“Marketing Evolved.” What does that even mean?
It’s not just marketing “gobbledygook,” it is how I believe marketing leaders can address the issues facing them in today’s turbulent environment, which I touched upon in two previous blogs, Are CMOs Headed for Extinction and Rise of the Chief Customer Officer:
- Marketers are facing unprecedented change, and we don’t have generations to adapt;
- There is no precedent for what today’s CMOs face, and no roadmap for what our job will look like 12 months;
- Who owns the customer? The entire C-suite must be committed.
In order to evolve, companies have to embrace the need to deliver a seamless customer experience by connecting all customer touchpoints – marketing, sales and service – and being able to constantly adapt to changing customer preferences and context. That means business and IT teams must work together to integrate and connect all of the legacy technologies to customer-facing applications that can engage with customers in real-time. In fact, Forrester has recently noted that the biggest technical barrier to creative and effective customer-facing systems was inadequate integration with back-office systems, with ease of integration being the most important factor cited when selecting a product. 1
Key to this evolution is having the technology to enable your organization to deliver contextually relevant engagement to customers in real-time. Forrester looked at vendors who deliver this in The Forrester Wave™: Real-Time Interaction Management, Q3 2015 where they evaluated “enterprise marketing technology that delivers contextually relevant experiences, value, and utility at the appropriate moment in the customer life cycle via preferred customer touchpoints.” Pega was chosen as a leader in this space because of our ability “to address sales, service, and marketing channels” and demonstrate “consistent decision making and cross-channel offer delivery.” 2
Getting accolades from analysts is great, but for me, the most rewarding part of being CMO at Pega is our customer successes. For example:
Oi, the largest telecommunications company in Brazil and South America, was able to achieve significant results in just one year: $140M in incremental revenue, across 7,000 agents, through 10% reduction in churn, 30% reduction in average reduction discount, and 55% increase in sales revenue through the customer service channel.
The Royal Bank of Scotland (RBS) has increased response rates by 25%, achieving 95% positive response rates to personal annual statements highlighting product recommendations. Christian Nellisen, ‘The Data Guy’ for RBS, explains in this video how RBS has gone about evolving how they engage with customers.
The CEO of Sprint, Marcelo Claure, talked about their success in a recent Fortune article. They reduced customer churn to 1.56%, the lowest level in the company’s history, down from around 2.3% just one year ago. Claure said, “Pega has the brains to help an agent deliver the right treatment to the right customer at the right time,” and added, “That is very different from traditional telecommunications care.”
I hope you’ve been inspired reading about the amazing results of our customers in spite of the turbulent times facing them, but these are just the tip of the iceberg when it comes to how marketing leaders are evolving. I’ll be speaking at the Argyle Digital Marketing Conference on Oct 6, along with other marketing leaders such as John Gottschalk (SVP of Dealer Relations at Ford Motor Company), Stephen Jalkut (CMO, Commercial Insurance at AIG), Brian Hovis (SVP, Head of Digital Marketing, Global Consumer Marketing at Citi) and others who are evolving in these challenging times. If you are interested in attending the conference please email us.
I’ll leave you with one final thought Elon Musk had on evolving: “Some people don't like change, but you need to embrace change if the alternative is disaster.”
1“Digital Experience Technology Integration: Go Beyond Just A Basket Of Solutions Tools And Technology: The Digital Experience Delivery Playbook”, by Mark Grannan with Stephen Powers, Ted Schadler, Kevin Driscoll, and Tyler Thurston August 27, 2015 | Updated: September 3, 2015
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