Firms that adopt modern marketing methods are found to outperform traditional marketing peers and competitors on key business performance indicators.
The survey conducted by Oracle, in partnership with Forrester Consulting, reveals that modern marketing strategies help businesses improve revenue growth, market leadership and workplace excellence.
“Modern marketers” in the context of this survey refers to marketers that use a combination of real-time predicative models and statistical techniques including intelligent targeting and cross-channel marketing attribution to ensure personalized customer engagement throughout each stage of the purchase journey.
The report titled, “Why You Need To Be A Modern Marketer: The Business Impact Of Marketing Maturity In The Age Of The Customer,” gathered opinion from 492 marketing decision-makers across a range of industries in the United States, United Kingdom, Germany and France.
Among these, 44 percent of modern marketers reported that their organization’s revenues exceeded their plan by 10 percent or more over the last 12 months, versus only 23 percent of their non-modern marketing peers.
Also, 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.
With regard to workplace excellence, 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.
The survey reveals that 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).
More than half of the respondents (52 percent) still focus marketing efforts on conventional conversion and customer acquisition processes, and only 17 percent of marketers extend activity to include lead scoring, nurturing, behavioral triggers and lead recycling.
While marketers strive to enhance engagement, 57 percent still conduct mostly one-way, outbound communications, and only 11 percent say they engage in a real dialogue with customers at each stage of the buyer’s journey.
With regard to cross-channel integration, more than half of marketers (57 percent) admit their marketing infrastructure is separated by channel and lacks integration, and only 14 percent have standardized fully-integrated cross-channel marketing automation platforms.
Modern marketers have made significant progress enhancing customer centricity through investments in data management technology.
Sixty percent of modern marketers say that they’ve successfully combined — or are in the process of combining — real-time customer data with predictive models and statistical techniques to help engage customers in a digital dialogue and improve marketing effectiveness.
Meanwhile the survey shows more than half (55 percent) have advanced beyond basic demographic and firmographic information to segment based on personal criteria and interests; 87 percent agreed that their messaging has become much more targeted towards specific segments, personas or client needs.
Almost 70 percent of modern marketers cited having formal, consistent data gathering techniques; 31 percent employ intelligent tracking based on real-time feedback and behavior tracking.
Commenting on the results of the survey, Andrea Ward, VP of Marketing, Oracle Marketing Cloud, said, “While it is clear that many organizations have quite a way to go in their journey to modern marketing, the strong correlation between marketing maturity and business success clearly demonstrates how modern marketers can take on a more strategic and impactful role within their organizations.”