tag:econsultancy.com,2008:/topics/skills-capabilities Latest Skills & capabilities content from Econsultancy 2017-09-20T11:47:17+01:00 tag:econsultancy.com,2008:BlogPost/69424 2017-09-20T11:47:17+01:00 2017-09-20T11:47:17+01:00 Marketers have more data than ever, so why aren’t they better at experimentation? Frederic Kalinke <p>As marketing is being transformed by advances in our ability to collect and manage data, the industry is becoming more ‘scientific’. This is why every day it becomes more important for marketers to heed Feyerabend’s advice.</p> <h3>A hypothesis about data</h3> <p>The crucial element in the recent evolution of marketing has been data. The collection of comprehensive data about customers and their behaviour promised marketers unprecedented insight into the effectiveness of their efforts, including of course <a title="How retail marketers can ensure they deliver the ‘right’ customer experience" href="https://econsultancy.com/blog/67526-how-retail-marketers-can-ensure-they-deliver-the-right-customer-experience/" target="_blank">where they should spend more</a> and where they had been wasting their budget.</p> <p>Consequently, marketing began to worship at the altar of data, eventually giving rise to the fascination with the nebulous “<a title="Ten Ways Big Data is Revolutionizing Marketing and Sales" href="https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/1" target="_blank">big data</a>.” Marketers now have the ability to collect data on almost anything they want.</p> <p>The fact that the underlying principles of marketing have remained much the same throughout this process (sell more stuff by putting what you’re selling in front of the right people in the right way) therefore begs the question: <strong>Why aren’t marketers doing better?</strong></p> <h3>How not to do things with data</h3> <p>Marketers have been getting their relationship with data the wrong way round. Simply, the answer is never in the data. In fact, the best way to get answers is to forget about the data.</p> <p>In scientific inquiry, trawling through existing data is rarely conducive to innovation. Trying to piece new things together from the mass of what you already know is an aimless, hopeless endeavour. You become a prisoner of conventional wisdom, reaching ever narrower, less original conclusions, with an increasing likelihood of being wrong.</p> <p>Scientific research shares at least this much in common with marketing. For example, we have data on the most shared headlines for content marketing. (<a title="We Analyzed 100 Million Headlines. Here's What We Learned." href="http://buzzsumo.com/blog/most-shared-headlines-study" target="_blank">Buzzsumo collated 100 million of them</a>.)</p> <p><img src="https://assets.econsultancy.com/images/0008/9053/buzzsumo.jpg" alt="" width="750" height="900"></p> <p>According to the data the top three-word phrases to use in article headlines for maximum shares are “will make you,” “this is why,” and “can we guess.” Widely-shared articles also begin with “X reasons why” or “X things you,” and very frequently include appeals to emotion.</p> <p>However, as Marketing Profs’ Ann Handley correctly noted in response, marketers should not “take this information and conclude that the best headline to use forever and always is something like 10 Ways That Will Make You a Better Headline Writer (and You Won’t Believe What Happens Next!).”</p> <p>What this demonstrates is a problem with attempting to draw useful conclusions from data alone. While there are many things we can conclude from Buzzsumo’s impressively comprehensive analysis, not many of them are useful for content marketers attempting to come up with headlines.</p> <p>In fact, Handley gets it absolutely right when she urges marketers to “get a little creative with headlines.” Not only will different types of headlines work differently in different contexts (we cannot all be Buzzfeed, and we definitely should not try to be) but it is only by being creative that we actually end up writing better headlines.</p> <p>Simply mimicking the headline formats that currently work well will create not only an artificial ceiling over how successful content can be, but suffers inevitably from <a title="Regression towards the mean" href="https://www.socialresearchmethods.net/kb/regrmean.php" target="_blank">regression towards the mean</a>. This is what happens when marketers limit themselves according to convention.</p> <p>If the answer is clickbait, you asked the wrong question.</p> <h3>How to do things with data</h3> <p>A marketer trying to come up with more effective headlines for her content does not need an answer to the question, “what are the most popular phrases in headlines?”, she needs an answer to a specific question, “is my content going to perform better if I use this phrase or that phrase?”</p> <p>These questions are easy to confuse. The crucial difference is that our hypothetical marketer cannot use the answer to the first question to make any sort of conclusion about how to act. She will simply learn more about what has worked for others and be restricted to coming up with derivative ideas.</p> <p>Just because something worked for somebody else, it does not mean it will work for you. And when it comes to the over-saturated world of online content, the fact that something worked for somebody else means precisely that it is less likely to work for you.</p> <p>It is the second question, a specific one about some actual ideas, that represents the best way to go about dealing with this problem. It is a practical question that makes data useful and this is because it puts new ideas ahead of old conventions.</p> <h3>What does genuinely experimental marketing look like?</h3> <p>A particularly clear recent example of this is <a title="Why AS Roma revel in being the weirdest football club on social media" href="http://www.thedrum.com/news/2017/08/31/why-roma-revel-being-the-weirdest-football-club-social-media" target="_blank">AS Roma’s successful approach to social media video</a>. In an industry where <a href="https://econsultancy.com/blog/68696-digital-transformation-in-the-premier-league-southampton-fc-s-fan-first-strategy/">all the major football clubs</a> (and a lot of the minor ones) are stepping up their digital marketing and where almost every player transfer is announced with slick professional video on social media, Roma succeeded by doing something different.</p> <blockquote class="twitter-tweet"> <p lang="und" dir="ltr"><a href="https://twitter.com/hashtag/Schick?src=hash">#Schick</a> <a href="https://twitter.com/hashtag/ASRoma?src=hash">#ASRoma</a> <a href="https://t.co/JAIvKGYS7P">pic.twitter.com/JAIvKGYS7P</a></p> — AS Roma English (@ASRomaEN) <a href="https://twitter.com/ASRomaEN/status/902546975681388544">August 29, 2017</a> </blockquote> <p>These idiosyncratic videos embody Feyerabend’s “only principle that doesn’t inhibit progress.” Where their competitors acted like sheep, <a title="Roma fan explains latest transfer announcement video on Twitter" href="http://www.asroma.com/en/news/2017/8/roma-fan-explains-latest-transfer-announcement-video-on-twitter-" target="_blank">Roma chose goats</a>. They forgot about the data on what worked for their competitors and instead asked “what if we do something else?” They chose to experiment.</p> <p>As the categories of data available to marketers have multiplied, the possibilities for experimentation have grown exponentially. However, in practice this has not led to the proliferation of a diverse range of experimental approaches to marketing. Instead, there has been a succession of “next big things” (such as <a title="How AI will impact marketing and the customer experience" href="https://econsultancy.com/blog/68722-how-ai-will-impact-marketing-and-the-customer-experience" target="_blank">AI</a>), which seem to sweep the industry each year. The prospective benefits of each of these potential innovations and the specific uses for them end up being submerged by the hype. Brands frantically attempt to emulate their competitors to avoid being seen as technological laggards. The appearance of innovation trumps real experimentation.</p> <p>This is because too much marketing data is not collected with a specific purpose, it is simply collected in a way that encourages marketers to emulate their competitors and reinforce the status quo. A successfully experimental approach to marketing therefore requires marketers to put their own creativity first.</p> <h3>How to experiment in marketing</h3> <p>Professor Byron Sharp recently mentioned how important it is for marketers to learn how to run “<a title="Ritson and Sharp reveal their marketing heroes and the biggest challenges facing the industry" href="https://www.marketingweek.com/2017/09/04/ritson-sharp/" target="_blank">proper controlled experiments</a>,” something which most formal business educations dearly lack. He is correct that experiments are only useful if they are carried out according to rigorous scientific principles (with control variables and so on).</p> <p>This emphasises the connection between the scientific and creative aspects of experimentation; marketers cannot truly have one without the other. They therefore require a consistent experimental method that can be applied repeatedly and which maintains a complementary relationship between data and innovation.</p> <p>First, an experimental method requires marketers to come up with hypotheses, i.e. “I think our content might perform better with this sort of headline” or “I think our social media engagement would be improved with this sort of video.”</p> <p>It then requires marketers to collect data for the specific purpose of testing a hypothesis. Generally this is done through A/B testing (and specifically with <a title="Using data science with A/B tests: Bayesian analysis" href="https://econsultancy.com/blog/65755-using-data-science-with-a-b-tests-bayesian-analysis/" target="_blank">Bayesian statistical inference</a> rather than frequentist statistical inference, given that it is <a title="What is Bayesian A/B Testing and Why is it the Best Choice for Marketers?" href="https://amigotechnology.com/blog/what-is-bayesian-ab-testing-for-marketing?ast=C8zHl9" target="_blank">better suited to getting answers quickly</a>). This approach to data allows it to inform marketers’ hypotheses in a way that complements their creativity rather than inhibits it.</p> <p>This process of testing hypotheses can then be repeated in an iterative cycle that allows marketers to try out as many new ideas as possible in order to increase the chances of a major breakthrough. This process aligns neatly with the concept of <a title="What is Agile Marketing?" href="https://amigotechnology.com/what-is-agile-marketing" target="_blank">agile marketing</a>, which perhaps goes some way towards explaining the current vogue for that term.</p> <h3>The balance of power</h3> <p>Technological advance has given marketers access to invaluable quantities of information and as a result marketing and data have become intensely-linked. However the outstanding question about this relationship is simple. Who is in charge?</p> <p>Is marketing led by the hackneyed conventional wisdom represented by existing data or is it led by marketers’ own creativity and critical thinking? Where the balance of power leans towards the data, marketers are inhibited. Where it lies with the marketers, the data can yield genuinely useful conclusions and help marketers to come up with their next great idea.</p> <p><strong><em>Need to improve your own content marketing efforts? Book yourself onto one of Econsultancy's <a href="https://econsultancy.com/training/courses/topics/content-marketing-and-strategy">upcoming training courses</a>.</em></strong></p> tag:econsultancy.com,2008:BlogPost/69402 2017-09-13T12:29:00+01:00 2017-09-13T12:29:00+01:00 Save the recruitment fees: Focus on process & culture, not more resources James Hammersley <p>Yet one of the observations we would have of many organisations is that they are not short of resources. You might think then that the issue is a shortage of the ‘right’ people, but that’s not necessarily true either.</p> <p>I have begun to wonder whether part of the problem is that as ecommerce develops we are less and less sure about what it is we need. Under these circumstances, particularly if we are being pushed for performance improvements, instincts encourage us to look for more heads and I think that counting heads is the wrong place to start.</p> <p>Our experience suggests that heads are the last things to worry about. Where you need to start is with how you want to work. This can be split into three things:</p> <h4><strong>1. Culture</strong></h4> <p>Organisations can behave badly, or at least the people in them can. In ecommerce we need everyone to work together, quite often including support functions such as legal and compliance as well as the more obvious IT and marketing.</p> <p>Function-first cultures abound in many places and these can at best slow down efforts to improve performance and at worst militate against them.</p> <p><img src="https://assets.econsultancy.com/images/0008/8923/badly.png" alt="" width="508" height="254"></p> <p><em>For more on this point, download Econsultancy's guide to <a href="https://www.econsultancy.com/reports/building-a-digital-culture">Building A Digital Culture</a>.</em></p> <p><strong>2. Processes</strong></p> <p>Part of the reason why key functions can impact adversely on ecommerce teams is that there is no shared process to underpin roles and expectations. This gives permission for ‘localism’ and enables turf wars and the metaphorical stamping of feet.</p> <p><strong>3. Expert-led thinking</strong></p> <p>Experts in our world are often the cause of failure rather than the answer to a problem. I don’t mean specialists – these are generally very useful to have as they bring expertise and specific skills to help resolve problems.  </p> <p>I’m referring to the self-described ‘expert’ that does seem to exist in many ecommerce teams. You know the types, they start their contributions with phrases like: ‘as a UX expert’ and throw all the jargon in that allow the rest of us to play digital bingo as they talk.</p> <h3>The solution</h3> <p>Generally speaking, if you want to build a high-performing ecommerce team then you will need to be active in your management of culture, processes and egos. In immature functions this is a real challenge but if you get this right, it opens up significant opportunities to be quite radical in resourcing.</p> <p><strong>Cultures need to be customer-centric.</strong> They need to value, recognise and reward constant curiosity about the customer in the market as well as the current customer. They need to be driven by a desire to understand why people do and do not buy or become a lead or self-serve. Cultures that work best in ecommerce are curious, open, learning and rigourous about data and insight.</p> <p><strong>Processes need to be cross-functional.</strong> They should be disciplined and driven from the customer agenda not from a particular functional one. At every stage decision-making needs to be well defined including the data/insight required to make effective decisions. They have to include a test and learn discipline that iterates and links back into developing the understanding of the customer agenda.</p> <p>People need to be low-ego, high standards and low maintenance. They have to be able to collaborate internally and externally and they have to be able to follow a structured disciplined process. Technical specialists are important, but even more important is to ensure you identify the right capabilities that drive performance.  </p> <p>In our view these aren’t defined by activities such as UX/CX or web analytics but by skills sets that can make a competitive difference regardless of where they are deployed:  </p> <ul> <li>Data comprehension and manipulation</li> <li>Customer insight generation process</li> <li>Commercial understanding</li> </ul> <p>Thinking this way about capabilities changes the ‘talent’ pool from a rather limited one into one that embraces a very wide range of disciplines and backgrounds. After all, ecommerce isn’t rocket science is it? What differentiates the outstanding performers are those who understand their customers and the customers in their market and know how to use that to develop optimised executions through a process of test and learn.  </p> <p>That’s true whether you are marketing, selling or building customer relationships.</p> <p>Resourcing against the values that build the right cultures, the attitude that accepts the need to work collaboratively and within strong common processes and a genuine interest in customers rather than themselves is likely to deliver far better outcomes. It will also make your ecommerce team a great one to work for.</p> <p><em>For more on this topic, read:</em></p> <ul> <li><a href="https://econsultancy.com/blog/68840-culture-and-digital-transformation-how-to-build-a-living-business/"><em>Culture and digital transformation: How to build a 'living business'</em></a></li> <li><a href="https://www.econsultancy.com/blog/69324-10-companies-with-a-digital-culture"><em>10 companies with a digital culture</em></a></li> </ul> tag:econsultancy.com,2008:WebinarEvent/901 2017-09-07T09:16:35+01:00 2017-09-07T09:16:35+01:00 Ask Me Anything - Digital Transformation: People & Skills <p style="border: 0px; vertical-align: baseline;"><img src="https://assets.econsultancy.com/images/0008/8985/ask-me-anything_landing-page_2.png" alt="" width="552" height="277"></p> <p style="border: 0px; vertical-align: baseline;">Ask Me Anything is our new interactive webinar series designed for you to discuss strategies and pick the brains of our experts when it comes to your digital transformation.</p> <p style="border: 0px; vertical-align: baseline;">For the second Ask Me Anything session, we will be exploring the people and skills required for digital transformation:</p> <ul style="border: 0px; vertical-align: baseline;"> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">Who should be involved in digital transformation</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">What are the skill sets required for digital transformation</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">How to build a digital culture</li> </ul> <p style="border: 0px; vertical-align: baseline;">Our panel of Econsultancy experts are <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Eu Gene Ang</strong>, Lead Trainer, Asia, <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Damien Cummings</strong>, Entrepreneur-in-Residence &amp; Principal Consultant, APAC, and <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Jeff Rajeck</strong>, Research Analyst, APAC.</p> <p style="border: 0px; vertical-align: baseline;">Register for the webinar and <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;"><a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://goo.gl/forms/GqXslFnHdjYGvnul1" target="_blank">submit your questions</a></strong> by <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">27th October 2017</strong>. We aim to answer all the questions during the webinar session.</p> <p style="border: 0px; vertical-align: baseline;">Tweet about the webinar using the hashtag <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">#EconAMA</strong>.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Webinar done in collaboration with:</strong>      <a href="https://www.ntuc.org.sg/uassociate/" target="_blank"><img src="https://assets.econsultancy.com/images/resized/0008/9214/u_associate__integration_endorsement__logo-blog-flyer.png" alt="" width="202" height="62"></a></p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">FAQ:</strong></p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">I'm not an Econsultancy subscriber, can I join?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: You sure can. The sessions are complimentary for existing customers and new friends.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Will the session be recorded?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: Yes! We record all of our webinars, and we'll send out a link to the recording the following week.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">What if I register but can't make it?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: It's all good. We'll send a follow-up with key takeaways and a link to the recording.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Can I ask questions?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: Absolutely! This session is for you. Please <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">submit your questions <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://goo.gl/forms/GqXslFnHdjYGvnul1" target="_blank">here</a></strong> and hear our experts respond to your questions at the live webinar.</p> tag:econsultancy.com,2008:BlogPost/69369 2017-09-06T15:00:00+01:00 2017-09-06T15:00:00+01:00 Why marketers need to consider the difference between training and education Seán Donnelly <p>The ability for marketers to learn and stay on top of industry changes isn’t a trivial matter. If I can quote Arie de Geus, business theorist and former Head of Shell Oil’s Strategic Planning Group: “The ability to learn faster than your competitors may be the only sustainable competitive advantage.”<br></p> <p><img src="https://assets.econsultancy.com/images/resized/0008/8715/econsultancy-how-marketers-learn-report-full_image-blog-flyer.jpg" alt="" width="470" height="200"></p> <p>At Econsultancy we spend a lot of time identifying, analysing and evaluating digital trends. Some of these trends turn into fads and pass unnoticed. But some have the potential to change not only the role of the modern marketer, but also the structure of entire industries. Regardless of how trends materialise, marketers must learn to adapt to the ever-evolving ecosystem in which we operate. To adapt to any new reality requires learning.</p> <h3>Always be learning</h3> <p>If we could boil down the key message from the <a href="https://econsultancy.com/reports/how-marketers-learn-research-findings/">How Marketers Learn</a> report into three words, they would be ‘<em>always be learning’</em>. The message is as applicable to individuals as it is organisations. Individual learning is, after all, at the heart of organisational learning.</p> <p>The report points out that if an organisation wants to adapt, grow and stay connected to customers, it will need to embed a culture of learning, that is, a dynamic culture that thrives on change. This will be essential for modern marketers in order to be able to interpret and navigate new trends and tactics. </p> <h3>Characteristics of the modern marketer</h3> <p>Modern marketing is an eclectic discipline. Much of what is required of the modern marketer revolves around a thorough understanding of marketing theory, technical marketing capabilities and an equal measure of strategic thinking and creative thinking capability.</p> <p>In fact, in 2013, Econsultancy published a call to arms of sorts for marketers. The <a href="https://econsultancy.com/blog/62574-introducing-the-modern-marketing-manifesto">Modern Marketing Manifesto</a> lays out the critical capabilities and characteristics of modern marketers to succeed. Take a look at it and ask yourself how aligned your own capabilities are. If you’re not in alignment, you might need to think about how to get up to speed. Training and education will play a big part in that. </p> <p>As I worked on this report, I couldn’t help but reflect on the value of training and other forms of education.</p> <h3>Thinking about the difference between training and education </h3> <p>Education is about theory. It is longitudinal. Education is about learning to think critically and in the abstract. Anyone who has studied marketing at university will remember that they learned about theories and frameworks but may not have had the opportunity to apply that knowledge with real clients.</p> <p>A degree in marketing will equip any marketer with the theoretical knowledge and strategic awareness to commence a career in marketing. </p> <p><img src="https://assets.econsultancy.com/images/0008/8501/education.jpg" alt="" width="407" height="271"></p> <h4>Training</h4> <p>Training on the other hand is about learning skills and tactics. It is specific. Good training provides the capability to do something rather than simply know something. </p> <p>In my opinion, training can empower marketers to think tactically and apply those new tactics in specific contexts. Marketers with knowledge of classic marketing theory and relevant training can excel by being able to think both tactically and strategically.    </p> <h3>Marketing qualifications and the need for training</h3> <p>As important as marketing training is, without wider marketing education it may be insufficient to address the requirements of today's marketers. Modern marketers need to be thoroughly schooled in marketing theory in order to equip them with foundational knowledge and strategic awareness that they can continue to apply as new digital tactics continue to emerge.</p> <p>There are a lot of people that are great digital marketing technicians. Some people might even consider them to be thoughtleaders in marketing. In practice though, some of those people might lack a wider appreciation of the discipline of marketing. Professor Mark Ritson wrote about this in his <a href="https://www.marketingweek.com/2016/07/12/mark-ritson-maybe-its-just-me-but-shouldnt-an-expert-in-marketing-be-trained-in-marketing/">Marketing Week column last year</a>: “Before anyone is declared an expert/ninja/guru/visionary in marketing they need to learn the discipline. You need a qualification to be qualified.”</p> <p><img src="https://assets.econsultancy.com/images/0008/8503/Ritson_head_Scratch_small.jpg" alt="" width="980" height="400"></p> <p>Ritson got a bit of stick about that article. You might argue that his view focused too narrowly on academic qualifications and doesn’t take into account the fact that individuals can learn the principles of marketing and accompanying skills through a mix of career learning (assuming that they are working at a company with a good academy or marketing programme) and independent learning (reading, conference attendance etc.). </p> <p>Might I politely suggest that instead of targeting Mark Ritson for calling out marketers with no qualifications, perhaps we should think about the value that a qualification brings to the profession in terms of credibility and trust, particularly at senior levels where other executive colleagues will likely have their own qualifications (accountancy, finance, law etc.). Rightly or wrongly, those people may regard their marketing colleagues more highly if they can see that those marketers acquired their skills and knowledge via a robust and challenging qualification process, in the same way that they have. </p> <p>While disciplined people that take pride in their work can most certainly learn what they need to know to succeed, there is still a value in holding a recognised qualification. Let’s be honest, no matter what the profession is, the more qualified you are, the more opportunities there will be for career advancement, bonuses and pay increases!</p> <p>As somebody with somewhat of an academic background, I would suggest that while knowledge and approaches may move on, there is something about an academic programme that forces students to learn to think critically and strategically. This ability never goes out of date.</p> <p>While marketing theory may not change quickly, the professional discipline of marketing is always changing. The emergence of new technologies which can change consumer behaviour and vice versa mean that marketers are expected to not only practice increasingly sophisticated digital marketing tactics but also be able to coordinate with fellow marketers to plug these tactics into the overall marketing strategy.</p> <p>For this reason, marketers require regular training to improve skills and ensure that they can remain current and effective in their roles. Training at regular intervals throughout one’s career is important. This is equally true for junior marketers as it is for experienced professionals wishing to keep abreast of trends and tactics.</p> <p>Also, while marketers don’t officially require a further period of practical training after completion of academic studies the way other professions do (accountancy, law and medicine for example), in practice, most marketing professionals will start their career in junior positions where they will need to focus on a core set of channels or tactics to develop their technical and tactical expertise. They will develop these skills via on-the-job learning and focused training courses. It is for this reason, many companies well known for the quality of their marketing will run their own marketing academies in order to equip their staff with the skills that don’t neatly fall within the scope of a marketing degree.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/8502/training-blog-flyer.jpg" alt=""></p> <h3>Balancing education and training</h3> <p>There’s a lot written about how quickly things are changing but let’s be clear about one thing - the pace of change today is as slow as it will ever be. While the fundamentals of marketing may not change quickly, there is an ever increasing range of digital armoury available to marketers. </p> <p>In order to keep your head above water and not fall victim to the whims of the latest hysteria around which digital marketing channel is the hottest, marketers need a solid marketing foundation. This is acquired through education. </p> <p>However, as long as technology continues to reshape consumer behaviour and vice versa, there will be a requirement for training to help marketers and companies navigate those changes.</p> <p>And so education and training go very much hand in hand. Education provides the foundation upon which to layer training. Skills-based training on its own will only result in short term thinking and an inability to understand the limitations of that training.</p> <h3>Our thoughts on balancing theory and training at Econsultancy</h3> <p>While technology and consumer behaviour may change, the fundamentals of marketing don’t, at least not very quickly. This is why I think the Econsultancy’s sister-brand <a href="https://www.marketingweek.com/mini-mba/">Marketing Week’s Mini MBA in Marketing</a> has been so well received. It provides a nice foundation upon which participants can layer on digital and channel specific skills.</p> <p>The Mini MBA in Marketing was designed to mirror the core marketing course offered in MBA programmes at top business schools. That means equipping learners with the knowledge and frameworks they need to become more effective marketers.</p> <p>It’s a nice supplement to what we do at Econsultancy. Please excuse the shameless plug but our clients turn to us to get a balanced view on the latest trends, tools and tactics in digital marketing. We can do this because we publish content that bridges the divide between education and training. While the Mini MBA in Marketing can provide the foundations, Econsultancy is able to support marketers to layer up their skills via capability management, training, conferences and e-learning.</p> <h3>Econsultancy career resources</h3> <h4><strong>Mini MBA in Marketing</strong></h4> <p>If you are interested in classic marketing education, I would encourage you to check out the <a href="https://www.marketingweek.com/mini-mba/">Marketing Week online MiniMBA in Marketing</a>. Participation will equip learners with awareness of key marketing skills such as market orientation, research, segmentation, positioning, brand equity and strategy. This knowledge will empower learners to move beyond tactical thinking to being strategically aware.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/8499/mw_mmba_logo-blog-flyer.jpg" alt=""></p> <h4>Digital Skills Index</h4> <p>If you are already schooled in classic marketing, but feel that you are lacking in digital skills and don’t know where to start, may I suggest that you start with our <a href="https://econsultancy.com/training/digital-skills-index/">Digital Skills Index</a>. The Digital Skills Index is an online assessment that measures the skills and knowledge necessary to succeed in digital marketing and provides a detailed appraisal of your current digital marketing knowledge as well as a set of recommendations on how to advance and sharpen your skills.</p> <p><img src="https://assets.econsultancy.com/images/0008/8718/Digital_Skills_Index.png" alt="" width="763" height="417"></p> <h4>Relevant reports and blog posts</h4> <p>If you’re already a supporter of professional development and lifelong learning but are wondering what to focus on next, my colleague Ben Davis wrote a really great piece last year called '<a href="https://econsultancy.com/blog/68550-forget-learning-to-code-what-should-marketers-really-know">Forget learning to code; what should marketers really know</a>'. It’s a very well written and pertinent article for any marketer wondering what skills they need to learn next.</p> <p>You might also be interested in our <a href="https://econsultancy.com/reports/skills-of-the-modern-marketer">Skills of the Modern Marketer</a> report. The report defines the soft skills needed to be successful in an organisation and the deep vertical knowledge areas that marketers see growing in importance in the coming years.</p> <p>As an analyst whose job it is to be able to identify and translate the importance of digital trends, I am very much in a state of always learning. This has enabled me to subscribe to the philosophy of pursuing a “living degree”, that is, taking an always-on approach to learning that adapts to changing environments.</p> <p>The <a href="https://econsultancy.com/reports/how-marketers-learn-research-findings/" target="_blank">How Marketers Learn report</a> will benefit leaders and managers in organisations of any size or sector by providing insights into the importance of having a learning and development strategy. It provides an overview of how marketers are currently managing their learning requirements.</p> <p>The research in this report will also help marketing leaders by highlighting the value of L&amp;D in marketing and demonstrating its business case. If you’re a marketing practitioner, regardless of where you are in your career, this report will help you reframe how you and your organisation approach professional development.</p> <h3>Econsultancy training</h3> <p><a href="https://econsultancy.com/training/courses/">Econsultancy training courses</a> are developed by digital marketing experts and are based on the most up to date insight available. By attending an Econsultancy training course, you’ll benefit from:</p> <ul> <li>Best practice advice that draws on the expertise of researchers, analysts and practitioners</li> <li>The opportunity to continue your learning and grow your digital capabilities through our raft of resources, including a free report of your choice on completion of your course from our <a href="https://econsultancy.com/reports/" target="_self">award-winning research library</a>.</li> <li>A friendly training team that will advise you on the course or programme that’s right for you.</li> <li>Small, collaborative classes (no more than 15 people).</li> </ul> <h3>Festival of Marketing</h3> <p>The lineup at this year’s Festival of Marketing is packed with great speakers and brands. Business icon Jo Malone joins <a href="https://www.econsultancy.com/blog/69359-stephen-fry-to-headline-the-festival-of-marketing-2017">Stephen Fry</a> atop the bill, while marketing heavyweights Mark Ritson and Byron Sharp will go head-to-head in the other headline slot.</p> <p>Away from the headliners we have speakers from the world’s biggest brands, including Virgin, Unilever, Bentley and JustEat. After you’ve <a href="https://goo.gl/dsqgYw" target="_self">browsed the full agenda</a>, make sure to <a href="http://www.festivalofmarketing.com/buy-a-ticket?utm_source=econsultancy&amp;utm_medium=blog&amp;utm_campaign=econblog/" target="_self">buy your ticket</a>.</p> <p>...............Always be learning!</p> tag:econsultancy.com,2008:BlogPost/69283 2017-07-31T12:30:00+01:00 2017-07-31T12:30:00+01:00 10 things agency owners can do to help their Business Development Manager flourish Ben Potter <p>So what can agency owners do to ensure they make a success of their fledgling business development function? Here are a few thoughts based on someone who has been there and bought the t-shirt (from a very good salesperson might I add).</p> <h3>1. Develop your knowledge and appreciation of business development</h3> <p>If the discipline of business development is under-valued by agency owners (or anybody else for that matter) it’s because it’s misunderstood. It’s completely unrecognisable from the traditional, negative perception of ‘sales’ or ‘selling’. This is reflected in the heady blend of attitudes (blue), behaviours (yellow) and skills (grey) required to do the job well. </p> <p> <img src="https://assets.econsultancy.com/images/0008/7771/BDM_attitudes__behaviours_and_skills.PNG" alt="Attitudes, behaviours and skills of successful BDMs" width="741" height="415"></p> <p>Before you do anything, make an effort to read a <a href="https://www.amazon.co.uk/Only-Sales-Guide-Youll-Ever/dp/0735211671" target="_blank">decent book</a> or two and understand some of the <a href="https://econsultancy.com/blog/68385-ten-guiding-principles-to-help-small-digital-marketing-agencies-win-more-business/" target="_blank">principles of business development</a>. It will make you more appreciative of the role, more realistic in your expectations and a better manager.</p> <h3>2. Know what you’re looking for</h3> <p>If you haven’t recruited a BDM before, do your research and seek help. Look at other agencies and their job specs. Look at BDM’s on LinkedIn; their background, experience and the language they use. And speak to recruitment agencies with experience of placing BDM’s into agencies.</p> <p>The better you understand the responsibilities and requirements of the role, the more equipped you’ll be to put together a decent job spec, interview questions and tasks. You’ll also know what to look out for if using personality profiling techniques, such as <a href="https://en.wikipedia.org/wiki/Myers%E2%80%93Briggs_Type_Indicator" target="_blank">Myers Briggs</a>.</p> <h3>3. Ensure you have a credible value proposition  </h3> <p>Even the best BDM is not a miracle worker. If your <a href="https://econsultancy.com/blog/68869-why-your-agency-s-value-proposition-probably-sucks-and-what-to-do-about-it/" target="_blank">proposition is weak</a> or your products / services uncompetitive (due to price, quality, service), hiring a BDM will make little difference. </p> <p>A relevant, compelling and credible agency proposition is the foundation of a successful business development strategy. It forms the basis of how the BDM will communicate your agency’s offering and value to prospects. If it’s not right, work on it.</p> <h3>4. Become a Sales Director… of sorts</h3> <p>A BDM is not <em>the</em> solution to winning more business. They are <em>part of</em> the solution (albeit an important one). As an agency owner that means the hard work doesn’t stop once they are on board. </p> <p>Their success will be largely shaped by your ability to manage them. In effect, you become an overnight Sales Director, responsible for inspiring, motivating and holding the BDM to account.</p> <p>If a BDM is left to their own devices, with poor stewardship from someone who doesn’t understand business development, they are very unlikely to succeed.</p> <h3>5. Invest in marketing, especially content</h3> <p>Prospects are busy, they research on their own terms and are inundated by other suppliers. Therefore, buying lists, ‘hitting’ the phones or sending hundreds of generic emails doesn’t work. We are way beyond that. </p> <p>If a BDM is to open new doors and nurture relationships, they need to create value through their communication. This means understanding the challenges faced by prospects, empathising with them, advising when appropriate and being helpful.</p> <p>To do this, the BDM needs a ‘tool kit’ of relevant, useful and engaging content. They simply will not have the time or expertise to create or curate this on their own. They’ll need the support of the wider team, particularly the discipline experts.</p> <p>Positively, most agencies invest in creating content. The key is to ensure that the content plan is, in part, driven by the new business strategy. </p> <h3>6. Give the BDM time to build a sales function</h3> <p>The frameworks, processes and templates that will exist in a more established new business department are probably thin on the ground if you’ve never had a BDM. A lot of small agencies I speak to don’t even use a CRM (for someone as anally retentive as I am when it comes to recording every call, email or even the slightest of enquiring glances at a networking event, this frightens the hell of out of me).</p> <p>With nothing to work from, you are essentially tasking the BDM with building a sales function from scratch. There’s nothing wrong with this as long as you give them the time and support to do so.</p> <h3>7. Approach business development as a team effort</h3> <p>The BDM is on board to own and lead new business. But they can’t do it on their own. He or she will need help from the wider team. Along with content, they can support the BDM in all manner of ways, from industry research to attending pitches. </p> <p>Another often forgotten point is that a BDM needs to believe in what they are selling – in an agency that generally means its people. Yet too often business development sits to the side of the agency, rather than at its heart. All the onus is on one person, rather than a collaborative effort where everybody plays a part. </p> <p>If you want your BDM to succeed, put them at the centre of the agency where they can hear everything going on and build relationships with the team; the people whose expertise and experience they are ultimately selling.</p> <h3>8. Invest in their development</h3> <p>I’ve done business development for the best part of (uh um) 15 years. But I learn new things every day.</p> <p><strong>There isn’t a BDM in the world who is the finished article.</strong> In fact, there isn’t a human being alive who is the finished article (apart from Bruce Springsteen, obviously). </p> <p>This means your investment in a BDM goes way beyond their salary. They need the necessary support, internally or externally, to continuously build their knowledge, skills and network.</p> <h3>9. Give credit when it’s due… and support when perhaps it’s not</h3> <p>Only a seasoned BDM knows just how much commitment, patience, resourcefulness and attention to detail it takes to win that dream client.</p> <p>It might take months, sometimes years, of hard graft.</p> <p>Celebrate every win like it was the first. Ensure the BDM’s pivotal role is acknowledged and understood by everyone. Celebrate the small wins too – the appointment booked with a great prospect after months of trying, for example. </p> <p>People in sales are (hopefully) motivated by the opportunity to smash a target and the financial rewards that comes with doing so. But this isn’t all they care about. The pat on the back, the casual ‘well done’, the motivational ‘keep your chin up’ are just as important as any financial rewards, especially when they’re on a bad run... which, trust me, happens. </p> <h3>10. Don’t pull the plug too soon</h3> <p>It will typically take a BDM 6–12 months before they’re flying. This is of course dependent on a whole host of factors, some of which have been explored above.</p> <p>Yet I speak to agency owners that have got shot of a BDM after three or four months, blaming their poor performance. Granted, in some instances perhaps the BDM just wasn’t right for the agency. But in others, I’m not convinced the BDM was given the necessary support, time and resources to deliver.</p> <p>So before you give them the old heave-ho, consider whether it might be you, not them. Have you given them the best possible platform from which to perform?</p> tag:econsultancy.com,2008:BlogPost/69265 2017-07-20T17:43:59+01:00 2017-07-20T17:43:59+01:00 The evolving relationship between brand marketers and agencies [New research] Nikki Gilliland <p>Econsultancy’s <a href="https://econsultancy.com/reports/partners-in-transformation-what-brand-marketers-need-from-agencies/">Partners in Transformation report</a> in association with IBM delves into this topic, specifically looking at the areas agencies should be focusing on in future.</p> <p>Before we take a closer look at the research, note that the companies who took part in the study are split into ‘high performing’ and ‘mainstream’, with the former significantly exceeding their top 2016 business goals compared to others that are defined by a poor to average marketing performance.</p> <p>So, what do brands need from agencies in 2017 and beyond? Let’s get into it.</p> <h3>CX support for different stages of the journey</h3> <p>Improving customer experience remains at the heart of most brand growth strategies, however, agency input usually depends on where companies are in the process of implementation (and current levels of success).</p> <p>Our research shows that high performing companies are far more engaged with their agencies in areas related to customer service – 65% compared to 40% of mainstream companies. </p> <p>High performing companies also draw on different kinds of expertise, with 44% citing new and innovative ideas for improving CX as most important. In contrast, mainstream companies still in the early stages of development largely cite execution and implementation.</p> <p>This shows us that – while CX presents a massive opportunity for agencies of all sizes – it is vital to understand and recognise where brands are in the journey and to determine how they can move forward.</p> <p><img src="https://assets.econsultancy.com/images/0008/7612/CX.JPG" alt="" width="730" height="507"></p> <h3>Turning data into insight</h3> <p>90% of brands agree that knowing more about their customers is the key to improving CX. However, with an increasingly fractured customer journey – with people moving from one device to another and back again – it’s becoming all the more challenging for marketers.</p> <p>Intelligent use of data is the answer, with agencies able to play a vital role in more technical aspects of analysis. However, this doesn’t mean all companies are willing or well-prepared to heed agency advice.</p> <p>High performing companies are nearly 30% more likely to take advantage of their agencies’ ability to turn data into insight than the mainstream. </p> <p>This tells us that lower performing companies tend to get stuck in the cycle of collecting data but doing the minimum with it, whereas real success is generated from making sense of it.</p> <p><img src="https://assets.econsultancy.com/images/0008/7613/Data.JPG" alt="" width="730" height="368"></p> <h3>Technology and training</h3> <p>Similar to the challenges presented by data, many brands struggle to take full advantage of the existing technology they have in place. As a result, agencies can offer value by stepping in and helping brands understand and execute technology-driven marketing.</p> <p>What’s more, agencies can also play a vital role in helping brands to stay on top of innovation, with 42% of high performing companies citing the importance of them ‘helping to source technology providers’.</p> <p>Meanwhile, agencies can help to foster long-term partnerships with brands by providing technology training. This emphasises the fact that value does not just lie in providing greater access to tech, but in helping brands gain a deep understanding of it themselves.</p> <p><img src="https://assets.econsultancy.com/images/0008/7614/Technology.JPG" alt="" width="709" height="354"></p> <h3>Collaboration is key </h3> <p>Despite 92% of all companies saying that it’s important for agencies and internal teams to collaborate, levels of satisfaction are relatively low. </p> <p>Just 19% of mainstream companies say agencies’ collaboration with internal teams is ‘quite effective’, while just 13% say the same for collaboration between multiple agencies.</p> <p>In contrast, high performing companies are much more positive about the situation, citing close relationships, leadership, and regular reviews as the key to successful relationships. </p> <p><img src="https://assets.econsultancy.com/images/0008/7615/collaboration.JPG" alt="" width="740" height="369"></p> <h3>In conclusion…</h3> <p>In such a highly pressurised and competitive landscape, brands often need to turn to agencies in order to drive growth as well as expand their own internal capabilities and expertise.</p> <p>Perhaps the most important takeaway from the research is that there is no single or overarching strategy for success. </p> <p>Rather, the most successful agencies demonstrate the ability to adapt and hone relationships based on client-need, fostering communication, fast decision-making, and collaboration every step of the way.</p> <p><em><strong>Subscribers can download the full report: <a href="https://econsultancy.com/reports/partners-in-transformation-what-brand-marketers-need-from-agencies/">Partners in Transformation: What brand marketers need from agencies</a>.</strong></em></p> tag:econsultancy.com,2008:BlogPost/69254 2017-07-20T09:44:00+01:00 2017-07-20T09:44:00+01:00 Four key digital challenges for IT leaders in 2017 Nikki Gilliland <p>Based on a sample of more than 500 IT leaders, here are a few key charts from the research, highlighting the biggest hurdles IT professionals currently face.  </p> <h3>1. Threat of security breaches</h3> <p>While technical skill is still a given, the role of senior executive within IT departments has evolved into something much broader, requiring a deeper understanding of business objectives. This also means creating a bridge between technology and other areas of the business such as HR, finance, and marketing. </p> <p>This focus on the wider customer experience has also led to the concept of the ‘chief integration officer’ – someone who is able to influence the overall strategic vision of a business. Following on from this, it is clear that the challenges faced by IT leaders are much more complex than they once were.</p> <p>Now, the threat of security breaches and cyber-attacks is cited as a key concern by 41% of respondents – higher than any other area.</p> <p>Perhaps unsurprisingly, executives at organisations with annual revenues exceeding £150m are more likely than their peers at smaller organisations to reference security as a major challenge.</p> <p><img src="https://assets.econsultancy.com/images/0008/7501/Security_attacks.JPG" alt="" width="780" height="535"></p> <h3>2. Finding the right mix of skills</h3> <p>Interestingly, it is larger organisations that cite lower levels of confidence in their digital skills mix, with just 58% agreeing that they are well-positioned in this area compared to 61% of smaller organisations. </p> <p>Similarly, European organisations seem less confident than their American and APAC counterparts. Talent availability is seen as more of a challenge than in other regions, with availability of individuals with the right mix of skills being cited as a top-three internal problem by more than 34% of European respondents.</p> <p>This is also the case when it comes to culture, with 61% of European respondents describing their company culture as "innovative, adaptable and undertaking a ‘fail fast’ approach". When compared with 68% of respondents saying the same for North America and 75% in APAC, it’s clear that Europe is still playing catch up.</p> <p><img src="https://assets.econsultancy.com/images/0008/7504/Skills_and_culture.JPG" alt="" width="739" height="618"></p> <h3>3. Escaping silos</h3> <p>In terms of internal barriers, it appears the age-old problem of organisational structure remains the biggest. 42% of executives cited frustration with departmental silos and bureaucratic processes, while 41% expressed frustration over integrating legacy systems with new tools and technologies.</p> <p>This is even more the case for larger organisations in Europe, with 52% of European respondents citing bureaucracy as a top internal barrier.</p> <p>Interestingly, while support from senior management is less of a concern, a lack of shared vision relating to the meaning of digital transformation appears to be sustaining conflict. Again, this challenge is slightly more evident in Europe, tying in with the aforementioned struggles of skills and culture.</p> <p><img src="https://assets.econsultancy.com/images/0008/7506/Silos.JPG" alt="" width="780" height="541"></p> <h3>4. Keeping abreast of innovation</h3> <p>With IT executives now expected to help drive marketing strategy, keeping ahead of major technologies connected to innovation is another growing challenge – especially for larger organisations.</p> <p>46% of executives at larger companies are more inclined to feel pressure regarding tracking technology and innovation trends compared to 36% of smaller company peers. Interestingly, IT executives appear to be looking outside of their organisations to keep abreast of technological innovation. More than half of respondents say they exploit technology content sites and webcasts and webinars.</p> <p>Lastly, the challenge to keep on top of innovation also extends to finding talent, with increasing importance in striking a balance between traditional technical knowledge and softer skills such as communication, co-operation and strategic thinking.</p> <p><img src="https://assets.econsultancy.com/images/0008/7508/Innovation.JPG" alt="" width="780" height="550"></p> <p><em><strong>Subscribers can download the full <a href="https://econsultancy.com/reports/2017-digital-trends-in-it/">2017 Digital Trends in IT Report</a>.</strong></em></p> tag:econsultancy.com,2008:Report/4535 2017-07-20T09:35:00+01:00 2017-07-20T09:35:00+01:00 2017 Measurement and Analytics Report <p>Never have marketers, analysts and ecommerce professionals had more data to work with as part of their ongoing efforts to improve business and organisational performance.</p> <p>At the same time, the growing challenge for individuals and organisations alike has been to avoid being overwhelmed by proliferating sources of data and metrics across a burgeoning number of marketing channels and technology platforms.</p> <p>The <strong>2017 </strong><strong>Measurement and Analytics Report</strong>, produced by Econsultancy in partnership with analytics consultancy <strong><a href="http://www.lynchpin.com/">Lynchpin</a></strong> for the tenth year running, looks at how organisations are using data strategically and tactically to generate insights and to improve business performance.</p> <p>The report aims to cut through the noise to understand how companies are using measurement and analytics to boost revenue and profit growth, while also looking at the types of technology and data which are used to meet these ends.</p> <p>The research, based on a survey of almost 1,000 digital professionals, focuses on the important role for data and analytics in supporting their attempts to build a competitive advantage by becoming more customer-centric. The report also explores how the worlds of data science and digital analytics are converging as companies strive to extract valuable insights from a wealth of information relating to digital activity in the context of the wider business.</p> <h2>What you'll learn from this research</h2> <ul> <li>Understand how analytics can help to meet financial goals and what the most common growth and profit-related requirements are.</li> <li>Discover how organisations are using data and analytics to build a competitive advantage by becoming more customer-centric.</li> <li>Benchmark the make-up of your analytics or data team and investment plans against those of your peers.</li> <li>Find out where the biggest analytics skills gaps are and what the most common challenges related to deploying tools and technologies organisations face.</li> </ul> <h2>Key findings from the report</h2> <ul> <li>The majority of companies (64%) do not have a documented data analytics strategy.</li> <li>Only 50% of organisations report executive sponsorship of analytics.</li> <li>Half of organisations surveyed regard digital analytics as ‘very important’ to their digital transformation programme (a jump from 43% in 2016).</li> </ul> <h2>Contributors</h2> <p>Econsultancy would like to thank the following people for their contributions to this report:</p> <ul> <li>Amiy Chatley, Digital Analytics Manager, TUI</li> <li>Matteo Fava, Global Head of Analytics, Delivery Hero</li> <li>Graeme McDermott, Chief Data Officer, Addison Lee</li> <li>Andrew Morris, ‎Head of Digital Insight Delivery, RS Components</li> <li>Alejandro Pereda, Head of Insight, Euromoney Institutional Investor plc</li> </ul> <p><strong>Download a copy of the report to learn more.</strong></p> tag:econsultancy.com,2008:Report/4538 2017-07-17T01:00:00+01:00 2017-07-17T01:00:00+01:00 State of Marketing Automation in Australia and New Zealand <p>The 'holy grail' of marketing automation envisaged by marketers sees the complete elimination of internal data silos to build a 360-degree view of the customer, and the utilisation of this intelligence to enable deeper, personalised engagement with prospects and clients.</p> <p>But how close are today’s marketers to realising this?</p> <p>This is Econsultancy’s first <strong>State of Marketing Automation in Australia and New Zealand</strong> report, published in association with <a title="Oracle Marketing Cloud" href="https://www.oracle.com/marketingcloud/about/australia-new-zealand.html">Oracle Marketing Cloud</a>.</p> <p>The research is based on a survey of over 350 marketing professionals based in Australia and New Zealand, and evaluates current adoption levels, tools and processes employed as well as barriers to effective use of marketing automation.</p> <p>Key insights from the research include:</p> <ul> <li> <strong>The majority of companies are choosing to manage their marketing automation in-house.</strong> Three in five (59%) organisations have an in-house team managing marketing automation activities, with only a fifth outsourcing them to an agency. Large organisations (with annual revenues of more than $50 million) are more likely to outsource their marketing automation.</li> <li> <strong>Budgets and internal buy-in are there, but a capability gap is hampering the potential of marketing automation.</strong> Encouragingly, a lack of budget and organisational buy-in prevents only a minority of organisations (20% and 12% respectively) from implementing their automation strategy. The most common barriers are related to data integration and inadequate resources.</li> <li> <strong>There’s a pressing need for data unification.</strong> Only a quarter of companies are working towards the creation of a unified database. Furthermore, nearly half of companies say that integrating data is the most significant barrier to effectively implementing a marketing automation strategy.</li> <li> <strong>Cloud-based SaaS platforms lead the way at an enterprise level.</strong> Large organisations (with annual revenues of at least $50 million) are more likely to use cloud-based SaaS platforms that include automation (38% vs. 28% of smaller organisations).</li> </ul> <p><strong>Download a copy of the report to learn more.</strong></p> <p>A <strong>free sample</strong> is available for those who want more detail about what is in the report.</p> tag:econsultancy.com,2008:Report/4502 2017-06-08T11:00:00+01:00 2017-06-08T11:00:00+01:00 Digital Transformation in the Financial Services and Insurance Sector <p>The<strong> Digital Transformation in the FSI Sector: Gearing up for success in a changing market</strong> report builds on our <a href="https://www.econsultancy.com/reports/digital-transformation-in-the-financial-services-sector-2016">previous report</a> looking at digital transformation in the sector. The report aims to explore the approaches new entrants are taking and their focus on the customer experience and marketers' responses to challenges, as well as providing recommendations on approaches to and opportunities related to digital transformation.</p> <h2>Methodology</h2> <p>We carried out a series of in-depth interviews with senior executives from across the financial services and insurance industries to understand how a range of organisations were responding to different opportunities and challenges.</p> <p>Companies interviewed included: The AA, Atom Bank, Aviva, AXA PPP Healthcare, Bought By Many, Lloyds Banking Group, Monzo, National Australia Bank, OCBC Bank, HSBC Singapore, Salesforce and UBS Wealth Management, APAC.</p> <p>We also looked at sector-specific data from our <a href="https://www.econsultancy.com/reports/2017-digital-trends-in-financial-services-and-insurance">2017 Digital Trends in Financial Services and Insurance sector</a>.</p> <h2>What you'll learn</h2> <p>The financial services industry has seen more disruption in the last few years and continues to face significant challenges as new players are seizing the opportunity to enter these markets and new models emerge.</p> <ul> <li>Customer experience continues to be a major focus for marketers and new entrants are focusing on differentiating the customer experience and making the financial lives of customers easy.</li> <li>Having the right strategy and culture to deliver digital transformation is seen as essential with strong leadership from the top.</li> <li>Data is perceived as being a huge part of the digital transformation journey.</li> </ul> <h2>You'll discover findings around:</h2> <ul> <li>How companies are looking to differentiate the customer experience and deliver value to their customers.</li> <li>Ways in which companies are re-orientating their focus around customers and moving away from being product-focused to putting the customer first and delivering products and services more aligned to their needs.</li> <li>The importance of earning trust in the sector and delivering more transparent services to customers.</li> <li>Practices companies are adopting to work in a more agile way. </li> <li>Encouraging a digital culture where digital is not a bolt on. </li> <li>Unlocking the value of data to understand customer journeys and behaviour to deliver more personalised and relevant communications.</li> <li>Importance of innovation starting with the customer and how companies are collaborating and partnering to drive change. </li> </ul> <p>Download a copy of the report to learn more.</p> <p>A <strong>free sample</strong> is available for those who want more detail about what is in the report.</p> <h2>How we can help you</h2> <h2 style="font-weight: normal; color: #3c3c3c;"><a style="color: #2976b2; text-decoration: none;" href="https://econsultancy.com/training/digital-transformation" target="_self"><img style="font-style: italic; height: auto; float: right;" src="https://assets.econsultancy.com/images/resized/0004/8296/rgb_dt_logo-blog-third.png" alt="Digital Transformation" width="200" height="66"></a></h2> <p><a title="Digital transformation - Econsultancy" href="https://econsultancy.com/training/digital-transformation/">Digital transformation</a> is a journey that's different for every organisation. To enable delivery of your digital vision (or help you shape that vision) we’ve designed a comprehensive approach to tackle your transformation.</p> <p>Covering everything from strategic operational issues, down to specific marketing functions, we will work with you to achieve digital excellence.</p> <p>Talk to us about an initial, no-cost consultation.</p> <p>Contact our Digital Transformation Team on <a href="mailto:transformation@econsultancy.com">transformation@econsultancy.com</a> or call</p> <ul> <li>EMEA: +44 (0)20 7269 1450</li> <li>APAC: +65 6653 1911</li> <li>Americas: +1 212 971-0630</li> </ul> <p><iframe src="https://www.youtube.com/embed/2q_lWLm5qtg?wmode=transparent" width="560" height="315"></iframe></p>