Oracle Study Demonstrates Business Impact of Modern Marketing Best Practices
Study Shows Organizations that Embrace Modern Marketing Processes Outperform Competitors Across Key Business Performance Indicators
Oracle Modern Marketing Experience Europe, London England –October 14, 2014
With the proliferation of social channels, mobile devices and new audience analytics techniques, marketers are now gaining valuable business insights from 3rd party data sources to prospect new audiences, personalize communications and drive revenue. This increase and maturation in data usage across various channels is driving the need to establish a more centralized and cost effective way to budget for and use external data across these growing channels. As part of Oracle Data as a Service (DaaS) for Marketing, Oracle today announced a new data subscription model that provides a centralized, cost-effective way to buy and use 3rd party marketing data to inform cross channel advertising and content. It is offered as a standalone data offering as well as to existing and new Oracle Marketing Cloud Data Management Platform customers.
To assess marketing maturity and demonstrate the business impact of modern marketing best practices, Oracle commissioned Forrester Consulting to conduct a global study of marketing decision makers.
Published today, “Why You Need To Be A Modern Marketer: The Business Impact Of Marketing Maturity In The Age Of The Customer,” shows a strong correlation between modern marketing best practices and business success.
The study surveyed 492 marketing decision-makers across a range of industries in the United States, United Kingdom, Germany and France, and found that organizations that embrace modern marketing processes outperform their non-modern marketing peers and competitors on key business performance indicators including:
Revenue growth: 44 percent of modern marketers reported that their organization’s revenues exceeded their plan by 10 percent or more over the last 12 months, versus only 23 percent of their non-modern marketing peers.
Market leadership: 94 percent of modern marketers reported they have some form of market leadership position, with 49 percent claiming that they are the sole market leaders.
Workplace excellence: 71 percent of modern marketers claimed that they had received national recognition as a “best place to work” at least once in the past three years, compared with only 38 percent of novice marketers.
The study defined “modern marketers” as marketers that use a combination of real-time predicative models and statistical techniques including intelligent targeting and cross-channel marketing attribution to ensure personalized customer engagement throughout each stage of the purchase journey.
The State of Modern Marketing
Despite a clear and measurable impact on revenue, many businesses have yet to adopt modern marketing best practices. In fact, only 11 percent of respondents were considered “Modern Marketers,” and most respondents were either identified as “Experienced” marketers (33 percent), “Discovery” marketers (41 percent) or “Novice” marketers (15 percent).
To deliver on the full promise of customer centricity and achieve the business benefits of modern marketing many marketers still need to rethink:
Customer conversion and acquisition: More than half of the respondents (52 percent) still focus marketing efforts on conventional conversion and customer acquisition processes, and only 17 percent of marketers extend activity to include lead scoring, nurturing, behavioral triggers and lead recycling.
Customer communications: While marketers strive to enhance engagement, 57 percent still conduct mostly one-way, outbound communications, and only 11 percent say they engage in a real dialogue with customers at each stage of the buyer’s journey.
Cross-channel integration: More than half of marketers (57 percent) admit their marketing infrastructure is separated by channel and lacks integration, and only 14 percent have standardized fully-integrated cross-channel marketing automation platforms.
Modern Marketers Enhance Customer Centricity Through Data
Modern marketers have made significant progress enhancing customer centricity through investments in data management technology. Key benefits achieved include:
Real-time customer insights: 60 percent of modern marketers say that they’ve successfully combined – or are in the process of combining – real-time customer data with predictive models and statistical techniques to help engage customers in a digital dialogue and improve marketing effectiveness.
Precise targeting: More than half (55 percent) have advanced beyond basic demographic and firmographic information to segment based on personal criteria and interests; 87 percent agreed that their messaging has become much more targeted towards specific segments, personas or client needs.
Improved data quality: Almost 70 percent of modern marketers cited having formal, consistent data gathering techniques; 31 percent employ intelligent tracking based on real-time feedback and behavior tracking.
“To meet ever increasing demands, marketers need to be able to quickly and easily optimize the customer experience and execute marketing programs that have a measurable impact on revenue,” said Andrea Ward, VP of Marketing, Oracle Marketing Cloud. “The survey results indicate that most marketers understand the need to adopt modern marketing technology and best practices in order to meet these demands. While it is clear that many organizations have quite a way to go in their journey to modern marketing, the strong correlation between marketing maturity and business success clearly demonstrates how modern marketers can take on a more strategic and impactful role within their organizations.”