12% of B2B firms are “customer obsessed” – Forrester’s Q3 2016
Customer-Obsessed Operating Model Online Survey

So, really, how can Marketing influence a cultural transformation in the company? B2B marketers are shifting from lead generators to architects of engagement across the customer life cycle. To engage today’s independent buyers, marketing must go deeper into the traditional sales funnel — moving beyond top-of-the-funnel attracting to educating, inspiring, convincing, and building a ‘customer-obsession’ internally. Transformational organizations are those that make the customer the center of their being, shared Lori Wizdo, Principal Analyst, Forrester Research, Inc.
 
So, really, how can Marketing influence a cultural transformation in the company? Marketers are shifting from lead generators to architects of engagement across the customer life cycle. To engage today’s independent buyers, marketing must go deeper into the traditional sales funnel — moving beyond top-of-the-funnel attracting to educating, inspiring, convincing, and building a ‘customer-obsession’ internally. Transformational organizations are those that make the customer the center of their being, shared Lori Wizdo, Principal Analyst, Forrester Research, Inc.

 

In 2017, Forrester examined the 7 ‘customer-obsession’ factors that correlate with marketing practice against the behaviors of marketers in a survey of B2B industries, including B2B financial.

How do you think you fared? CLOSE, is the answer. We scored highest on culture, structures & talent, strategy, and process with measurement, data/analytics and technology lagging all B2B industries.

MARKETING STRATEGY
  • Go-to-market around personas, needs and use cases
  • Brand values center on customer experience
  • Focus on customer lifetime value
  • Agile
  • Fact-based
  • Collaboratively set among marketing silos and with sales
Scoring: Financial Services B2B Marketing: 3.35 out of 5.00  All B2B Marketing: 3.67 out of 5.00

CULTURE
  • Values-driven
  • People-oriented
  • Aggressive
  • Competition-oriented
  • Innovation-oriented
  • Reinforced through recognition and rewards
Scoring: Financial Services B2B Marketing: 3.86 out of 5.00  All B2B Marketing: 4.06 out of 5.00

STRUCTURES & TALENT
  • Ability to work across the organization (silos)
  • Customer-centricity
  • Enabled teams
  • Educated teams
Scoring: Financial Services B2B Marketing: 3.37 out of 5.00  All B2B Marketing: 3.59 out of 5.00
 
PROCESS
  • Process rigor
  • Cross-functional execution
  • Agile
  • Continuous improvement
Scoring: Financial Services B2B Marketing: 3.29 out of 5.00  All B2B Marketing: 3.54 out of 5.00

MEASUREMENT/METRICS
  • Process and tactic metrics
  • Measuring revenue contribution
  • Customer advocacy in addition to NPS
  • Attribution
  • Daily cadence
Scoring: Financial Services B2B Marketing: 3.16 out of 5.00  All B2B Marketing: 3.65 out of 5.00

DATA/ANALYTICS
  • Data management and integrity
  • Use of analytics
Scoring: Financial Services B2B Marketing: 2.98 out of 5.00  All B2B Marketing: 3.39 out of 5.00

TECHNOLOGY
  • Cross-channel support
  • Life cycle focus
  • Engagement focused
  • Good alignment with IT
  • Support aligned execution with sales
Scoring: Financial Services B2B Marketing: 2.97 out of 5.00  All B2B Marketing: 3.75 out of 5.00
 
The benefits and impediments shared in the group were actually quite aligned with marketers in other large enterprises in regulated industries. There were more issues raised in the cultural dimension than you’d see in a non-regulated industry (industrial manufacturing). There are some great ideas in the action plans.  The only thing I would add with regard to action is that most of the comments were approaching change across the whole organization.  It might be a good idea to pick a small, trackable pilot program -- say one customer segment in one region, or one product line and start changing some processes and measuring better, etc. To plan, orchestrate and measure

Conference attendees at our CFG Spring Roundtables in New York charted a course to being customer-obsessed. In small groups, they identified the benefits of improving each study dimension, the impediments that stand in their way and actions that could be taken immediately, within 6 months and within the next year. Many great ideas evolved from this exercise – too many to publish here. So, when we receive Forrester’s report on this study (July 2018), we will publish it for all CFG members. Meanwhile, here are a few of Lori Wizdo’s observations about the exercise.change in a more controlled environment is more rewarding and provides a template for future initiatives.
Wizdo's report on the overall findings from this study will be published in summer 2018. All CFG members will receive a copy. Slides from this session can be found in CFG's private Resource Library. Simply click on the web link below to access. If you wish to contact Lori, please contact us at info@cfgglobal.com.
              

Copyright © 2019 Corporate Financial Group, Inc., All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Email Marketing Powered by Mailchimp