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1、THE CUSTOMER IS BACKDIGITAL CONNECTIONS 2.0Why CMOs are refocusing on the customer journey for 2023ContentsIntroduction 1Executive Summary 2Commercial Goals 3The Customer is Back 4Challenges for CMOs 5Rethink for Martech 6Final Thoughts 7About Modern 8 IntroductionRevealing the strategic imperatives
2、 for CMOs in 20231In early 2022,we released our Digital Connections report which revealed the challenges,priorities and attitudes of CMOs working in B2B for the year ahead.In this follow-on report,Digital Connections 2.0,we outline how priorities,plans and expectations have changed for 2023.It is ev
3、ident that while investment in martech continues apace,global economic challenges have led to a renewed emphasis on customer value and return on investment.This represents a strategic shift that takes marketing back to its fundamentals and has major implications for data integration,training,skills
4、and marketing programmes.About Digital Connections 2.0We commissioned Censuswide,a global insight driven research company,to survey 300 CMOs in B2B companies with 1,000 or more employees in the UK and US.Their responses reveal the top marketing technology priorities,challenges,and aspirations occupy
5、ing their agendas over the coming 12 to 18 months.Modern|IntroductionIntroductionExecutive SummaryA 50%fall in the rate of global growth is fuelling a return to fundamentals21IMF World Economic Report October 20222GoldMan Sachs Macro Outlook 2023 This Cycle Is Different November 2022Modern|Executive
6、 SummaryGlobal events are impacting economiesAround the world governments have been tackling the impact of inflation on peoples lives and the political and economic instability that causes.Financial conditions have tightened almost everywhere with global growth forecast to slow from 3.2%in 2022 to j
7、ust 2.7%in 20231,with some even predicting this is more likely to be 1.8%.2Acquisitions and mergers bring challengesOn top of this,the tech sector experienced a particularly turbulent time,with a spate of headline-making acquisitions and layoffs.Last years report put the spotlight on the chronic und
8、eruse of technology,and the industry wide lack of skills to deliver against strategic goals.The aim of marketing is to know and understand the customer so well the product fits them and sells itself.”With a series of global and domestic challenges that severe economic upset,including inflation,disru
9、pted markets and broken supply chains,CMOs are having to adapt to a new status quo.Executive Summary“Peter Drucker,Marketing guruLast year,Digital Connections reported CMOs rapidly expanding roles and responsibilities.This years data aligns with industry predictions that B2B companies will pursue mo
10、re predictable growth strategies,with CMOs returning to a more traditional role.This year,Digital Connections 2.0 reveals CMOs are now looking at getting more value from their tech investment,with a renewed emphasis on shorter term commercial goals growth and ROI-driven by economic uncertainty.Econo
11、mic uncertainty is setting short term goalsSo while B2B marketing technology spending is still forecast to increase in 2023,the emphasis will be on exploiting what you have more fully.To do that,businesses are refocusing on the customer experience,identifying insights,and creating a marketing techno
12、logy strategy thats built around their journey.Which puts the customer right back at the centre of marketing.Modern|Executive SummaryWhat will happen to the role of CMOs?Commercial GoalsA major shift in strategy sees CMOs re-focus on commercial imperatives3Now,in uncertain economic times,budgets are
13、 under increased scrutiny.The majority are looking at how they can make an impact on growth,improve customer experience and marketing efficiency.CMOs are being tasked with short term growthOur data shows there is an 300%increase in CMOs putting growth as a major priority in 2023 when compared to las
14、t year.0Are already seeing ROIAre looking to see ROI in less than 9 monthsHave expectations of seeing a return somewhere between 9-18 monthsDo not expect to see a return of the investments theyve made for at least 18 months17%37%40%31%28%14%4030200%23%ROI expectations from martech investm
15、ents 3eMarketer US B2B Martech Spending Forecast 2022Modern|Commercial Goals12 months ago B2B marketing leaders were focused on delivering innovation and integration into their organisations in order to justify the significant investment made in Martech.Commercial GoalsIn 2022,only 20%of CMOs cited
16、these as their top priorities,but this years results show that nearly 75%are putting short-term company commercials above longer-term goals.48.3%10.7%5.9%26.5%In theory,marketing technology platforms should be supporting the marketing processes,enabling us to work at a pace and required volume.They
17、should be giving us reporting on which of our marketing activities is working and which isnt.”Where will growth come from?The question that begs is where that growth is going to come from-increased investment in martech or more effective deployment of what they already have.Despite global economic c
18、onditions,B2B marketing technology spending is forecast to increase in 2023.However,the rate of growth is expected to slow.3 42%of respondents are looking to invest more in marketing technology as a response to the economic climate.This points to an ongoing boom for martech solutions,with 29%of CMOs
19、 already spending over 5m annually on technology.But CMOs are now less optimistic about ROI from their investments.Those expecting returns in less than 9 months decreased from 22%to 17%,while those anticipating ROI over 18 months(and in some cases,3+years)rose from 28%to 31%.Concern about returns in
20、 the short termAgain,its certainly true there have been improvements in teams abilities to upskill and execute,which should help meet the demand for growth.“Nick Webb,CMO,CloudPayModern|Commercial GoalsAs recruitment and training budgets inevitably come under review,CMOs will be forced to look to ex
21、ternal B2B digital consultants to access the digital,technological and communication skills to develop marketing programmes with effective customer journeys,returning to a more traditional role.The levels of knowledge and understanding around martech across organisations have increased,allowing CMOs
22、 to make more informed decisions about how they integrate data,find efficiencies,and identify which platforms and technologies to put at the centre of their plans.Customer experience an easier short-term winHowever,CMOs are now thinking tech investment alone or even adding new features is not going
23、to be enough,or that it is going to take too long to deliver ROI.So their focus is shifting back to the customer and how they can better exploit tech and other tools to improve the experience in the shorter term.If you could characterise the impact you aim to deliver in your current role,which of th
24、e following would it be?How will CMOs fill the skills gap in 2023?Modern|Commercial Goals0GrowthBetter customerexperienceEfficiencyIntegrationInnovation21%19%15%13%36%17%34%30%4030200%5%300%400%20%50%65%The Customer is BackBetter customer experience is the key to delivering short term gro
25、wth4In 2022 CRM was the least selected focus for martech spend.However,this year,it ranks as#2,only behind marketing automation.Why?With budgets under scrutiny,marketing leaders are having to rethink their entire approach.CRM returns to the centre of martech strategiesThe top priorities now are how
26、they can affect growth through better customer experience and efficiencies.In fact,nearly 75%of CMOs are putting impact on the bottom line above more future focused goals.The first hire in the marketing operations role should be a strategic analyst to focus on developing ROI measurements.Once the tr
27、acking is in place,then everything else should be aligned.”CMO,survey participant Modern|The Customer is BackWith commercial goals set to dominate the agenda,CMOs are now considering more predictable growth strategies for 2023.4 Over the past couple of years they looked to emerging technologies to p
28、rovide new capabilities.But changing priorities have paved the way for CRMs moment to shine again.“4Forrester Predictions 2023 Fortune Favors The Bold And FocusedThe Customer is BackThe most significant change is those CMOs putting“Better customer experience”at the top of their list.This shot up fro
29、m 5%to 21%,an increase of some 400%,illustrating the need for this rethink to be centred on meeting customer needs.Martech needs to deliver on customer experienceThis puts the customer right back at the heart of marketing technology decision-making in 2023.Commentators suggest a refocus on the custo
30、mer could point to a wider shift in B2B strategy with brands questioning product-led growth and baking customer insights into their innovation process,using them as the basis for ideation,integrating customers into product development.5Businesses are looking at getting their tech investment to deliv
31、er by refocusing on the customer,identifying insights,and creating a marketing technology strategy built around their journey.Modern|The Customer is BackWill customers play an even bigger role?5Forrester Seven Fallacies of Product Led Growth That B2B CMOs Must Address August 2022This shift in strate
32、gy is reflected in anticipated investment.The market for Customer Data Platforms(CDPs)is forecast to grow to nearly$7bn USD by 2029,at 25.4%CAGR.6 Significant expansion in Customer Data PlatformsThese figures indicate the significance placed on information and analysis that allows organisations to d
33、evelop and improve relationships with their customers.The skills necessary for effectively managing and integrating data,as well as developing successful customer journeys and communications,are distinct and may not always be possessed by the same individuals or teams.Organisations must ensure they
34、have the necessary capabilities in both areas to maximise the return on their investment in CDPs.0Better customerexperience39%30%37%27%4030201%48%30%40%5048%Skilling the team to meet current prioritiesGenerating leads and salesStrategic priorities over the next 18 months6Fortune Business
35、Insights“Customer Data Platform Market 2022-2029.”March 2022Modern|The Customer is BackRethink for MartechA change from significant investment in martech to improving its use5In 2022,31%of CMOs said that lack of knowledge or resistance to change from marketing teams was the biggest factor for market
36、ing tech stacks not being used to their full extent.This year,that figure has dropped by a third to 22%.A growth in tech skillsWhile these human factors are still a reason why martech is not being used to its full extent,they are less frequently seen as the“biggest”factor.We need more digital integr
37、ation technology so we can adopt the latest cloud-based platforms which then would deliver better customer service.”CMO,survey participantUnsurprisingly,that honour now goes to data and integration(up from 14%in 2022 to 21%in 2023).With last year being a record year for mergers and acquisitions,7 th
38、e challenges of integrating systems and getting data flowing smoothly-as well as the additional burden of integrating technologies across formerly separate entities represent a daunting task for both CTOs and CMOs.Data and integration the biggest barrierModern|Rethink MartechThe biggest area of prog
39、ress has been in upskilling teams.7KPMG 2021 Was a Blowout Year for Global M&AIn last years report we found that two thirds of organisations were using less than half of their martech stacks functionality,this year that number has fallen to just 37%.Meanwhile,last year only 4%believed they were usin
40、g over 75%of their techs functionality,this year,that figure has shot up to 29%.This is good news for marketers in terms of getting value from their investment and one reason has been an improvement in training and skills.“Rethink for martechThe role of technology in marketing looks set to be more i
41、mportant moving forwards,albeit with a greater emphasis on addressing and developing martech strategies,which was referenced by almost half of all CMOs.Changing priorities in 2023Be wary of just going to one vendor,you need someone who is neutral and platform agnostic,who can guide you and fix a pro
42、blem at its source.”Nick Webb,CMO,CloudPayIn fact,increasing the role of martech by expanding stacks,improving capabilities and closing the skills gap-was high on the list of almost all CMOs,with a significant number(37%)looking to ensure the strategy better connects it to improving customer experie
43、nce.Connecting martech to the customer experienceDespite this,a plan to reduce costs through consolidation was listed by 35%of CMOs who will be looking to make difficult decisions when it comes to the value theyre getting from their technology.Modern|Rethink MartechReasons for tech stack not being u
44、sed18%10%16%1%17%21%13%4%“21%-Data and integration challenges 18%-Poor useability or irrelevant 17%-Change of marketing strategy16%-Lack of knowledge in team13%-Resistance to change from team10%-Lack of support from vendors 4%-Is being used to full 1%-Other8Gartner Disruptions Derail Progress in Mar
45、tech Utilization September 2022Modern|Rethink MartechMartech priorities over the next 18 monthsData integration is the biggest reason martech is being underused,with skills and capability lacking.Gartners 2022 martech study8 found that 60%of buyers are trying to address by specifying a one-stop-shop
46、 for tech rather than a best-of-breed approach.Is there a short-cut to integration?Developing technology strategy040302010Closing the digital skills gap in our business36%50Connecting martech to customer experience37%46%Enhancing capabilities around data41%Expanding our marketing technology stack40%
47、Consolidating marketing technology stack36%Challenges for CMOsDelivering on short term goals without major investment or internal resource6Customers expect a user-friendly and smooth online experience so delivering a seamless and highly engaging UX would be a powerful marketing tool.”Modern|Challeng
48、es for CMOsHowever,there are two significant flags in this data which CMOs will have to address in 2023.This report shows that the overall percentage of marketing technology functionality being used has increased with an improvement in skills and knowledge in marketing teams contributing to this.“1.
49、Underuse of customer-centric platforms The most underused platforms in marketing technology are Marketing Automation(37%)and CRM(31%).These two platforms are highly significant when it comes to delivering the better customer experience that many CMOs are now looking for.2.Skills gap in marketing aut
50、omation 20%of CMOs said that Marketing Automation will be the focus of their martech spend over the next 12 months.But its also the area thats identified as the#1 biggest skills and capability gap(32%).Social Media(9%)and CRM(9%)both inextricably linked to the customer-were the next highest.Challeng
51、es for CMOsCMO,survey participantBut those looking for growth will be prioritising brand development and skilling the team to meet their strategic aims.Prioritising brand through the customer journeyAnd when it comes to the complete digital sales experience,they are more likely to view sales enablem
52、ent as the most underused part of their technology stack and more likely to view website experience as a skills and capability gap.You need a trusted partner because very few marketing departments have the internal knowledge and experience to identify issues,document requirements,assess options and
53、then implement.”Modern|Challenges for CMOsAs their biggest discretionary spend,CMOs know they need to get their tech stack working much harder for them.These are important capability gaps that need to be addressed under an increased scrutiny over budgets and corporate nervousness caused by the ROI o
54、n martech investment taking longer than anticipated.Addressing the challenges for 2023CMOs will have to continue to look at tech investment to help address these issues with 42%of them spending more on their marketing technology,but this year with an emphasis on automation.“Nick Webb,CMO,CloudPayTo
55、ensure the goals of growth and increasing revenue are met within the shorter term there seems to be little doubt that CMOs will be outsourcing a range of tasks to B2B digital consultants who have the skills and experience to create successful CRM programmes,driven by tech.04030200Improvin
56、g customer experience32%25%20%25%25%70%30%20%42%Increasing overall revenueKeeping up with competitorsKey drivers behind marketing technology strategyA good partner will be able to help you choose the right tools;build an integrated stack aligned to the customer journey;increase value from your stack
57、;set expectations for results;provide a more objective analysis of data;offer support throughout the process;inform and guide your marketing strategy.Modern|Challenges for CMOsWhat should a CMO expect from a B2B partner?Provided the budget is available,specifying martech for CRM is relatively straig
58、htforward when compared to the challenge of recruiting people with experience to exploit it or training up existing staff-especially at a time recruitment and training budgets are frozen or limited.Bridging the skills gap in the short termFinal ThoughtsCMOs will meet the challenges of 2023 by focusi
59、ng martech on the customer7The response to 2023s unique combination of challenges has been the C-suite setting shorter term,commercially focused goals with returns visible over the next 12 to 18 months.Its now a case of getting legacy martech investment to work effectively to deliver on these.Most C
60、MOs,but not necessarily all,are putting the customer experience at the heart of this shift in martech strategy looking to AI and automation tools to provide a smoother,simpler and smarter customer journey.There are significant challenges inherent in this,not least a skills shortage within client com
61、panies.And the well-documented problems associated with integrating technologies and systems remain.It will be interesting to document the progress made by CMOs over the next 12 months.But putting the customer at the centre of their marketing has to be the right step.After all,its where they should
62、always be.Leveraging Marketing Automation and AI is a great way to deliver excellent customer experience but also to keep your sales teams motivated.”Modern|Final ThoughtsTheres no doubt that the uncertain economic forecasts for 2023 have made businesses nervous about over-committing on further mart
63、ech investment.Especially when any potential returns will be a long way down the road.Final Thoughts“Helen Wilson,Director of Technical Strategy,ModernAbout ModernHelping clients improve customer experience through strategy,technology and executionThrough long-lasting partnerships,we support our cli
64、ents to shape change through technology,strategy and execution of programmes designed to enhance the customer experience at every part of the buying journey.We provide expert technology advice from our multidisciplinary team of strategists,technologists and digital and data experts to support the CM
65、Os vision to deliver organisational growth in todays complex market.Modern challenges the status quo to unlock the potential behind technology.Partnering with forward thinking CMOs and business leaders to help them transform their marketing function;connecting technology with customer data and in-depth insight to add more value to the business.Lets Connectt:+44(0)117 332 6700 e:infomodernb2b.co w:modernb2b.co