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Independent Survey Finds Most Companies Have Difficulty Creating Personalized Experiences with Customer Data, Lack a True Customer Experience LeaderA new independent survey, Solving for CX, finds that most organizations recognize the business value of an exceptional customer experience (CX) but are having difficulty executing due to strategic, organizational and technical roadblocks. Commissioned by Verndale, a Boston-based customer experience agency, the survey reveals key insights into brands' efforts to improve their customer journeys. Central to these issues are brands' struggles to capture and analyze customer data which makes it difficult for them to create personalized experiences that contribute to sales and retention. Many marketers see advanced technology - including machine learning, artificial intelligence and big data/analytics solutions - as being vital to overcoming this problem, and those companies that are investing in these areas are already seeing benefits. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180227005228/en/ Customer experience decision-makers on personalization, consumer data, and how organizations need to evolve to win with CX. Download the white paper at www.solvingforCX.com. (Graphic: Business Wire) Customer experience is a vital component to a company's success. In fact, according to consulting firm Walker, customer experience will overtake price and product as the key brand differentiator by 2020. Bain piled on by showing that "companies that excel at the customer experience grow revenues 4 - 8 percent above their market." "Marketing and technology leaders have come to a consensus on the importance of CX but haven't figured out how to put all of the pieces together yet," said Verndale CEO Chris Pisapia. "Any organization that isn't maniacally trying to solve for a better customer journey will find themselves losing market share to companies that are leveraging marketing technologies to delver a more personalized experience. Getting it right, however, can result in a number of key benefits to organizations, from boosting the bottom-line to improving customer satisfaction, retention and lifetime value." Personalization is the Top CX Challenge Personalization is a critical element in the customer journey. However, it is also extremely difficult to execute correctly. Marketers that are able to place customer data at the heart of their marketing strategy find themselves able to fundamentally change their approach to journey optimizations.
Artificial Intelligence (AI) and Machine Learning (ML) to the Rescue Marketing leaders are increasingly optimistic about the ability of artificial intelligence and machine learning to drive better customer outcomes, but the vast majority of them haven't implemented these technologies yet. This reflects both the reality of implementation and organizational alignment, and likely also an imperfect understanding of how effective this technology is in shaping the customer journey.
Who Owns CX? The idea of the Chief Experience Officer (CXO) - one person who has oversight and responsibility for the entire customer journey - is still evolving. Brands know CX optimization is the gatekeeper to business growth, but many still don't have a solid grasp on how to view that holistically, who should ultimately own every customer touch point, or how to seamlessly manage the customer experience across teams.
Full text of the survey can be found here: https://www.verndale.com/insights/solving-for-cx.
About Verndale From their offices in Boston, Los Angeles and Quito, Verndale designs and builds digital experiences and enables marketing technologies that bring brands and their customers closer together. Verndale's services are built around a core methodology that encompasses Growth Strategy, Experience Design, Technology Enablement, and Experience Optimization. Follow Verndale onĀ Instagram, Twitter, LinkedIn and Facebook.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180227005228/en/ |