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Strategic agility is an organization’s ability to think ahead of the market, quickly mobilize itself, adapt to market shifts, fill capability gaps, capture new revenue ahead of the competition, and even create new markets. Strategic agility requires going outside of systems, structures, and processes, and allowing fluid organization of teams to achieve loosely defined missions. It is an innovation playground.
Let’s break this down into the three things that strategic agility requires. First, is the ability to bring speed (sense and response) into the system, not only through turning ideas into prototypes, but also by employing speed in key decision points.
The second requirement is clarity and stability. Clarity, in this case, is about identifying innovation hot spots and the key hypotheses that we are trying to validate. Stability refers to permanent and committed spaces and resources so that it’s not a one-time play.
The third key to strategic agility focuses on deleting or suppressing organizational memories. These are legacies that, 99% of the time, actually prevent a company from moving forward and reinventing themselves.
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Monthly recurring revenue, or MRR, can be notoriously difficult to calculate accurately. As customers join and cancel, projecting your monthly recurring revenue for two, three or six months into the future can be a serious challenge, even for the most data-focused businesses. Add upgrades, downgrades and discounts into the picture and staying on top of your projected MRR can become a major cost of time for your business.
Luckily, you can accurately calculate and project monthly recurring revenue trends using Net Promoter Score data. By looking at your Promoter, Passive and Detractor numbers, you can gain a reasonably confident view of your company’s MRR trends and trajectory.
In this post, we’ll explain how you can do this, as well as how you can use your NPS data to adjust your business to increase MRR, improve retention and generate more revenue.
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What the internet will look like in 2021.
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Product marketers must possess skills associated with what I term the “three Vs” (see this research report if you are a Gartner client): (Vertical) Value, Velocity, and (customer) Voice (OK, that’s four Vs). That is, they need to be able to convey the value of a given capability/feature, both in technical and business terms or context; they must drive the velocity of the product’s entry or journey into the market (through sales or channel enablement, educating influencers, etc.); and they have to help translate customer requirements to future product versions (though this may end up being a product management task in many cases) and generally be a customer advocate internally. EAs must exhibit these same characteristics when attempting to drive innovative or disruptive endeavors. They must understand and discuss the value of a potential investment in the context of their organization’s business, market, or ecosystem; they must help the variety of interested or involved IT parties make smart decisions about products or services (and convince or educate internal clients about them); and they must represent the voice of the organization’s customers through all of this.
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Some of these industry differences include:
- Top priorities. Although business priorities are often similar, each industry pursues them with varying levels of urgency.
- Strategic objectives. Strategies for growing revenue, a unanimous priority, vary greatly by industry.
- Business environments. Digital disruption upends industries in different ways.
- Data maturity. Not all industries have benefited equally from the insights revolution. They differ widely in their data and analytics capabilities, competencies, and culture.
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In Salesforce’s third annual State of Marketing report on the current landscape, digital is becoming ubiquitous in marketing, to the point where 97 per cent of market leaders plan to increase or maintain their level of digital spending.
Among the key findings;
- Top marketing teams are integrating the customer experience.
- Top marketing teams get smart with tech adoption.
- Mobile momentum hits a tipping point.
- Real-time channel orchestration strikes a chord.
- Top marketing teams align with business leadership.
- Intelligent email is driving higher revenue.
- Social sees massive ROI growth.
- Advertising accelerates on social platforms.
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► About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who may not have the required resources, knowledge or expertise. Visit us at ineomarketing.com.
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Marketers have seen their jobs transformed over the past ten years. The transformation is happening again—but faster this time.
Marketo commissioned the Economist Intelligence Unit to conduct a survey of over 450 high-level marketing executives worldwide, at companies including MasterCard, Virgin America, Wells Fargo and Zipcar. More than 80% say they need to restructure marketing to better support the business - and 29% believe the need for change is urgent.
Read on to learn more about the findings.
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There is little that is more rewarding for entrepreneurs and executives than creating an entirely new category, fueled by disruptive innovation. Consider the new giants of our time, like salesforce.com, Tesla and Uber, and the incredible value created by their leaders.
We have invited back serial entrepreneur Mark Organ to deliver a sequel to his top-rated presentation last year on category creation. In this session you will learn not just how to define and build your category, but how to dominate it. How do you market differently when building a category versus entering an existing one? How to craft messaging to appeal to the missionaries you need to build your category and company? How to leverage your customer advocates and key influencers to grow efficiently? Mark will answer these questions and much more.
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Digest...
Here are five themes for the future which resonated across multiple surveys and form the basis for these predictions. Remember, they are made specifically for large and extra-large companies. 1. Customer Experience Will Be the Battleground Marketers Are Fighting Over In 2016 customer experience will garner the highest level of marketing investment; it is one of three areas in which CEO’s expectations of CMOs will increase the most; and bleeding-edge technologies to improve it will be the top innovation project marketers undertake. 2. How Marketers Use Customer Data Will Determine their Level of Success Managing, collecting and making use of internal and external data was the second highest area of CEO’s increased expectations for CMOs. Marketers will analyze data less and synthesize it more, leading to better and more actionable conclusions. Distribution of the data to decentralized groups such as brands or business units will occur to allow for informed recommendations/decisions about what action to take. 3. Digital Commerce Will be Inextricably Linked with Marketing We found that in 25% of organizations, marketing has total responsibility for digital commerce, and in 46% of companies, marketing owns a digital commerce P&L now. Whether you lead or support your company’s digital commerce efforts, plan for higher investment and a greater role in crafting compelling commerce experiences. 4. Marketing Will Set the Strategy for Not Just Marketing Technology, But for All Customer-facing Technology Marketing will be intensely involved in all technology that touches the customer as it works on improving the customer experience with customer service, sales and operations. It already sets the strategy and develops the roadmap for marketing technology in over 90% of companies. In a growing number of companies it is moving into different elements of revenue management, including former sales systems. By the end of 2016, customer-facing technology strategy and roadmaps will be led by marketing in at least one quarter of companies. 5. Marketing Innovation Will Come Out of the Closet For the second year in a row we found that marketers are setting aside more than 9% of their budget for innovation. Leading a culture of change and company-wide innovation was the third highest ranked increased CEO expectation of CMOs. More marketing executives have innovation in their title. An increasing number of CMOs manage product development as well as product management. Digital business transformation is causing many industries to shift their business model and offerings to digital vs. physical; putting marketing squarely in the middle of such innovation. ► Receive a FREE daily summary of The Marketing Technology Alert ◄
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Excerpt...
"Forrester predicts that: -- > CMOs will insist on taking charge as a full corporate officer. Bringing their knowledge about customers, markets, and competition to bear, CMOs will champion efforts to build a customer-centric organization culture, uniting all organization functions around a common set of principles and practices that build tighter customer relationships and differentiated experiences. With their stature and influence as a leader in the organization on the rise, CMOs will have CEOs’ ear for the first time. Leveraging their customer and competitive knowledge, CMOs will advise and council CEOs on how to win, serve, and retain customers to grow the business. -- > CMOs will lead the quest for customer obsession by dismantling outdated organization structures in favor of customer-centric teams. In 2015, CMOs will rally the organization around winning, serving, and retaining customers as efficiently as possible, requiring specific changes to the organization that will affect how decisions are made, how success is measured, and what role outsiders like agencies will play. These CMOs will be skilled in change management and able to unify the organization around a common customer-centric vision."
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Digest...
I’ve found many great SaaS founders take longer, too long, to decide to hire the other VPs. -- > “Why do I need a VP of Product? My CTO and dev team is building all the features we need. Maybe just a product manager is enough.” At 1,000 customers and 10,000 features? You just can’t hack it. You need a true VP of Product to manage it all. Meet with the customers. Synthesize it all. Make you Truly Enterprise. -- > “Why Do I Need a VP of Marketing? I Have Enough Leads. Sounds Too Expensive for Now.” 95/100, only a VP can really own the whole thing in marketing. Own a lead or opportunity commit. Own the number for this year, along with the VP of Sales. Own getting you from $1.5m to $10m. With a great VP of Marketing, your business almost automatically grows faster. With less drama. And a happier sales team. -- > “Why Do I Need a VP of Customer Success? Why do I need a real VP now?” A VP of Customer Success can do just so much more. A VP of Customer Success can carry a number. I.e., own growing revenue from the installed base 10% or 20% Year-over-Year. A true VP of Success can also aggressively attack churn. And importantly — Almost Churn. And a VP of Customer Success can put real processes in place. As soon as you hit Initial Traction ($1.5m in ARR), as soon as it goes from Repeatable to Repeating … you are ready for a VP of Everything. Of Engineering. Of Product. Of Marketing. Of Customer Success. Etc. And of course, VP of Sales.
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Digital initiative success hinges on organizational readiness, decision mechanism, data and process gearing as much as tools, algorithms and system. As in the classical way of defining success, it’s the direction that matters and not the altitude to start with. A sensible prioritization of possibilities and starting with what is internally accessible immediately is a surefire way of launching such initiatives. Like in the agile model of development, we will tend to see lot more incremental capabilities getting added over time. The philosophy of continual test, learn and redeploy often should be the specified implementation approach. A carefully enacted design leveraging available data can go a long way in setting the stage for the initiative to move forward.
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"It’s shared objective with a firm leadership that sets the tone for the initiative.The troika – data and discovery prioritization, right leadership and teams, philosophy of continual build, test and redeploy are the key tenets that can drive an enterprise to success. The right technology infrastructure is of course needed for enterprise wide success. Likewise, the ability to map a customer journey across channels is a capability that enterprises need to develop. Associated with these are the issues around process and decision making set up inside enterprises given the massive convergence of traditional processes Many enterprises think through their to-be state technology stack encompassing support/ needed technology upgrades for capabilities in data collection & discovery, content management, business models, test and target and go-to-market approach etc. This is a critical process that should be definitely considered and long term decisions accordingly taken."
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In today’s post-digital world, first think about the complexity of your marketing technology infrastructure. This makes solving the puzzle even more difficult and complex as you seek to 1) get the most out of each team’s unique skills; 2) procure and implement technology to engage customers effectively across their entire life cycle; and 3) run and manage those technology investments to deliver the results you expect.
Wise CMOs realize that today’s environment demands consistent, seamless, and compelling engagement across all touchpoints of the customer life cycle; going beyond just marketing to include sales, order management, fulfillment, customer service, and operations. Forrester believes that only a unified business technology (BT) agenda that puts customers at the center of technology decisions, while providing a shared enterprise vision, will meet these customer demands. We define the BT agenda as:
The to-do list across roles for applying technology, systems, and processes to win, serve, and retain customers.
I’ve written about the importance of CMO and CIO collaboration to tackle many of these issues. And while progress is being made to collaborate on the purchase and deployment of technology, the operation and management of technology in support of the BT agenda is given short shrift. In fact, our research shows that one-half to four-fifths of the cost of marketing technology occurs after the first year of the initial investment.
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— In many companies, marketing is in the driver’s seat.
“The focus now is on the customer,” Sklar told us, and “marketers are really [the ones] looking at their experience.” The report found that 91 percent of Salesforce-using companies say the marketing department is a key player in the executive suites. Eighty-three percent of customers using Salesforce with marketing automation, such as that company’s ExactTarget Marketing Cloud, report that they are drivers of innovation in managing the customer lifecycle.
Marketers’ new role in the purchase and use of digital tech is driving the positioning of many vendors. Tibco, for instance, told VentureBeat that its recent release of a marketing platform was driven in part by the fact that CMOs are taking budget resources from CIOs.
“Bluewolf’s findings underline my assertion that the CMO needs to start thinking more like the CIO,” VB Insight director of marketing technology Stewart Rogers said. “With marketing departments taking the lead on Salesforce implementations, marketing heads need to ensure they are implementing internal regulations and good process management to ensure high data quality and control in the future.” ___________________________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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It's an agile world.
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