Develop Your Audience and Deliver Unexpected Value
3 Morsels from a MarTech Casserole

MarTech Madness: No Fooling About Customer Experience

MarTech_VC_Panel_Scott_Brinker

The MarTech Conference, hosted by Scott Brinker in San Francisco, was an effective mashup of marketing and technology professionals and discussions. More than 1,100 attendees came together to reimagine what’s possible, get real with one another, and share how to put skin in the customer experience (CX) game to win hearts, minds, and sustainable transactions.

As an attendee covering for CMSWire, I was impressed with the variety of participants, balanced program, and a touch of March Madness and April Fools themes. The single-track format was ideal for helping to make the content actionable back in the office.

Basketball coach John Wooden's quote, featured in one of the presentations, provided a great problem-solving context for the event:

"Never mistake activity for achievement."

 

New Study: The Consumer Conversation

To further illustrate customer experience opportunities and organizational challenges, Econsultancy and IBM collaborated to release the results of a new study called ‘The Consumer Conversation’ with more than 1,200 responses from consumer and brand surveys. Jay Henderson, Director of Strategy at IBM, and I discussed some of the findings on camera:

Study insights include: personalization disconnect between how well brands think they know customers vs. reality according to customers’ experiences with brands; poor experiences drives more customer churn; customers are more willing to provide information when they trust brands:

  • Over 90% of marketers agree that personalizing the customer experience is critical to their success

  • Despite this agreement, consumers are not getting the personalized experience they seek—only 21% said the communications from the average company are “usually relevant” while only 35% said those from their preferred retailers are “usually relevant”

  • 49% of consumers changed service providers in the last 12 months with experience-related factors playing a prominent role

  • Of those who changed providers, 30% switched due to provider failure, with 51% citing customer experience as the number one factor

  • 72% of consumers said they would share their geographic data with a brand they trust, an increase of 89% over the average brand

  • 61% of consumers would be willing to share their personally identifiable information with a brand they trust, an increase of 65% over the average company

 

Time for a Reorg?

“For organizations serious about making themselves customer-centric the most difficult challenge is structure, not technology," said Stefan Tornquist, VP Research at Econsultancy and lead author of the study. "Most are making shallow changes in usability or merchandising, but they're not prepared to reorganize their teams around the customer.”

Tornquist added, "a customer-centric strategy is inherently long-term. It insists on investments that increase customer value in exchange for gains in retention and lifetime value. That's in sharp contrast to the quarter-to-quarter rabbit wheel that so many companies are caught in.” 

Download ‘The Consumer Conversation’ report from Econsultancy: https://econsultancy.com/reports/the-consumer-conversation  

 

It's a Team Effort

Customer experience achievement requires a team approach including interdisciplinary skills and perspectives. Game-changing collaboration and innovation will help us win and keep winning in the fast-moving, MarTech environment. Read my complete CMSWire article to gain insights from 19 presenters at #MarTech Conference.

Follow creatorbase on Twitter to connect with more digital and sustainability creators, ideas, and content. Share this blog with others and let me know what you think; thanks for your time!  

comments powered by Disqus