What Does It Take To Successfully Execute A Marketing Transformation?
A marketing transformation, which is a significant shift in an organisation’s marketing approach, often becomes necessary for companies striving to remain relevant and competitive in today’s rapidly changing market landscape. From evolving customer needs and preferences to emerging technologies and channels, businesses must continuously adapt their marketing capabilities to drive revenue growth and increase customer engagement.
But while the need for marketing transformation is clear, executing such a transformation can be daunting. It can involve significant changes across people, process, data, technology, and culture, and requires a tremendous effort to successfully implement.
One company that has successfully transformed marketing is Grant Thornton Australia. Spearheaded by CMO Fraser McNaughton, the transformation went through stages across six years and addressed several factors including customer intimacy, process modernization, and technology refresh.
McNaughton started with the data and technology piece to gather the insights that he needed to identify where the gaps were in aligning the company’s efforts with customer preferences. He moved on to people and processes, implementing some restructuring to optimise the marketing function. Lastly, he cultivated a culture of innovation and agility, encouraging experimentation, to ensure that his team was constantly striving for improvement without fear of repercussions.
Grant Thornton Australia’s success highlights the importance of taking a holistic approach to transformation. This involved understanding the organisation’s starting point and its objectives before developing a feasible roadmap to reach the desired outcomes. A marketing transformation will not be successful if it’s treated as an ad hoc project. Instead, it should be seen as a journey filled with potential twists and turns. Commitment from the marketing leader and stakeholders is crucial to make a change, as well as the dedication of the marketing organisation to see it through and the willingness to manage multiple changes for the betterment of the organisation. A marketing leader with a clear vision of the proposed changes and their benefits for the organisation is also essential.
At Forrester, we partner with businesses to guide them through their marketing transformation journey. We provide guidance on best practices and help clients operationalise these within their organisation. By leveraging our expertise, organisations can better identify their gaps, prioritise focus areas, understand how to implement change, and reach their goals in a more efficient and structured manner.
If you’re considering a marketing transformation, looking to modernise your marketing organisation, or simply want to understand marketing best practices, read the full case study Grant Thornton Australia Accelerates Its Marketing Transformation and connect with us to discuss how Forrester can help.