Businesses that embrace ‘modern marketing’ processes outperform competitors in various areas, according to a new global study by Oracle and Forrester.
The report defined ‘modern marketers’ as marketers that use a combination of real-time predicative models and statistical techniques, such as intelligent targeting and cross-channel marketing attribution to ensure personalised customer engagement throughout each stage of the purchase journey.
These modern marketers saw their businesses outperform competitors in a range of business areas.
Forty-four per cent of the modern marketers reported that their organisation’s revenues exceed their estimations by 10 per cent or more over the last 12 months. This is nearly double their non-modern marketing peers (of which 23 per cent exceeded their revenue estimations by 10 per cent).
The report revealed that 94 per cent of modern marketing brands have some form of market leadership, with 49 per cent claiming they are the sole market leaders in their industry.
Modern marketers also performed well in workplace excellence, with 71 per cent claiming they had received national recognition as a ‘best place to work’ at least once in the past three years, compared to only 38 per cent of their non-modern marketers.
However, many businesses are yet to implement these modern marketing practices, with only 11 per cent of the 492 senior decision-makers surveyed considered as modern marketers. The majority of respondents were defined as ‘discovery’ marketers (41 per cent), followed by ‘experienced’ marketers (33 per cent) and ‘novices’ (15 per cent).
Andrea Ward, VP of marketing at Oracle Marketing Cloud, said: “To meet ever increasing demands, marketers need to be able to quickly and easily optimise the customer experience and execute marketing programs that have a measurable impact on revenue.
“The survey results indicate that most marketers understand the need to adopt modern marketing technology and best practices in order to meet these demands. While it is clear that many organisations 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 organisations.”
