Post-Digital World, Marketers Need Timely, Accurate, And Granular Data Marketers Have Made Progress On Data Initiatives, But They Must Make More Person-Level Data Can Help Propel Marketing And Business Priorities Forward Key Recommendations Appendix 1 23813 14 ABOUT FORRESTER CONSULTING Forrester 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. 2018, 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. 1-163Y12J Project Directors: Nick Phelps, Senior Market Impact Consultant, and Sophia Christakis, Market Impact Consultant Contributing Research: Forresters B2C Marketing research group1 | The Current State Of Marketing Measurement And Optimization Executive Summary Marketers must evolve their attitude away from passively reviewing post-campaign reports toward actively analyzing results for the purpose of guiding future plans. And the stakes will only continue to rise in the age of the customer, as empowered customers develop an expectation of seamless, real-time, and relevant brand experiences and content across all touchpoints. 1 In Spring 2018, Marketing Evolution commissioned Forrester Consulting to evaluate the state of person-level data adoption among marketers. Forrester conducted an online survey with 200 respondents and conducted five interviews with decision- makers in marketing, advertising, and customer insight roles at US organizations to explore this topic. We found that organizations understand they must master customer data at the person-level, yet challenges, including disconnected marketing measurement and optimization approaches, are holding many firms back from realizing the chief benefits of person-level data. KEY FINDINGS Customer obsession must drive strategy and be driven by customer data. Organizations are focused on business objectives like growing revenue and addressing rising customer expectations, as well as on marketing objectives like increasing brand influence and reach and driving more efficient marketing ROI. Executing against these initiatives requires that firms leverage timely, accurate, and highly granular customer data. While marketers are making progress, more work is required to master customer data goals. While its encouraging that seven in 10 are looking to expand their existing customer data capabilities, 72% are struggling to connect their marketing tools into a more cohesive approach. Furthermore, less than one third of marketers are able to meet all the standards of a mature marketing measurement practice. A person-level data approach will help drive marketing excellence. Organizations that use person-level data perform better on their business and marketing goals and show stronger revenue growth than firms who do not. Furthermore, what differentiates organizations today will become a business requirement in the near future. Eighty-four percent of respondents agree that rising customer expectations will make person-level data a critical capability within five years. The age of the customer is a 20- year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers.In A Post-Digital World, Marketers Need Timely, Accurate, And Granular Data To grow, businesses must engage customers through lasting and profitable relationships. But serving todays empowered customers is harder than ever. As they embrace web, mobile, and social technologies, the lines that once separated their offline and digital experiences have blurred. These digital interactions have raised the bar for businesses that now must remove friction across a variety of touchpoints. But digital channels also leave a trail of valuable data that can be used to drive more meaningful customer moments, which, in todays post-digital world, must go beyond traditional personalization. Instead, marketers must deliver both personalized and contextual experiences in their customers exact moment of need and do so at scale. 2To execute on this vision, organizations must put the customer not the products at the center of all decisions. They need to fully understand the complex journey of their customers and find ways to deliver across those journeys holistically. Success hinges on their access to and ability to act on timely, accurate, and increasingly granular data. Decision makers in our study recognize these needs and are placing a high priority on developing customer- and data-focused capabilities across both business and marketing use cases (see Figure 1). “Being able to better mine, understand, and utilize data in a meaningful way will be a requirement over the next five years. The consumer is getting smarter, and the marketer needs to get smarter with them. That can only be done through data.”VP of marketing, financial services 1/2 page Minimum Height Maximum Height Full page Figure 1 “What priority is your organization placing on the following objectives over the next 12 months?” BUSINESS OBJECTIVES MARKETING OBJECTIVES Base: 200 professionals with responsibility or inuence over their rms marketing, advertising, or customer insight strategy Source: A commissioned study conducted by Forrester Consulting on behalf of Marketing Evolution, March 2018 Grow revenue Critical priority High priority 40% 90% 50% Address rising customer expectations 32% 87% 55% Improve our ability to innovate 36% 84% 48% Improve our products and services 36% 82% 46% Increase operational efciency 34% 82% 48% Improved ability to respond to changes in our environment 27% 81% 54% Increase our brands inuence and reach in the market 36% 88% 52% Improve our marketing efciency/ROI 36% 88% 52% Rapidly convert data into insights aligned to customers real-time needs and behaviors 32% 86% 54% Better understand our customers attitudes and behaviors 32% 84% 52% Develop a 360-degree customer view 30% 82% 52% Deliver personalized, contextual, and consistent experiences across online/ofine channels 34% 82% 48% Better leverage data and analytics in business decision making 35% 80% 45% 2 | The Current State Of Marketing Measurement And OptimizationMarketers Have Made Progress On Data Initiatives, But They Must Make More Companies have made real progress on initiatives to support their customer and data goals. Over 70% have already implemented or are expanding efforts to enhance existing customer data with external sources, create a repository, and invest in business-friendly, self-service data systems. While these efforts are encouraging, a closer look at respondents marketing measurement techniques and maturity signals that marketers have more work to do to catch up with the needs of a post-digital environment. Seventy- one percent of respondents are most often using disconnected measurement tools, i.e., either a provider that only supports a tactical approach (focused on better understanding the audience through attribution), one that only supports a strategic approach (where insights are turned into decisioning and action as in a marketing mix model), or one that offers both approaches but through unlinked models (see Figure 2). Optimizing marketing effectiveness will be difficult without a unified marketing measurement foundation. Marketers need unified tools that: Provide a holistic view of marketing impact. Marketers are under pressure to understand and optimize their decisions in an environment of expanding media choices and consumer touchpoints. To do that, they need one source of truth about performance across channels. Tools that link top-down and bottom-up marketing actions allow for more complex analyses, including those focused on understanding cross-channel effects and customer journeys. 3 | The Current State Of Marketing Measurement And Optimization 1/2 page Minimum Height Maximum Height Full page Figure 2 “What type of provider does your organization rely on the most to support your marketing measurement/optimization initiatives?” (Select one) Base: 200 professionals with responsibility or inuence over their rms marketing, advertising, or customer insight strategy Source: A commissioned study conducted by Forrester Consulting on behalf of Marketing Evolution, March 2018 Unied marketing measurement is a blend of statistical techniques that assigns business value to each element of the marketing mix at both the strategic and tactical level. 17% A provider that only supports a tactical measurement approach (e.g., digital attribution, cross-channel attribution) 71% are most often using a disconnected approach 28% A provider that only supports a strategic measurement approach (e.g., marketing mix models) 26% A provider that supports both tactical and strategic measurement approaches, but with unlinked models 28% A provider that supports both tactical and strategic measurement approaches in a unied model Support agility. To reach customers in their moment of need, marketers need access to real or near real-time data and tactical insight. Only then can they identify opportunities for action and ways to make mid-course corrections to campaigns already in flight. Offer future-focused guidance. Marketers need data-backed rationale for making strategic marketing investments. Access to models that use data from past campaigns to predict which marketing actions are most likely to yield the desired customer response, or to forecast the effects of changes in spending, are invaluable for optimizing marketing budgets and resources. 3TO TAKE ADVANTAGE OF UNIFIED APPROACHES, MARKETERS MUST DEVELOP THEIR MEASUREMENT MATURITY To evolve to a unified measurement approach, companies must develop six competencies that Forrester considers important to customer centricity and measurement maturity (see Figure 3): Culture. Company culture must promote customer-focused philosophies, including putting customers at the center of decisions and delivering seamless, differentiated experiences. Governance. Governance involves using measurement to understand the impact of aligned marketing strategies through a comprehensive planning process. Organization and resources. The support a firm has from within, across, and outside to effectively manage and execute a measurement framework is key to executing on marketing initiatives. Technology and data. Companies need modern, self-service infrastructure to accurately manage, measure, and share insights across channels, campaigns, and teams. Measurement. To ensure standards are met in both the short and long term, companies need advanced models that can measure leading, diagnostic, and outcome-focused metrics. Optimization and activation. Marketers need a feedback mechanism powered by predictive models that informs future marketing budgets, media planning, and marketing strategy. 4 4
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