74% of Marketers Adopting “Best of Breed” Data Solutions over Full Stack Systems in the Race to Deliver 1:1 Marketing
Independent research reveals approximately three quarters of marketers have implemented or plan to deploy1:1 marketing programs
San Francisco – April 7, 2016 –74% of marketers are taking a “best of breed” approach to address their data-driven marketing technology needs, as they draw on components from multiple solutions and technologies, according to report by Forrester Consulting released by Krux, the market-leading provider of cloud-based data infrastructure. By contrast, 23% marketers have chosen to work exclusively with one technology vendor, relying on so-called “full-stack” providers. A new research paper from Forrester Consulting, commissioned by Krux, “Put Data Management At The Core of 1:1 Marketing,” analyzes these and other findings related to data-focused marketing.
“As the world continues to digitize, consumer demand for seamless and relevant brand experiences will accelerate,” said Jon Suarez-Davis, Chief Marketing and Strategy Officer at Krux. “Call it 1:1, data-driven, or precision marketing, in order to meet consumer expectations and drive growth, companies will need to transform their organizations with new playbooks and intelligent systems that deliver relevant and exceptional brand experiences throughout the consumer journey.”
According to the Forrester Consulting study, 73% of marketers are currently running or testing 1:1 marketing programs, reinforcing the critical need for data management infrastructure to deliver consumers with more personalized content and brand experiences. The research also uncovered that among the companies Forrester determined to be the most proficient at 1:1 marketing, which the study labels “high-maturity marketers”, nearly 60% have adopted a data management platform (DMP), an adoption rate 32% higher than their low-maturity counterparts.
Other key findings of the recent Forrester Consulting Study include:
Setting the right goals and KPIs drive success. Marketers that are most advanced in their move to 1:1 marketing were most likely to rank key customer success indicators such as improving customer retention and boosting customer loyalty among their top three priorities for their media buying programs.
Higher maturity marketers prize experimentation and learning. 81% percent of high-maturity companies are empowered to experiment and learn from their 1:1 marketing programs. More importantly, 55% of high-maturity marketers report that even if a campaign falls short of objectives, if it led to insights to improve future efforts, it was still viewed as a ‘success’ within the organization.
Successful marketers invest in tech solutions and human capital. 65% of companies overall, and 76% of high-maturity companies – have grown their teams and capabilities in the past two years. This suggests that, while data and 1:1 marketing involves automation, the human element remains crucial.
Krux commissioned this study to take the pulse of the marketer community and share market insight as data-driven and 1:1 marketing become the norm in digital media. Krux helps leading marketers, media companies, and agencies build better brand experiences and increase revenue from commerce, content, and advertising operations. Extending well beyond its DMP roots, Krux now operates at the center of an intelligent marketing cloud, capturing, unifying, and activating data across all screens, devices, and channels.
Krux is an example of the type of best of breed solution many marketers now turn to, having been recognized as a leader in The Forrester Wave™: Data Management Platforms, Q4 2015 report. The company was recommended for companies who value agility and innovation from an independent vendor. In that report, Forrester Research stated, “Krux continues to forge its own path… with a far-reaching vision for highly customized person-based intelligence that will inform marketing decisions and much more in the future. … It sees customer data management as the intelligence engine driving business decisions beyond marketing and across the whole enterprise, including commerce and content, with always-on services that parse the flood of data and connect it to the events, places and devices where it’s needed.”
Krux helps companies worldwide deliver more valuable, more personalized marketing, media, and commerce experiences. Krux’s cloud-based data platform (DMP) operates in real time, unifying people data from all screens and sources into a single view of the individual; analysing the data to understand each individual's preferences; and activating the data across any delivery channel. Monthly, Krux interacts with 3 billion browsers and devices, serves over 20 billion page views, and processes nearly 2 billion CRM records. Founded in 2010, Krux is a venture-backed company headquartered in San Francisco with ten offices across five continents. Krux clients include companies like Kellogg, ConAgra, Jet Blue, Mondelez, Time Warner, Meredith and Peugeot-PSA, with enterprises achieving a 10x return or higher on their investment. To learn more, visit www.krux.com, and follow Krux on Facebook, Twitter, and LinkedIn.