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4 Reasons Why We Commissioned Forrester to Complete a Total Economic Impact(TEI) Study on Mapp Cloud
The value that brands find in marketing cloud solutions is clear. Marketing teams gain a better understanding of their customers and are empowered to deliver more personalized messages, which leads to better customer experiences that drive higher revenue.
At Mapp, our many successful customer case studies demonstrate this high-level value. So, the question you might ask: why did we go down the path of engaging a 3rd party research firm to run a thorough study that examines the value that seems so obvious?
Well, we’ve got four reasons why, and if you are a brand looking for true value in your MarTech stack you might want to hear about them. Before we dive in, let us explain the process and give you a sneak peek of the study results.
First things first: WHAT IS A FORRESTER CONSULTING TEI?
“Forrester’s Total Economic Impact™ (TEI) consulting practice develops business value justification analysis to help organizations understand the financial impact of a technology investment. Forrester helps both business technology consumers build a financial analysis for their own internal technology decisions as well as help technology organizations objectively showcase the financial impact of their solutions,” (Forrester).
The process lasted three months and involved multiple steps:
Interviewing x4 existing Mapp Cloud customers to identify all the factors that affect an investment decision, including Benefits, Costs, Flexibility, and Risks
Reviewing all relevant Mapp collaterals and pricing documents
Interviewing senior Mapp stakeholders
Compiling a composite organization based on the interviewed customers to create an ROI calculation
Creation of the final study
A SNEAK-PEEK OF THE HIGH-LEVEL RESULTS
After conducting a thorough analysis, Forrester found that Mapp Cloud delivered 540% ROI (over 3 years)!
QUANTITATIVE BENEFITS for customers using Mapp Cloud:
Increased reach of messaging to over 500K more customers.
Improved messaging engagement by 25%
Raised conversions on marketing messaging by 20%
Greater basket sizes of 10%
Marketer productivity increased 25%
QUALITATIVE BENEFITS for customers using Mapp Cloud:
Usage of Intelligence data across marketing efforts
Diversification of campaigns
Growing maturity of marketing team
Technology spending efficiencies
FOUR REASONS WHY WE COMMISSIONED THE FORRESTER TEI STUDY
1. Better alignment with our customers’ priorities
Revenue growth and workload efficiencies are often a combination of many things being improved and worked on at the same time, sometimes resulting in attributing the value to only the most obvious improvements. Yet, this may cause the wrong priority order of what needs to be improved next. Having a detailed analysis of all the factors contributing to a significant improvement result in a more open and productive dialogue and streamlining collaboration on each individual customer’s strategy.
2. Measure the benefits that are hard to measure
There are things that we know we are exceptionally good at, such as providing better customer Insights or even specific things such as email deliverability to up to 100%. However, certain things are rather difficult to quantify in a way that provides a clear understanding of the potential ROI. And as with many marketing investments, things that are not always easily justifiable can be very hard to prioritize for the round of improvements. As Forrester has over 20 years’ worth of expertise in this field and a proven methodology, we decided to ask for their help in quantifying things that are hard to quantify.
3. We can’t improve what we can’t measure
With expectations to maintain billions of brand-consumer interactions per year, help thousands of marketers achieve their objectives, and identify their marketing improvement priorities, it’s crucial for us to measure and benchmark our performance. We needed to identify areas in which we can improve and understand how we stack up against our peers in the Mar-Tech community.
So, how are we doing? According to the Forrester study, Mapp returned $5.4 in profit for every $1 spent on Mapp Cloud for the composite organization, which is something that we’re very proud of and we will ensure to keep looking for innovative ideas to provide more value, and quicker, to our customers.
4. Understand Mapp’s Positioning
Just over three years ago we have moved from a pure CDP/Marketing Automation to Insight-led Customer Experience. We believed that CRM Marketing professionals and eCommerce Managers will be in far greater demand and the expectations from them will only increase, as the market is moving away from 3rd party customer data.
This has already been validated by the feedback from our existing customers, as well as new customers joining Mapp. Three years down the line we felt it was a good time to pause and sense check to see whether our strategy of bringing more self-service insights to marketers has paid off. We’re pleased to say that it did, as the Forrester study has found that Mapp can contribute significantly towards growing maturity of marketing team:
“Analysis of data and recommendations from Mapp Intelligence were critical toward driving engagement and conversions in messaging sent out through Mapp Cloud. Based on these improvements, interviewees recognized an opportunity to improve their usage of insights across the rest of their marketing teams. Mapp Intelligence’s insights were easy to digest and share across teams, helping to align and reshape marketing decision making. For example, creative choices within advertisements reflected elements of content that received the most customer engagement. Marketers viewed insights from analysis as starting blocks for understanding customers and critical toward constructing personalized web experiences beyond emails and texts.” – The Total Economic Impact™ of Mapp Cloud, September 2022
This article was first published by Mapp. Permission to use has been granted by the publisher.