The FINANCIAL -- To assess marketing maturity and demonstrate the business impact of modern marketing best practices, Oracle partnered with Forrester Consulting to conduct a global study of marketing decision makers. “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, according to Oracle Corporation, a U.S.-based multinational computer technology corporation.
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 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), according to Oracle.
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, according to Oracle.
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, according to Oracle.
“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,” Ward added.