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Media.Monks Crashes Onto the Forrester Wave™ for First Time Ever

Media.Monks Crashes Onto the Forrester Wave™ for First Time Ever

Brand Brand, End-to-End Agency Partner, Monks news 4 min read
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Monks

Abstract design of dots in a wave pattern.

Forrester just released The Forrester Wave™: Marketing Creative and Content Services, Q3 2022 report, which marks Media.Monks’ first time on a Wave, evaluated as a strong performer. A compelling resource for future-focused marketers, the report “shows how each provider measures up and helps marketing professionals select the right one for their needs.”

The goal of the report is to help marketers “looking to produce imaginative, growth-oriented, and efficient marketing” assess the most significant service providers in the market. We are ranked among 12 other providers based on 17 criteria, including current offering, strategy and market presence. We believe these rankings paint a portrait of growing concerns in the transformation of digital and a new frontier for growth, and insight into how well-equipped partners are to help brands adapt.

Demand for growth fuels new priorities in marketing.

Forrester’s evaluation of marketing creative and content services in a single Forrester Wave™ is new this year, and reflects brands’ need for a partner who can combine a portfolio of services to build impact across the full customer journey. In the report, author Forrester Principal Analyst Jay Pattisall notes, “…As C-suite demands for growth and cost effectiveness increase, some enterprise buyers are seeking integrated and orchestrated solutions to unlock value across marketing campaigns, customer experience, and commerce.”

In particular, the report recognizes the “providers that matter most and how they stack up,” and we’ve noticed that those with strong abilities to integrate strategy and creativity to resonate with audiences scored highest. Our view is that those who can iteratively build, test and tweak content—and drive impact with highly efficient media spend—in this way are best able to fuel brands’ desire to achieve greater ROI, especially as hyper adoption of new channels and behavior accelerates.

Insight into evolving consumer behavior is key to transformational success.

The digital transformation marketplace is estimated to be worth $600 billion, growing at a compounded rate of 20% over the next 10 years. 80% of that growth comes from lifestyle mobility, social innovation and other virtualization adoption. Add in the cultural revolution enabling a complete reinvention of the internet, estimated to add over $1.5 trillion to the global economy by 2030, and the largest growth opportunity for brands in the history of digital is up for grabs: virtualization.

Contrary to the pipes, plumbing and integration that defined the digital transformation era, virtualization is defined by a set of new audience behaviors, cultural norms and technology paradigms resulting from 30 years of digital transformation, hyper-accelerated over the past five years. We believe this focus on behavior will define the winners of the new era.

In the Forrester Wave™, Pattisall affirms the importance of consumer insights for CMOs today. “Converting consumer insights into compelling content is paramount to persuading consumers to buy. Thirty-four percent of US online adults agree that they are more likely to purchase from brands that share content that interests them, according to Forrester’s Media And Marketing Benchmark Recontact Survey, 2022.”

From our perspective, offering this high level of relevance across the customer journey will demand brands and their partners to break free from the silos that often inhibit broad business transformation. This in turn calls for a new kind of model built from the ground up to enable collaboration between teams and different expertise.

Brands need a new approach for a new digital era.

In our own vendor profile, Pattisall notes that our “ambitious vision to ‘own the decade’ by preparing clients for the coming era of virtualization is backed by diverse digital talent, digital production strength, and a ‘can-do’ attitude that enthralls clients.” That can-do attitude is thanks in part to how we’re built differently, organized around an API-inspired model designed for seamless collaboration across disciplines and time zones.

We’re proud of what our teams have been able to accomplish under this model, like aligning broadcast and experiential expertise to earn the #1 spot on the Eventex 500 list of top event organizers at the height of the Covid-19 pandemic. Fast forward to a year later, and we’ve similarly brought together the brightest minds in digital to launch Making the Metaverse, a report that aims to demystify one of the industry’s biggest buzzwords and help brands find their footing in the immersive internet. Subject matter experts across the business built a foundational perspective on the metaverse when others were just waking up to the space. Our leadership in the space continues with Meet Me in the Metaverse, an ongoing video series exploring a variety of metaverse concepts, which recently featured Forrester VP and Research Director Mike Proulx.

The API model also enables the “land and expand” strategy, in which client relationships organically grow and evolve by quickly aligning emerging needs with new services and offerings. "It's a second-by-second appraisal of what you're doing and is a far stronger way of building the relationship," S4Capital Founder and Executive Chairman Sir Martin Sorrell told Marketing Interactive.

Unlocking growth at speed calls for a foundationally different partner.

As we enter a new era in digital, marketing priorities are evolving with consumer behavior. This is prompting CMOs to seek out meaningful transformation and growth at incredible speed. While others are named as leaders in the Forrester Wave™, our perspective is that virtualization will further challenge strategies built around big ideas preferred by some, and that the traditional holding company model that others find themselves within will impede the broad transformations brands will seek to remain competitive.

Alternatively, a digital-native team integrated from start is ideally suited to move the needle. “Often a brand will ask, ‘What’s the best way to help us grow?’” says Joe Olsen, Chief Growth Officer. “By gathering subject matter expertise across creative, media, data and technology services in a single P&L, we can quickly identify opportunities for the quickest path to value.” In other words, we’re built to help brands ride the wave of a new era.

New research from Forrester analyzes the most significant creative and content services providers—and how they stack up. creative content agency partnerships forrester consulting forrester research Brand End-to-End Agency Partner Monks news

Why Livestreaming is Just the Start of Virtualization

Why Livestreaming is Just the Start of Virtualization

4 min read
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Written by
Monks

A commissioned study out today, conducted by Forrester Consulting on behalf of MediaMonks, has found that the next phase of digital transformation is virtualization, a process that includes “creating distinct, digital environments in which customers can interact with brands.”

In the early stage of the pandemic, virtualization mostly took the form of livestreaming events. We’ve had our hand in making some: when we took BRIC’s Celebrate Brooklyn! Festival out of Prospect Park and onto the world stage, we were able to extend its audience globally while creating a more intimate viewing experience. With Pride marches canceled due to the pandemic, Netflix was able to unite the LGBTQ+ community through stories and culture, asking people to share stories of their own.

Monk Thoughts The future rests on much more than translating experiences and touchpoints into digital.

But these activations did more than simply try to recreate the in-person experiences that inspired them: they wielded technology and data to infuse experiences with new value that could only be achieved through digital.

This gets at the heart of what virtualization truly means. Marketers must re-energize their teams and deliver upon new opportunities to engage with consumers across channels and throughout the brand ecosystem. This requires brands to rethink how audiences connect with one another in virtualized worlds–environments in which people and brands increasingly exist today.

What Brand Virtualization Is — And Isn’t

A major distinction made in the research notes: “The pandemic has popularized the term ‘virtualization,’ but many efforts are just a small step.” Other areas of virtualization include virtual and remote production, connecting data across the customer decision journey and simply making the brand available to consumers across channels and platforms. These capabilities enhance every part of the brand ecosystem, including but not limited to events.

This makes the difference between experiences that feel inferior to their in-person counterparts versus innovations that enhance the customer experience, resulting in indelible experiences that weren’t possible before. When the pandemic hit, finding a way to recoup on existing event plans was top of mind for brands who wanted to show they can continue engaging with consumers digitally without missing a beat. This was an adaptation out of need; data from the study shows that “56% of decision makers reported shifting in-person events into digital ones.”

But brands shouldn’t stop there. Much like how digital transformation of old has put brands in a CX rut, failure to move beyond this initial investment in virtualization can make it tough to stand out and deliver differentiated experiences—for example, a livestream might look and feel no different than many other digital events or, in a worst-case scenario, a workplace videoconference.

Plans to Increase Investment

Brands Are Facing an Urgent Need to Broadly Transform

Before the pandemic exposed gaps in digital customer experiences, brands had taken a slow and incremental approach to digital transformation that didn’t always deliver on its promise. “The past decade has been defined by perpetual digital transformation: brands put it in the ‘important but not urgent’ category, consultancies made money on consulting rather than creating, and brands focused on laying technology pipes over enhancing the user experience,” says MediaMonks CMO Kate Richling. “Then COVID happened, serving as a stress test for how transformed brands actually are––revealing just how effective, and necessary, brands’ investment in all this time, money and resources have been.”

In 2020, the very notion of digital transformation has transformed. Likewise, marketers are shifting their priorities to accelerate digital, better align brand promise with customer experience and more. Research from the study indicates a drastic change in marketers’ priorities between the start of 2020 and today, with new focus on digital experience offerings and omnichannel digital experiences to engage with consumers anytime, anywhere.

2020 Reshape

Next Steps on the Path to Virtualization

Moving beyond initial steps to virtualization requires brands to strategically rethink how audiences connect with one another in virtualized worlds—the space in which brands and consumers increasingly find themselves today. Brands must look toward building discrete ecosystems and environments that drive culture and connect with consumers on an emotional level.

Powered by data and infused with relevance, virtualization enables brands to deliver content on par with that which consumers actively seek out and enjoy. It’s through the totality of these experiences that consumers fall in love with brands, says MediaMonks Founder Wesley ter Haar. “The hyperadoption of new user behavior has rapidly changed how we use tools to create and connect,” says ter Haar. “These changes offer an opportunity to become part of the conversation in interesting and meaningful new ways.” But they also require new skillsets, prompting marketers to switch focus and reskill their teams.

Insights Chart

For example, Forrester’s study found that “Currently, only 23% of marketing leaders strongly agree that they are able to use analytics to understand how marketing’s performing, and only half reported their firms are using customer lifetime value as a key KPI to track their success.” This gap in data maturity makes it harder to follow the consumer across ecosystems—online and off—to lend value when needed.

As brands seek to build creatively differentiated customer experiences across investments in virtual events, extended reality and virtual content production, they must not only hire for new skillsets, but also negotiate new KPIs that focus on long-term brand health. The commissioned study, which you may access to read below, lays out several areas where marketers aim to invest and digitally mature as they finally deliver on the promises of digital transformation.

Take a bold step to brand virtualization.

New research conducted by Forrester Consulting on behalf of MediaMonks anticipates the next phase of digital transformation: brand virtualization. Why Livestreaming is Just the Start of Virtualization A new study conducted by Forrester Consulting anticipates the next phase of digital transformation.
brand virtualization virtualization digital transformation forrester consulting forrester research report

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