Do things that are current. You'll win if you do.
A Forrester Research study commissioned by Oracle finds that organizations embracing a modern marketing strategy make more money, are seen as industry leaders and create better workplace environments.
According to the responses from 492 marketing decision-makers in the United States, United Kingdom, Germany and France, companies using "non-modern" marketing strategies are at a loss.
What the Numbers Say
Specifically, the survey found:
- 44 percent of modern marketers say revenues exceeded budget by 10 percent or more over the last 12 months, versus 23 percent of non-modern marketers
- 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
- 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
But what defines a modern marketer? According to the study, modern marketers use real time predictive models and statistical techniques including intelligent targeting and cross-channel marketing attribution to ensure personalized customer engagement throughout each stage of the customer journey. Oracle, it should be noted, has its own marketing cloud after its acquisition of Eloqua.
But 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 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,” Andrea Ward, vice president of marketing for the Oracle Marketing Cloud, said in a statement.
Still a Place for Old-School?
This survey may support the move to more modern marketing. But some marketers still support analog methods, even those in fashion, for instance. And there are methods not so much cloaked in technology that still are relevant, others say.
For Forrester and Oracle, it boils down to customer understanding, something today that only can be accomplished through the right analytics.
"Only those companies that obsess over knowing their customers intimately will thrive in this new digitally powered age," according to this week's survey. "The mounting need to leverage customer data, along with the insight to better target audiences, engage them in dialogue, build relationships that turn into sales, and engage customers throughout their life cycle, is transforming marketing from an intuitive art to a predictable science."