High-maturity firms obviously enjoy various marketing benefits of marketing technology to a greater extent than low-maturity firms. But which ones, and how much more? A study [download page] from Capgemini, conducted by Forrester Consulting, examines this and more in a survey of VP and C-level marketing decision-makers at financial services and high-tech enterprises.
As part of the report, the analysts created a model to assess marketing technology maturity, using 24 dimensions across 5 categories: strategy; process; technology; data; and organization. Respondents were grouped into 3 maturity brackets: high (top 25%); medium (middle 50%); and low (bottom 25%).
Financial services firms came out as having lower levels of maturity: almost 4 in 10 financial services firms fell into the low-maturity group, compared to 14% of technology firms. In fact, 41% of large financial services firms (5,000+ employees) were in the low-maturity bucket, compared to 33% of smaller financial services firms.
So what are low-maturity firms missing out on?
The most common benefit that high-maturity firms ascribe to their current marketing technology investments is improved/optimized targeting of marketing campaigns. However, while 82% of high-maturity firms have enjoyed this benefit, only 64% of low-maturity firms have done so. There’s an even more substantial gap when it comes to the benefit of deeper customer insights, which 81% of high-maturity firms have experienced, compared to just 55% of low-maturity firms.
Other gaps between high- and low-maturity firms are found for benefits including more robust customer targeting (71% vs. 45%), better attribution (70% and 49%), improved forecasting (77% vs. 56%), and improved marketing planning (78% vs. 58%).
Separately, high-maturity firms were also much more likely than their low-maturity counterparts to report increased lead generation, improvements in conversion rates, and increased sales revenue.
So what to do? The study puts forth several recommendations, including to “apply design principles to strategy, internal processes, and customer experience,” “make product development and roadmaps customer-led,” and “invest in real-time customer data and advanced analytics technologies” (something which remains out of reach for many marketers).
For more, check out the study here.
About the Data: The results are based on a January online survey of 305 financial services, fintech, and high-tech decision-makers at enterprise organizations in the US (50%) and UK (50%). Respondents were C-level executives (50%) and VPs (50%) responsible for marketing technology strategy.