tag:econsultancy.com,2008:/topics/customer-experience Latest Customer Experience content from Econsultancy 2017-05-24T15:00:00+01:00 tag:econsultancy.com,2008:Report/4472 2017-05-24T15:00:00+01:00 2017-05-24T15:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in the Technology Sector <p>The <strong>2017 Digital Trends in the Technology Sector </strong>report demonstrates that organisations within the sector that is transforming many others are leaders in digital integration, but are having to transform their internal structures and strategies to adapt to changing customer demands and behaviours, putting the customer first rather than the product.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of over 900 respondents working in the technology sector who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>Technology organisations lead in digital maturity</li> <li>The customer takes centre stage</li> <li>The next wave of tech innovation</li> <li>Actionable tips to help future-proof your technology business</li> </ul> <h3>Findings include:</h3> <ul> <li>Organisations in the technology sector are nearly twice as likely as their peers in other sectors to classify themselves as digital-first (19% vs. 10%), putting the sector in third place (after gaming &amp; gambling and media) out of the 15 key sectors we analysed.</li> <li>Tech organisations appear to be prepared for the challenge presented by a rapidly changing industry; across the eight key factors identified for digital success, technology organisations are ahead of other sectors. UX design is one of the areas they excel in, as they’re 23% more likely to say they have ‘well-designed user journeys that facilitate clear communication and a seamless transaction’.</li> <li>The vast majority (81%) of technology companies are putting the customer at the heart of all their initiatives, and customer journey management is the second most important priority for 2017, closely followed by targeting and personalisation.</li> <li>Almost a third (29%) of tech companies are planning to use product/service innovation to differentiate themselves from competitors over the next year. Digital-first organisations reveal their maturity as they are 52% more likely than the rest to see customer experience as a key differentiator, second behind product/service innovation.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/69107 2017-05-23T00:02:00+01:00 2017-05-23T00:02:00+01:00 Three risky customer experience (CX) initiatives Jeff Rajeck <p>If you need some help with CX, Econsultancy recently published a report,<a href="https://econsultancy.com/reports/implementing-a-customer-experience-cx-strategy-best-practice-guide"> Implementing a Customer Experience (CX) Strategy Best Practice Guide</a> and <a href="https://econsultancy.com/events/cx-trends-data-and-best-practice-apac-time-zone/">we are offering a webinar</a> which offers a glimpse of the report on Thursday, May 25th (11:30AM SGT). </p> <h3>1) Surge pricing for deliveries</h3> <p>Redmart is an online, home delivery supermarket based in Singapore which provides all the bells-and-whistles that one might expect from a digital leader in 2017. One way it has pulled ahead of the pack, though, is in how it schedules deliveries.</p> <p>Once customers have finished their shopping, they are asked to choose a two-hour slot for delivery. But instead of offering free delivery at all times, <strong>Redmart has made a risky decision and imposed 'surge pricing' at popular delivery times.</strong></p> <p><img src="https://assets.econsultancy.com/images/0008/6275/redmart.jpg" alt="" width="800" height="514"></p> <p>That is, if you can only accept groceries at a particularly busy time then you are charged for your otherwise 'free' delivery. On the plus side, if you can receive groceries at an unpopular time you pay nothing for delivery or even get a small rebate.</p> <p>This is a risky strategy as <strong>most companies do not like to add visible surcharges to services initially offered for 'free'. </strong></p> <p>The customer benefit of this innovation is that those who have a tight schedule can be sure to get the delivery time that they need at a small extra cost. And those who are flexible enough to make the company's schedule just a little bit easier benefit with a small discount.</p> <h3>2) Using customer rewards to encourage criticism</h3> <p>Qoo10 (pronounced 'cue ten') is a popular online marketplace in Southeast Asia.</p> <p>The company's main strength is that customers can buy low-cost products from China and find obscure items globally through one shopping and payments hub. This strength, however, is also a weakness as <strong>the company's customer experience is dependent on the performance of its merchants.</strong></p> <p>To encourage its partners to deliver quality products on time, Qoo10 take a significant risk. <strong>The site rewards each customer with redeemable Qpoints when they verify delivery</strong> and offers additional points to those who take a photo and write a short review.</p> <p><img src="https://assets.econsultancy.com/images/0008/6276/2.jpg" alt="" width="800" height="221"></p> <p>The result of this simple mechanism is that every product listing is accompanied by numerous comments about the quality of the merchant's services, including photographs of the received items. These are largely positive but in many instances customers make it clear when they receive poor quality goods or late delivery.</p> <p>On one hand, encouraging comments risks damaging the site's reputation but, on the other, <strong>having reviews from multiple, unrelated customers enhances the overall customer experience.</strong></p> <p>Qoo10 consumers can take comfort that they can order from suppliers outside of their home country without worrying too much about their commitment to customer service.</p> <h3>3) Significant discounts for those working in the sharing economy</h3> <p>As everywhere, southeast Asia is now enjoying the benefits of the 'sharing economy' through taxi-hailing apps. In Singapore, one of the main companies in this space is called Grab.</p> <p>In Singapore, however, <strong>Grab drivers must purchase commercial auto insurance even if they are only working for Grab on a casual basis.</strong></p> <p>In response to this requirement, AXA has decided to take a risk to serve its customers better.  The company now offers an insurance product which <strong>reduces the cost of the commercial insurance for part-time drivers by 30% and then charges drivers on a per-km basis</strong>.</p> <p><img src="https://assets.econsultancy.com/images/0008/6277/3.jpg" alt="" width="800" height="302"></p> <p>This means that <strong>the firm is, in essence, leaving money on the table</strong> so that Grab drivers who work on a part-time basis pay less for insurance than those working full-time.  Customers clearly benefit in this case at a significant and measurable cost to the company.</p> <h3>So...</h3> <p>Whether its risking <strong>upsetting customers with additional fees</strong> (Redmart), <strong>exposing bad merchants in your marketplace</strong> (Qoo10) or <strong>leaving money on the table</strong> (AXA), companies are taking significant risks to improve their overall customer experience.</p> <p>Whether any of these strategies will pay off is uncertain, but to enjoy the benefits of improving customer experience, it is likely that more companies will have to undertake similar, risky initiatives.</p> <p>*Forrester study: <a href="https://www.forrester.com/Only+One+In+Five+Companies+Deliver+Good+Or+Great+CX/-/E-PRE9504">One in Five companies Delivers Good or Great CX</a></p> tag:econsultancy.com,2008:BlogPost/69086 2017-05-16T11:20:00+01:00 2017-05-16T11:20:00+01:00 How Adidas uses digital to enable powerful experiences Nikki Gilliland <p>This might sound like a rather lofty notion, but when it comes to a brand like Adidas – whose core belief is to inspire individuals to harness the power of sport – it’s slightly more believable. </p> <p>At Summit I also heard Adidas’s VP of digital strategy &amp; delivery, Joseph Godsey, speak about how the brand uses digital to enable powerful experiences. Here are a few key points from what he said.</p> <h3>Building relationships</h3> <p>For Adidas, digital is the best way to build direct relationships with consumers. To be successful, it must create an experience that is premium, connected, and personalised.</p> <p>So, what does this mean exactly? Premium is about inspiring love for the brand and a desire for the products. In other words, to create excitement and enthusiasm about sports, whether it’s on a small personal level – such as fitting in a spin class before work – or on a highly competitive or team-oriented basis, like professional football.</p> <p>Connected means taking all the touchpoints that a consumer can interact with and making it consistent. So much so that it does not matter where they started or where they finish, but that they always have a seamless experience. </p> <p>Lastly, personalised means connecting the consumer – taking into account their individual love of sports - with content that they want to hear about. By using data and customer insight, Adidas is able to deliver on its promise of this unified, multichannel and unique experience. </p> <h3>Engaging the ‘creator consumer’</h3> <p>According to Joseph, Adidas considers the customer as the starting point for everything it creates. Whether this involves focus groups or online reviews, customer feedback helps to inform and shape the entire brand.</p> <p>Joseph also went so far as to say that it views this person as the ‘creator consumer’. Essentially, this is someone who wants to be given the tools to co-create <em>with</em> the brand – to be able to tell their own stories and connect with others – rather than simply be sold to. </p> <p>So, who is this target consumer? Adidas considers digital natives – or <a href="https://econsultancy.com/blog/68554-how-retailers-are-targeting-generation-z/" target="_blank">Generation Z</a> – to be its embodiment. After all, by 2020, this demographic will make up 40% of the world’s population and have the buying power of two trillion dollars.</p> <p>With this generation typically viewing sport as intrinsic to culture – or as a mindset rather than an activity – a brand like Adidas has a real opportunity to connect with them in new and meaningful ways.</p> <p><img src="https://assets.econsultancy.com/images/0008/6036/IMG_0112.JPG" alt="" width="780" height="585"></p> <h3>Using technology to fuse online and offline</h3> <p>This aim is all well and good, of course. But how exactly does Adidas reach customers? Taking into account the fact there is no longer a linear customer journey, the brand aims to interact with people on a one-to-one level across all touchpoints – including mobile, social, and physical retail.</p> <p>It created Adidas Confirmed with this in mind – an app that allows customers to reserve products for pick-up in store. It also alerts them about new product launches and asks for feedback on purchases, allowing Adidas to create an experience that bridges the online and offline worlds. </p> <p>Another example is Glitch – a football boot with a changeable inner and outer shoe. It’s also the first product built with an entirely digital business model, only being available to buy through a dedicated app. As well as facilitating the mobile experience, it also offers a premium one – allowing consumers to talk to others, arrange a customised fitting session, or get same day shipping. </p> <p><img src="https://assets.econsultancy.com/images/0008/6037/Adidas_glitch.JPG" alt="" width="760" height="646"></p> <p>By creating memorable experiences such as this – while Adidas might not be able to make consumers actually participate in sport – it’s hard not to feel inspired enough to want to.</p> <p><em><strong>Related articles:</strong></em></p> <ul> <li><em><a href="https://econsultancy.com/blog/68785-how-adidas-originals-uses-social-media-to-drive-sales/">How Adidas Originals uses social media to drive sales</a></em></li> <li><em><a href="https://econsultancy.com/blog/67859-adidas-creates-b2b-content-to-help-with-recruitment/">Adidas creates B2B content to help with recruitment</a></em></li> <li><em><a href="https://econsultancy.com/blog/68467-nike-vs-adidas-vs-under-armour-email-signup-welcome/">Nike vs. adidas vs. Under Armour: Email signup &amp; welcome</a></em></li> </ul> tag:econsultancy.com,2008:BlogPost/69070 2017-05-12T15:00:00+01:00 2017-05-12T15:00:00+01:00 Three secrets to leading in customer experience: Customer-focus, speed and the profit motive Stefan Tornquist <p>This four-part series presents the top findings from a recent survey, developed in partnership with Google, of 514 executives at companies averaging more than $1 billion in 2016 revenues. Previous posts looked at <a href="https://econsultancy.com/blog/69067-research-three-big-ideas-about-using-measurement-to-grow/">measurement as an engine of growth</a>, the <a href="https://econsultancy.com/blog/69068-three-lessons-from-successful-brands-reorienting-to-the-customer-journey/">new role of local</a> and how <a href="https://econsultancy.com/blog/69069-an-audience-of-individuals-leading-marketers-are-investing-in-a-first-party-future/">audiences are now crowds of individuals</a>.</p> <p>Survey respondents have been divided into two groups based on performance. Leaders significantly exceeded their top 2016 business goal and comprise roughly one-fourth of the sample. The remaining 75% are designated the mainstream for comparison.</p> <p>Throughout the research, the differences between these groups are significant and educational; leaders are consistently further along in building organizations that are data-driven, focused on larger business goals and committed to customer experience as a path to growth. </p> <p>Let's look at three secrets to leading in customer experience..</p> <h3>#1 Leaders are internalizing a customer-led model </h3> <p>Discussions of modern marketing usually center on knowing and serving the customer, and rightfully so. But it’s easy to forget why brands have come to obsess over customer experience; they lost control. New technologies sparked changes in consumer behavior and in less than a decade, the customer had the upper hand.</p> <p>Executives in virtually every sector know this to be true, but knowledge doesn’t necessarily equal action. That’s contingent on whether an organization believes that they will be affected and need to adapt. </p> <p>Many companies are reluctant or unable to make the significant changes, but leaders have operationalized a customer-centric view. They recognize that their growth is directly tied to their ability to know their customers as individuals and to provide a connected experience to them regardless of channel, device or platform.</p> <p>While marketers broadly believe that it is important to understand and enable the customer journey, nearly 90% of leading marketers are responding by building teams that uniquely solve for end-to-end customer experiences and journeys, across channels and devices.</p> <p>Similarly, while there is industry-wide consensus on the importance of first-party data, marketing leaders are 72% more likely than the mainstream to strongly agree that they are investing in improving the quality and/or volume of the first-party data they capture. </p> <h3>#2 Leaders can’t move fast enough </h3> <p>In the digital age, time has become the ultimate luxury. As consumers we define the best experiences in a number of ways, but speed is a constant, especially when we are mobile.</p> <p>A strong connection between speed and satisfaction is taken for granted by leaders. 93% believe improvements in speed for mobile sites and apps are helping to drive increases in their customer satisfaction scores.</p> <p>Leaders ensure that faster performance stays in the spotlight through measurement. They are 44% more likely than the mainstream to strongly agree that they are using KPIs like page-load time and transaction time to improve the speed of mobile experiences. </p> <p>This attitude necessarily drives investment; 71% of leading marketers have increased investment in technology that make site experiences faster.</p> <p>For leading businesses, speed of service is a customer priority with internal implications - they see that to make experiences as seamless as possible requires faster insight. 68% of leading marketers agree that they're using real-time insights to make faster decisions about their marketing and customer experience strategies.</p> <h3>#3 Leaders establish the profit connection</h3> <p>Like any priority, the ability to deliver personalized customer experiences requires a commitment of time and budget.</p> <p>Forward leaning organizations might make the investment based on their long-term vision and the belief that custom experiences will differentiate them. But most companies require a financial argument for the short to medium term, and find it challenging. More than three-quarters of mainstream marketers state that proving return on investment is the main barrier to investing more in personalized experiences.</p> <p>Fortunately, companies that have already taken the plunge overwhelmingly connect personalization with profit; 90% of organizations that invest in personalized consumers experiences agree it significantly contributes to increasing business profitability.</p> tag:econsultancy.com,2008:BlogPost/69068 2017-05-10T15:00:00+01:00 2017-05-10T15:00:00+01:00 Reorienting to the customer journey: Three lessons from successful brands Stefan Tornquist <p>In Econsultancy research, conducted in partnership with Google, we look at how leading brands are shifting to a model that takes a practical approach to this complexity and preparing themselves for the future.</p> <p>This is the second in a four-part series (see parts <a href="https://econsultancy.com/blog/69067-research-three-ways-leading-marketers-are-using-measurement-to-grow/">one</a>, <a href="https://econsultancy.com/blog/69069-an-audience-of-individuals-leading-marketers-are-investing-in-a-first-party-future/">three</a> and <a href="https://econsultancy.com/blog/69070-three-secrets-to-leading-in-customer-experience-customer-focus-speed-and-the-profit-motive/">four</a>) that presents the top findings from a recent survey of 514 executives at companies averaging more than $1 billion in 2016 revenues. Part one examines <a href="https://econsultancy.com/blog/69067-research-three-ways-leading-marketers-are-using-measurement-to-grow">how leading marketers use measurement</a>.</p> <p>Respondents have been divided into two groups based on performance. <em>Leaders</em> significantly exceeded their top 2016 business goal and comprise roughly one-fourth of the sample. The remaining 75% are designated the <em>mainstream</em> for comparison.</p> <p>Throughout the research, the differences between these groups are significant and educational; leaders are consistently further along in building organizations that are data-driven, focused on larger business goals and committed to customer experience as a path to growth.</p> <h3>Addressing the entire journey</h3> <p>Modern customers have enormous freedom of choice and movement. Personal technology gave them information and power; the costs to switch from one product or service to another have diminished or disappeared in all but a few sectors.</p> <p>Traditional marketing is product-centric and unprepared for a world where the customer defines the service they expect and has the tools to find the best alternatives.</p> <p>Organizations are responding to this change by undergoing <a href="https://econsultancy.com/training/digital-transformation/">digital transformation</a>, because delivering orchestrated experiences requires them to rethink their model of the customer journey and develop the best processes and structures to match it.</p> <p>The drive to understand the customer wherever they are has evolved from a marketing priority to a top business concern. <strong>89% of leading brands</strong> say that it is critical to their growth that they <strong>anticipate customer needs and provide assistive experiences</strong> along the consumer journey. </p> <p><img src="https://assets.econsultancy.com/images/resized/0008/5942/local_chart_1-blog-flyer.png" alt="chart" width="470" height="286"></p> <h3>Building an organization around the customer </h3> <p>One of the most important signs of real transformation is <a href="https://econsultancy.com/blog/66223-with-a-blank-sheet-what-organisational-structure-would-you-choose-for-marketing-and-digital/">team structure</a>. </p> <p>Among leading organizations, there’s a clear commitment to aligning internal teams and lines of communications in the image of customers’ needs and choices. <strong>55% strongly agree</strong> that they are <strong>building teams that uniquely solve for end-to-end customer experiences</strong> and journeys, across channels and devices, compared to a third of mainstream respondents.</p> <p>This kind of change can only be successful when leadership understands and encourages it.</p> <p>For example, many businesses were slow to invest in the mobile customer experience because despite rapid traffic growth, it wasn’t seen as a direct revenue driver. As their understanding of the interplay between traffic, influence and sales improved, executives gained a more balanced view. </p> <p>Companies that have connected customer experience with financial growth in their thinking are further along than those who have simply made investments in technology.</p> <p>This new emphasis is especially apparent at leading organizations, where <strong>87% report that their C-suite is following the right KPIs</strong> to understand how mobile and digital are driving business outcomes.</p> <h3>Bridges across the gap</h3> <p>Mobile has made measurement more difficult in many respects, but it also offers new approaches to the challenge of connecting the online and offline worlds. Some of these methods are simply better ways of capturing customer data at the point of sale, while others rely on geo-fencing and other emerging technologies.</p> <p>All of these methods are important to omni-channel marketers. Among leaders, <strong>60% have invested in technology that connects their digital and offline/in-store experiences</strong>. They are 26% more likely than the mainstream to be deploying these technologies, which can include <a href="https://econsultancy.com/blog/68950-how-shakespeare-s-globe-used-proximity-marketing-to-increase-ticket-sales/">geo-fenced marketing</a>, real-time updates in mobile apps, and internal digital tools to allow employees to better capture customer intent or use capture data.</p> <p>The omni-channel experience is unique to each brand and is evolving with the customer. If brands are going to adapt, they need a regular practice of testing and experimentation to stay ahead of, or at least respond to consumer demands.</p> <p>But making it routine to apply the scientific method to marketing is part of the transformational challenge faced by established brands. They have to commit not simply to experimentation, but to asking the big questions. Optimization is an important capability, but it’s a practice of refinement, not of discovery.</p> <p>Even among leaders, tests like these aren’t ubiquitous. Half of these companies are currently investing in experiments for new omni-channel experiences, 47% more than the mainstream.</p> <h3>Looking ahead to continuous change </h3> <p>Historically, upheavals in media and advertising took years to develop and were followed by relative calm, allowing business to adapt slowly.</p> <p>The lesson of the digital era is that there is no eye of the hurricane. Companies have to constantly change as quickly as the behavior of the people they’re trying to reach. To treat online and offline channels separately is to deny the obvious blurring of the lines between them. </p> <p>The research and buying process can only get more complicated as artificial intelligence and the <a href="https://econsultancy.com/reports/a-marketer-s-guide-to-the-internet-of-things/">Internet of Things</a> add new waypoints and modes of interaction. A growing universe of connected devices means new challenges, including adapting to voice-driven interaction and deciphering the clues hidden in a rapidly expanding set of behavioral data. </p> <p>These innovations will enable better experiences but simultaneously raise the bar of consumer expectation.</p> <p>The most successful brands are doing more than implementing technology; they are remaking themselves to be more experimental, flexible and better informed. </p> tag:econsultancy.com,2008:Report/4480 2017-05-10T11:08:00+01:00 2017-05-10T11:08:00+01:00 2017 State of Digital Transformation in Financial Services <p>The <strong>2017 State of Digital Transformation in Financial Services </strong>report, produced by Econsultancy in partnership with <a href="http://www.adobe.com/marketing-cloud.html" target="_blank">Adobe</a>, explores how digital is changing the competitive landscape across financial services sectors, with a focus on retail banking, investment and insurance.</p> <p>The report, which is based on a survey of more than 400 marketers, discusses the challenges and opportunities that the digital shift presents to marketers in this sector.</p> <h2>Key focus</h2> <p>When disruption happens in the financial services industry, it can reshape organizations to their core. With the explosion of new technologies like AI or platforms like mobile, businesses in financial services are expected to incorporate convenience and ubiquity into the experience they offer. This is easier said than done. In this report, we see that more than 40% of FSI businesses worry about appealing to their new generation of consumers.</p> <p>What's the cause of this concern? Customer expectations that have risen as technology has enabled consistent and convenient experiences. In most sectors, consumers can get what they want, when they want it, with little friction. That sets the bar for FSI and much of the industry is struggling to keep up.</p> <p>Ten years ago, mobile phones were merely telephones on the go. Today, mobile devices, sites and apps are people's connection to everything. A multichannel customer experience is the new normal.</p> <p>That gets to the root of what this report examines – who are the digital leaders and how do they differ from the mainstream? How do these differences manifest across retail banking compared to insurance and investment businesses? Most importantly, what can leaders in any kind of FSI company learn to help their transformation programs?</p> <p><strong>The following topics are explored in the report:</strong></p> <ul> <li>Outlook on the future of digital in FSI</li> <li>The budgetary future</li> <li>The differing effects of AI on the subsectors of financial services, investment and insurance</li> <li>Focus on banking innovation</li> <li>Digital activation and support of agents/brokers</li> </ul> tag:econsultancy.com,2008:BlogPost/69067 2017-05-09T15:03:00+01:00 2017-05-09T15:03:00+01:00 Research: Three ways leading marketers are using measurement to grow Stefan Tornquist <p dir="ltr">To gain a perspective on where marketing is today and where it’s headed, respondents have been divided into two groups (leaders vs. the mainstream) based on performance. Leading companies significantly exceeded their top 2016 business goal and comprise roughly one-fourth of the sample. The remaining 75% are designated the mainstream for comparison.</p> <p>Throughout the research, the differences between these groups are significant and educational; leaders are consistently further along in building organizations that are data-driven, focused on larger business goals and committed to customer experience as a path to growth.</p> <h3>#1: First party data is the key to customers’ hearts (and to modern marketing)</h3> <p>Consumers have enormous choice and little patience, and both trends will only accelerate as artificial intelligence is woven into supply chains and the fabric of customer experience.</p> <p>A model that’s built on experience depends on first-party customer data. It’s the only way of knowing what an individual wants today and building a picture of who they are over time. That picture is what makes it possible to predict the lifetime value of that customer and to segment them effectively.</p> <p>First party data unlocks the preferences necessary for excellent service, as well as enabling more advanced merchandising based on the customer’s profile. For example, is the individual a loyal or VIP customer? These groups are responsible for an outsized ROI and a significantly higher customer lifetime value, and should be treated differently than an itinerant bargain seeker.</p> <p>Leading marketers are already sold;<strong> they are 58% more likely than the mainstream to strongly agree that first-party data is a strategic asset that informs their decision-making (57% vs. 36%)</strong></p> <p>First-party data provides the opportunity for a more direct relationship with customers and the ability to personalize experiences and that leads to an improvement on the bottom line. Of the organizations that invest in personalized consumers experiences, 41% strongly agree that personalization significantly contributes to increased profitability.</p> <h3><strong>#2 Measure for business outcomes</strong></h3> <p>Investor reports mention revenues and profit as a matter of course, but they seldom feature media metrics such as Cost Per Acquisition or Return on Advertising Spend.</p> <p>The bottom line should always be the goal in measurement, but arcane metrics, gaps in data and siloed technology keep many companies from tying marketing investments with the KPIs that matter to the larger business.</p> <p>At the same time, marketers can’t (and shouldn’t) trade their metrics for a new set that can’t be collected reliably or doesn’t provide efficient feedback. Business metrics can lag, particularly where purchase cycles are long (e.g. automotive) or where consumers typically need to complete their purchase through a partner (e.g. CPG).</p> <p>The answer for many organizations is to tie media metrics with financial outcomes using more accessible measures that strongly correlate with outcomes, and to effectively use estimates. </p> <p><img style="vertical-align: middle;" src="https://assets.econsultancy.com/images/resized/0008/5938/measurement_chart_1-blog-flyer.png" alt="" width="470" height="296"> </p> <p>Leaders do not get distracted by small levels of ambiguity, nor the lag in business metrics. <strong>Instead, 73% of leading marketers are comfortable using proxies to tie media metrics with business outcomes.</strong> They are 35% more likely to do so than mainstream marketers.</p> <p>This allows the leaders to move more quickly than the alternatives. When asked for the reasons why they use proxies/estimates, seven in ten said they do so to make faster decisions.</p> <p>Once the connections between proxies and financial outcomes are well established, these leaders also speak about marketing success in a language that finance and the board understands.</p> <h3>#3 Play the long game</h3> <p>Experimentation is nothing new to marketers, and indeed the majority are engaging in it. <a href="https://econsultancy.com/reports/driving-growth-with-measurement-in-a-mobile-world/">Econsultancy’s Driving Growth with Measurement in a Mobile World</a>, also conducted in partnership with Google, showed that over 80% of enterprise level marketers were engaging in some level of testing.</p> <p>The majority of these organizations focus their efforts on optimization - iterative improvements of campaign variables or owned media sites and applications.</p> <p>These are useful, but optimization is not exploration and in times when markets and consumers are changing quickly, that’s a critical difference. There are simply new opportunities to deliver value to consumers and value to the bottom line, that unless tested, will not be discovered or left for a competitor to find.</p> <p>This means switching some of the focus from short term confirmation to long term inquiry.</p> <p>Leading marketers are starting to find a balance. <strong>56% say that their organizations dedicate time and budget to strategic experimentation.</strong></p> <p>Marketers who want to join the leaders need to expand their thinking from hitting this quarter’s targets to proving that experiences pay off in the months and years to come.</p> <h3>#3.5 The prime example is mobile CX</h3> <p>Perhaps the clearest example of where companies can benefit tomorrow by experimenting today is in the mobile customer experience. Mobile has fundamentally affected how consumers interact with brands, and marketing is only starting to decipher the implications.</p> <p>Mobile behavior is in the process of redefining the customer experience, regardless of sector. But most sales are still offline and via the desktop, so at many companies mobile CX is simply one of many competing priorities.</p> <p>Leaders have a sense of urgency. <strong>They are more than three times as likely than the mainstream to be significantly increasing their investment in mobile customer experience.</strong> Just as important, an increase in profitability is the most commonly cited reason to increase investment.</p> <h3><strong>The big picture - from transaction to customer</strong></h3> <p>Step back from the findings detailed in this series, and you see a central line; leading companies are fundamentally shifting their focus from the short-term goals to the long-term value of a customer.</p> <p>The speed of commoditization has grown steadily in the digital era and will increase further as manufacturing and processes are automated and accelerated by machine learning. This applies equally to digitally-enabled services as to physical products.</p> <p>These pressures move value from the point-of-sale transaction to the relationship, with customer loyalty the only variable with long-term implications on what brands can charge.</p> <p>To commit to this model where growth is driven by customer experience is to invest in return visits, higher basket values and wider margins.</p> tag:econsultancy.com,2008:Report/4468 2017-05-08T11:20:00+01:00 2017-05-08T11:20:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in B2B <p>The <strong>2017 Digital Trends in B2B</strong> report demonstrates the priorities and progress being made in B2B marketing as digital experiences in the consumer world continue to bleed into B2B journeys. The results show a sector that, though marred by the familiar 'B2B lags behind B2C' adage, is showing maturity in terms of prioritisation of digital strategy.</p> <p>A lack of capabilities in key areas holds back progress, but there’s increasing evidence that customer experience and digital transformation have taken on a more prominent role.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of almost 2,400 B2B respondents who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>Fostering a digital culture</li> <li>Lack of confidence in mobile continues</li> <li>The next wave of B2B marketing</li> <li>The CX of the future</li> <li>Actionable tips to help future-proof your B2B business</li> </ul> <h3>Findings include:</h3> <ul> <li>B2B marketers are just as likely to state that their company is digital-first as their B2C counterparts. However, progress at the other end of the scale appears to be stagnating; the proportion of those with digital marketing activities ‘very much separate’ to the rest of their marketing has increased this year to more than a fifth of respondents.</li> <li>B2B’s lag behind B2C is most evident in mobile capabilities. B2B companies are 29% less likely than their B2C counterparts to rank mobile as a top-three strategic priority in 2017, and only 12% are making mobile optimisation a tactical priority, with mobile marketing investment also low.</li> <li>Data is a key strength and priority of B2B; almost three-quarters of organisations have made it a strategic priority, and this is reflected in their confidence over handling data. Compared to last year, they are less likely to say that data is difficult to master, and slightly more likely to use online data to optimise the offline experience and vice versa.</li> <li>The continued dominance of CX in terms of the focus of marketers is reflected in the report, with 91% of B2B brands making the discipline a strategic priority in 2017. However, they are less likely than B2C companies to use CX as their key differentiator, with product innovation and quality almost as likely to be used.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/69003 2017-05-03T02:00:00+01:00 2017-05-03T02:00:00+01:00 The top four technologies for improving customer experience in India Jeff Rajeck <p>It can help, therefore, to know which technologies are the most popular among marketers for improving the customer experience. In this article, we'll look at the top four, according to Econsultancy research.</p> <h4>Optimizing the customer experience</h4> <p>In our <a href="https://econsultancy.com/reports/digital-intelligence-briefing-2017-digital-trends/">2017 Digital Trends survey</a>, we asked around 5,000 brand marketers what their single most important opportunities will be for their organisation in 2017 and the most popular answer was 'optimizing the customer experience'.</p> <p><img src="https://assets.econsultancy.com/images/0008/5466/2.png" alt="" width="800" height="291"></p> <p>Why? Well for one reason, it's because optimizing the customer experience was considered by the same respondents to have been the single biggest opportunity in 2016 (17%).</p> <p><img src="https://assets.econsultancy.com/images/0008/5467/1.png" alt="" width="800" height="323"></p> <p>Optimization does not come easily, though. Improving the customer experience, even on a single channel, can be time-consuming and difficult.  </p> <p>Because of this, marketers carefully choose which technologies will have the greatest impact when striving to make improvements. They need to deliver greater value to customers, but not end up supporting difficult-to-use or new technologies which may results in an inconsistent, poor experience. Marketers should, therefore, first work to improve familiar technologies which are easier to manage. </p> <p>From the responses to our recent survey, <a href="https://econsultancy.com/reports/customer-experience-maturity-in-india/">CX Maturity in India</a> produced in association with Epsilon, it seems that marketers in India are doing just that.  </p> <p>Below are the top four technologies  marketers use for customer experience initiatives along with comments on each one.</p> <p><img src="https://assets.econsultancy.com/images/0008/5468/_epsilon_-Top-4-tech-for-marketing-initiatives.png" alt="" width="800" height="514"></p> <h4>1) Email Service Provider (ESP)</h4> <p>The most popular technology for customer experience initiatives among survey-takers, by some margin, is 'email service platform / provider'. In use by nearly three in four (73%) respondents, ESPs are one of the best ways to engage with customers as they help marketers segment audiences and tailor messages at scale. </p> <p>Other studies have reported on the popularity of email in India as well. In <a href="http://octaneresearch.in/research/a-path-to-revolution/">a recent survey conducted by the Retailers Association of India (RAI)</a>, 85% of Indian retailers in 2015 considered email marketing as their primary channel for customer engagement.</p> <p>Improving the email customer experience should be relatively straightforward for most marketers by now, but for those who are still not sure where to start, we recently updated our <em><a href="https://econsultancy.com/reports/the-fundamentals-of-email-marketing">Fundamentals of Email Marketing</a> </em>guide to help.</p> <h4>2) Customer relationship management (CRM) system</h4> <p>Closely tied to email is the next most popular technology, customer relationship management (CRM) systems. Used by nearly half (49%) of respondents, a CRM system helps marketers manage multiple touchpoints, such as email, SMS, call centres, and social media.</p> <p>Because it affects so many touchpoints, it can be challenging to know where to start with the CRM. One area recommended as a good starting point in our recent report <a href="https://econsultancy.com/reports/the-role-of-crm-in-data-driven-marketing/"><em>The Role of CRM in Data Driven</em></a> marketing, is personalisation.</p> <p><img src="https://assets.econsultancy.com/images/0008/5470/4.png" alt="" width="600"></p> <p>According to the survey, fewer than one in three (30%) respondents reported that their current data architecture, including the CRM, is an enabler for personalisation. This low adoption rate indicates that there is an opportunity for brands who are ahead of the curve.</p> <h4>3) Paid social</h4> <p>The third most popular technology for improving customer experience is paid social. This is somewhat surprising as, according to <a href="http://www.internetworldstats.com/asia.htm#in">Internet World Stats</a>, Facebook only reaches just over one in ten (11.7%) of the Indian population, though it is the most popular social network in the country.</p> <p>But when the demographics of that audience is considered, the usage of paid social to improve the customer experience makes sense. According to <a href="https://www.facebook.com/ads/audience-insights">Facebook's Audience Insight tool</a>, nearly half (47%) of all adult Facebook users in the country are 24 years old or younger and more than eight in ten (83%) are under 35 years of age.</p> <p><img src="https://assets.econsultancy.com/images/0008/5469/3.png" alt="" width="800" height="358"></p> <p>This means that the most desirable consumers for most brands are over-represented on social media and so becoming familiar with paid social technology is a good way to improve overall customer experience.</p> <h4>4) SMS</h4> <p>According to our survey respondents, optimizing mobile technologies is significantly less popular than improving others, with only around one in three (35%) client-side marketers using SMS and fewer using push notifications (29%) or mobile apps (27%) to improve the customer experience.</p> <p>This is surprising considering that <a href="https://econsultancy.com/admin/blog_posts/new/%20http:/www.iamai.in/media/details/3658">studies show</a> that more than 50% of the 300 million internet users in India are 'mobile-only'. Marketers in the country should take note of this statistic and, bucking the trend, perhaps pay more attention to mobile technologies to gain marketplace advantage.</p> <p>Agency respondents, however, indicated a significantly greater interest in mobile than their client-side peers. Agency marketers are around 50% more likely than client-side marketers to use mobile/push notifications (42% agency vs. 29% client-side) and 'mobile apps' (40% agency, 27% client-side).</p> <p>As supply-side marketers are subject to frequent performance reviews, their preference for mobile technologies also indicates that mobile may be an ideal channel in which to invest time and effort toward improving the customer experience.</p> tag:econsultancy.com,2008:Report/4476 2017-04-27T13:00:00+01:00 2017-04-27T13:00:00+01:00 Retail Statistics Compendium <p>Econsultancy's <strong>Retail Internet Statistics Compendium</strong> is a comprehensive collection of the most recent retail sector statistics and market data publicly available on online marketing, ecommerce, the internet and related digital media.</p> <p>Like our main <a title="Internet Statistics Compendium" href="https://econsultancy.com/reports/internet-statistics-compendium">Internet Statistics Compendium</a>, this report has been collated from information available to the public, which we have aggregated together in one place to help you quickly find the retail internet statistics you need.</p> <p>There are all sorts of internet statistics which you can slot into your next presentation, report or client pitch.</p> <p>Areas covered in this report include:</p> <ul> <li>Global and regional digital marketing trends in retail</li> <li>Online shopping statistics - including ecommerce, mobile commerce and social commerce data</li> <li>Customer experience</li> <li>Digital strategy</li> <li>Virtual Reality/Augmented Reality</li> </ul> <p><strong>A free sample document is available for download.</strong></p>