It seems like everyone is talking about performance these days in all aspects of life. High school kids are applying to college, and their SAT/ACT test scores and overall GPAs are being compared to their peers; awards season is kicking off, with nominations for the best performances in TV, movies, and other entertainment areas; and of course, the ever-popular end-of-year business ritual, when employees and managers evaluate their performance over the prior 12 months. It just seems fitting, then, that we kick the year off with a freshly published report on what high performance looks like in portfolio marketing.
Results from Forrester’s Portfolio Marketing Survey, 2024, reveal significant gaps between high-performing and low-performing organizations. The survey gathers insights from portfolio and product marketing decision-makers based on their responses to questions about core responsibilities, technology usage, and key activities. High performance is defined as when 80% or more of an organization’s primary offerings are meeting revenue targets, while low-performance organizations are characterized as such by making 40% or less of their offerings’ revenue targets.
High-performing portfolio marketers are customer-centric, and our research reveals the characteristics and behaviors that set them apart from their low-performing peers. Existing Forrester clients can access all the survey findings in this full report. Here is just a glimpse at some of the areas that stood out.
Audience Mastery Is The Secret Weapon For High Performers
One of the most significant responsibilities of a portfolio marketer is to help their organization define and prioritize target market segments and buyer personas. Two-thirds (66%) of high performers indicate that they have defined target market segments for more than half of their offerings, compared to just 19% of low performers, and 62% of high performers have defined target buyer personas for more than half of their offerings (21% for low performers).
High Performers Emphasize Market Expertise
Understanding market trends and dynamics is a fundamental capability for portfolio marketers. More than half (54%) of high performers own or lead efforts related to market research and intelligence; this is compared to 30% for low performers, and a whopping 35% of low performers say that they don’t do this at all! When it comes to market analysis, 60% of high performers own or lead the effort, versus just 40% for low performers.
High-Performing Organizations Make Investments In Portfolio Marketing
Portfolio marketing teams have long suffered from being understaffed. As high performers meet or exceed revenue targets, they can support growth within the function. More than half (56%) of high performers indicate that their organization’s investment in the portfolio marketing team will increase by 5% or more over the next 12 months (just 19% for low performers). High performers also invest in ongoing professional development, with 84% dedicating 40 or more hours per year, compared to only 51% of low performers dedicating as much time.
For a more in-depth read on the survey findings and how high-performing teams outperform their peers, Forrester clients can check out my recently published report, written with my colleague Nicky Briggs, The State Of Portfolio And Product Marketing In 2024. And if you would like to have a more detailed conversation with me, you can request a guidance session or inquiry.
