Insights and trends from 3,500 global marketing leaders. Today’s companies compete on the basis of customer experience — and marketers feel called to lead the charge. But what does it take to deliver a well-executed customer experience? A majority agree this is the endgame, but progress toward that goal runs the gamut.
Almost every successful company recognizes that it is in the business of customer experience. Many businesses understand that it’s no longer enough to compete on products and services; how a company delivers for its customers is beginning to be as important as what it delivers. Customers—whether they’re airline passengers, online retail consumers, or IT-services
outsourcers—not only increasingly dictate the rules but also expect high levels of satisfaction from the savviest practitioners and the sleepiest industry participants alike. Companies that work to master this dynamic become superior competitors.
Using available customer data, companies can predict which customers are likely to churn in the near term and can then design efforts to retain them. It’s important to know how each churn reduction effort will affect other parts of the
Using available customer data, companies can predict which customers are likely to churn in the near term and can then design efforts to retain them. It’s important to know how each churn reduction effort will affect other parts of the organization.
STATE OF MARKETING REPORT - CUSTOMER EXPERIENCE IS THE CROWN JEWEL
Trends and insights from nearly 4,000 marketing leaders worldwide. Digital is king, and the customer experience is the crown jewel. For marketing leaders in 2016, these two truths are shaping the path of the profession.
The rapid growth of the market in every sector is leading to a bigger subscriber base for service providers. More competitors, new and innovative business models and better services are increasing the cost of customer acquisition. In this
environment service providers have realized the importance of the retention of existing customers. Therefore, providers are forced to put more eforts for prediction and prevention of churn.
Source: Technische Universität München / Vladislav Lazarov & Marius Capota
Today, leading companies are increasingly thinking in terms of end-to-end customer journeys and using customer journey analytics to understand
behaviors and shape experiences. This is leading to differentiation from competitors, higher customer satisfaction scores, better return on marketing investment, increased upsell/crosssell and ultimately higher revenue.
Every customer is unique and has their specific needs, expectations of service, and ways they like to engage with brands and people. Every business is different and has its own defined business logic and set of customer experience processes and technologies, aiming to handle those varied and ever-changing customer needs.