Ventana Research recently announced its 2022 Market Agenda in the expertise area of Marketing, continuing the guidance we have offered for nearly two decades to help organizations derive optimal value from business technology and improve outcomes.
Marketing technology has enabled chief marketing officers to oversee teams that orchestrate more effective and sophisticated communication and customer relationships. Tools including analytics, artificial intelligence and conversational intelligence are facilitating a better alignment between brands and the consumer demand for products and services. As the available technology evolves, organizations need help understanding how to integrate marketing tools and data with those used by other departments, especially those in sales and customer support.
To help, we craft our Market Agenda using our firm’s expertise on business requirements and our knowledge of technology vendors and products. Through our continuous market research, we offer insights and best practices to both lines of business and IT as well as insights across industry verticals that will help any organization reach its maximum potential.
Focusing on improving digital experiences will accelerate consumer engagement and, potentially, demand. Another challenge for CMOs and business-to-business marketing organizations is the surge in adoption of account-based marketing. This approach is good in spirit but has fallen short of its potential because it has not generally been well-aligned with sales organization priorities. We assert that by 2026, the roles of chief customer officer and CMO will begin to merge into a more powerful procurement office that is measurably accountable for outcomes across customer experience.
Marketing maximizes brand value as well as market demand and reach through the use of digital technologies. Our Marketing expertise encompasses six focus areas: Digital Marketing, Intelligent Marketing, Conversational Marketing, Product Information Management, Digital Experience Platforms and Marketing Performance Management.
New opportunities in the digital marketing of products and services are transforming organizations’ priorities and investments as emerging tools and technologies enable a more effective focus on attracting and engaging customers. Radical shifts in marketing technology have forced organizations to focus on digital effectiveness. Social media and analytics focused on pay-per-click and search engine optimization have helped optimize targeting and increase demand generation and inbound marketing. We assert by 2024, one-third of marketing organizations will abandon marketing technologies in favor of frictionless interactions with digital experience technologies across all channels and devices. This year, we will conduct Dynamic Insights research on the challenges — and potential — of digital marketing.
Intelligent Marketing seeks to optimize marketing using insights gained through analytics and machine learning. Organizations are beginning to address marketing planning and performance efforts in a more concerted manner. We see organizations shifting to predictive and ML techniques to optimize marketing processes and performance; this, increasingly, will be a requirement to be effective. We assert that by 2025, over one-half of marketing organizations will deploy personalization and action-focused interactions as the primary means of engagement in a new generation of intelligent workflows. Predictive marketing and artificial intelligence technologies can help optimize actions and results, but these efforts must be aligned to the goals of the organization. We will conduct new Benchmark Research this year to assess demand for smarter and more intelligent marketing.
Conversational Marketing intelligently automates marketing-related processes and customer interactions through voice and chat capabilities. Digital technologies are advancing marketing potential and improving performance by enhancing engagement to expected outcomes. Conversational computing is transforming customer engagement, and many organizations will need to renovate digital platforms to optimize customer and product experiences or risk lagging behind competitors. By 2024, one-quarter of marketing organizations will embrace conversational experiences as the priority for self-service digital interactions using natural language processing. Organizations must make new investments to automate and optimize marketing actions and should look for more digitally effective methods to interact with applications. We will conduct new Benchmark Research this year to assess the demand for conversational marketing as part of the portfolio of technology required for digital engagement.
Product Information Management
Product Information Management is technology that enables organizations to improve product engagement by offering consistent management of product and related information to improve experiences for consumers and across the business. Marketing organizations are modernizing PIM to support digital experiences across the product life cycle. Through 2024, one-half of marketing organizations will lack the competencies and skills in PIM to ensure effective digital experiences, leading product marketing to shift its focus accordingly. The transition to the cloud will speed the return on products’ value and intensify the imperative for organizations to provide excellent product experiences. Also, ML and robotic process automation with workflows are improving product information quality by identifying issues and opportunities for improvement. In 2022, we will identify best practices and assess and rate technology vendors’ potential to help meet emerging PIM needs.
Digital Experience Platforms
Digital Experience Platforms are tools used by marketers and service teams to create and track customer interactions that primarily occur through new, digital-contact channels. Digital customer-contact channels are increasing in popularity and usage, with web portals, mobile apps and social media beginning to rival voice calls. We assert that by 2025, one-half of organizations that have deployed stand-alone customer data platforms will transition to digital experience platforms for digital effectiveness. Organizations should think about how consolidating marketing communication applications into a digital experience platform can improve operations and potentially rein in costs. The importance of insights and intelligence from digital experience efforts is critical to optimize and personalize every interaction. A growing new class of technology is becoming readily available for this purpose.
Marketing Performance Management
Marketing Performance Management is a set of tools used to assess the success of marketing outcomes with the investments made towards them. More than basic marketing analytics, MPM looks at the overall resource allocations and provides insights to optimize efforts across audiences, channels and teams supporting them. It is a way for marketers to measure the ROI of the efforts they put into their programs, functioning as a core operational tool for running a marketing organization.
Looking across the marketing landscape, it is clear that while many marketing organizations are making one-off investments, it is important to select investments that are aligned with the organization’s overall digital experience needs and market-facing efforts. Our market assertion is that, through 2025, the lack of marketing performance management offerings will force CMOs and marketing organizations to adopt planning and analytics platforms to meet their needs. Our guidance for 2022 is designed to help these organizations develop winning strategies and determine the best investments to achieve desired outcomes.
Subscribe to our Ventana Research community to stay up-to-date on our 2022 research efforts. Check out the marketing topic and focus pages for our detailed market agenda and continuously updated 90-day calendar as well as more research facts and best practices.