Almost half (46%) of marketers only share customer insights, data and feedback with sales teams at most once a month, according to a new study.
New research from experience management company Qualtrics, conducted with 260 in-house marketing professionals, examines the extent to which marketers are working in a silo across many businesses. While integration with sales is lacking, the disconnect with other departments and teams is even more pronounced.
While 54% of marketers regularly share customer insights and feedback with sales, only 50% do so with customer service teams, 29% with the wider workforce, and 27% with the board or C-level executives.
While some marketers may question the need to keep the wider business in touch with customer insights, according to Qualtrics it is only by sharing data that businesses can develop truly effective customer experiences. Leonie Brown, Customer Experience Consultant for Qualtrics EMEA, explains: “Great customer experiences cannot exist in a vacuum. Brands must guarantee that every aspect of the customer journey is delivering a consistent, seamless and high quality experience. To achieve this, everyone involved – from sales staff to delivery drivers to the CEO – must understand how the customer thinks, behaves and what they are looking for.
“Access to data goes a long way to improve each interaction along the customer journey, but information alone isn’t enough. Today the vast amount of data that brands are using look only to the past for insights, reflecting previous shopping habits, purchases and behaviours. By bringing together insights from every customer touchpoint we can unlock “Experience Data” — or X-data — which reveals why consumers behave in the way they do and predicts their next move. That is the real secret to a successful customer experience.”
To find out more about the role of X data in customer experience management, download Qualtrics’ full report here.
Qualtrics commissioned a survey with a panel of 260 marketing professionals in July 2017. All respondents worked in-house (rather than agency-side) in UK-based organisations employing at least 50 people and had a minimum of two years’ experience in a marketing role. A second survey of 250 consumers was conducted in August 2017 using the Qualtrics platform.
MANILA — In 2017, the Asian Development Bank merged its lending windows so as to allow it to increase and expand its lending portfolio amid growing resource needs of its member countries and in the face of competition from emerging sources of infrastructure funding in the region. But where might the bank allocate those resources?
The data isn’t complete yet, but available information from the bank’s 2018-2020 country operations business plans for 37 developing member countries — which Devex examined over the past few weeks — provides early indications on priority sectors and how much money is expected to flow to countries. It also provides insights on some of ADB’s biggest projects for climate financing, which plays a central role in the bank’s upcoming strategy.
The data reveal that indicative ADB commitments — which can change in the course of discussing or negotiating projects — to the 37 member countries will reach more than $75 billion over the next three years. The bulk of the money is likely to come from the bank’s lending windows, with less than 5 percent forming grants and technical assistance.
A large part of that funding is projected to cover projects in the transportation sector, followed by projects related to energy, and governance and institutional development.
The economics of solar-plus-storage are changing. This report explores several key cases of utilities that are introducing new rate structures which radically alter the case for solar-plus-storage, though they do not necessarily make this configuration a better choice than solar alone. The results of GTM Research’s analysis reveal an interesting picture for a market in transition, where in some cases solar-plus-storage is nearing competitiveness with solar-only, while in others, solar-plus-storage remains far from economical.
The report examines the key markets of Arizona, California, Hawaii and Massachusetts, which are in the process of rate reform and thus merit study to understand the economic case for solar-plus-storage. It also presents a discussion and economic results for several utilities in these markets.
If we have data, let’s look at data. If all we have are opinions, let’s go with mine.
– Jim Barksdale, former CEO of Netscape
Who or what is driving your product decisions?
If you’ve spent your career in product marketing/management in tech companies, you can relate to the above quote from the perspective of both mid-level and senior product marketing executives.
Up and coming product manager/marketers are regularly champions of features, or product positioning that face an uphill battle against the priorities of the Engineering team and the demands of the sales team – stemming from existing customer asks and the most recent competitive sales loss. Add on top of that the biases of a boss, and you’ve got to overcome a lot to bring about a change in emphasis (never mind direction).
Making these directional and investment decisions isn’t actually any easier sitting in the product management/marketing leadership role. They need to make significant go-to-market investments almost weekly, while running an organization, mediating compelling and conflicting arguments from highly opinionated and smart groups – all while trying to listen to the customer. Just a few of the decisions that need to be made:
Which feature enhancements need to make the cut in the next release because of customer demand or competitive factors?
Which initiatives/project drivers MUST be on your site’s home page and which can be de-emphasized?
Are there market niches that are growing or that your company ignores that you could address with a different positioning or marketing campaign?
In sales collateral/training, what are the key competitor weaknesses to make sure the reps understand?
Buyer insight provides more clarity for decision-making – if you find the right sources
Product and positioning decisions are never easy, but almost any internal debate can be swayed by quantifiable insight on buyer preferences and purchasing behavior. However, most companies struggle to bring relevant and accurate data to bear at the right time. Part of the reason is most of the easily available data has a significant bias problem, such as:
Insights from deals that your company has won or lost doesn’t reflect the perspective of buyers that were never part of your sales pipeline. TechTarget data shows that unless you are a major player, this is typically much greater than 50% of the market.
When you talk with prospects or customers (or getting data that is filtered by sales reps), you know you are not getting the complete story as they try to protect or promote key details that support their position.
Custom research efforts take time to kick off and are point in time. These approaches are a poor match for a market that is constantly changing and you must make decisions year-round.
Most industry research is written from the perspective of an experienced industry analyst who interprets broader trends or future looking insights furnished by suppliers. This is a very valuable part of understanding the market, but different than buyer data.
How TechTarget helps
To help product management/marketing leaders find the right representative buyer insight, TechTarget Research has developed Deal ScoreCard. Deal ScoreCard describes how buyers for 20 different Cloud, Data Center, Storage and EUC markets perceive their needs, requirements and vendor opinions at the essential moments of their purchasing cycles, every quarter. Just a few of the insights that it delivers include:
Features, project initiatives, workloads – For a specific market, which specific factors (by each category) are most important in a product-market, which are trending up and down quarter over quarter and which are the major vendors in the market perceived to be weak or strong on.
What’s important at shortlist v. important at product evaluation – Which issues are most important as buyers shape their plans for a project (budget, product space, important vendors) v. which issues do they see as important when they are deep into rep discussions and technology evaluation. The difference between these moments leads to very different go-to-market investments.
Where are market leaders weak – Most challenger technology company strategies are built around a growing weakness or blind spot of a market leader. Deal ScoreCard goes to great lengths to quantify those blind spots.
You can see some of the foundational analyses of a Deal ScoreCard here. If you are interested in learning more about how the in-depth data in Deal ScoreCard can help your organization, please visit TechTarget.com/Research.