Customer-Centric Roundup: June 2017
by iperceptions, on Jul 5, 2017
We’re halfway through 2017 already, and there continues to be a steady flow of great and interesting articles and studies that dive deep into the customer experience. Let’s look at some of the biggest stories and trends about the customer experience that came out this month.
Artificial Intelligence: How Marketers Learned to Stop Worrying and Love The Machines
Every day we read about examples of how AI is changing our day-to-day lives, and where AI will take us in the not-so-distant future. According to Salesforce, marketers are starting to embrace this AI revolution more and more, and are investing more into this technology to stay ahead of their competitors.
In their 2017 Salesforce State of Marketing report, it was found that 51 percent of marketing leaders already use AI, with an additional 27 percent planning to do so over the next two years. This translates to an over 50 percent year-over-year growth, which is the largest growth compared to the other technologies examined in the report, including Internet of Things / connected devices (34 percent growth). In addition, it was found that top marketing performers were 14 times more likely to be heavy technology adopters than under-performing marketers.
As new and exciting advancements in marketing technologies become available, it is becoming increasingly clear that marketers can greatly benefit from leveraging them in their everyday tasks.
In retail, the proportion of CX ‘laggards’ far outnumbers that of CX ‘leaders’
The Retail industry is one of most competitive industry today, with each company fighting tooth and nail to attract new customers and retain existing ones. MyCustomer looked at the results of the IBM 2017 Customer Experience Index (CEI), and pointed out the startling finding that only 3 percent of retailers were deemed to be ‘CX leaders’, in comparison to 39 percent of retailers who were considered ‘CX laggards’.
CX leaders are considered to be those who meet or exceed their customers’ expectations across the following 7 areas:
- Digital experience
- Mobile experience
- Store experience
- Physical and digital integration
- Supply chain
- Social media
Perhaps what sets apart from CX leaders and laggards the most is the ability to build experiences around customers’ moments of truth, which requires figuring out what customers most desire at any point in time during their experience.
CX is a top priority for many brands, but who is taking ownership?
The customer experience is becoming increasingly front and center, especially as a competitive differentiator. That’s why it’s imperative for organizations to get all their ducks in a row if they really want to succeed in delivering a great CX. However, there appears to be some confusion across many organizations as to who should actually be taking the lead in driving these efforts.
Marketing Week looked at the results of a study performed by Calabrio, which reported that of the marketers, Chief Ececutive Officers (CEOs) and Chief Customer Officers (CCOs) surveyed in the US and the UK, 30 percent were unclear who should oversee the customer experience. 37 percent of CEOs felt this responsibility fell on them, and 35 percent of CMOs felt they should be leading the charge. Interestingly, only 29 percent of CCOs felt this was their responsibility, although 39 percent of those surveyed believed that understanding real-time customer behavior was one of the core responsibilities of a CCO.
This confusion can lead to significant issues when it comes to delivering a great customer experience, which can dramatically impact your bottom line if not addressed.
6 out of 10 purchasers will make their purchase using a smartphone in 2018
It’s no secret that more and more people are making purchases from their smartphone. But sometimes just seeing how much money is being spent via smartphones can put the magnitude of this trend into perspective.
eMarketer predicts almost 60 percent of all UK retail ecommerce sales this year will be made using a smartphone, which totals £16.42 billion (over $20 billion USD) coming from over 25 million buyers. eMarketer also expects this upward trend to continue for at least the next few years.
These types of statistics are useful to continue reminding ourselves not to underestimate the importance of providing a great customer experience through mobile devices, in addition to Desktop and Tablets. As we can see, underestimating this aspect of the customer experience could prove very costly.
Infographic of the month: Cross Device Marketing and Advertising
When it comes to finding ways to optimize your customer experience and boost conversion on your digital properties, knowledge is power. The more you know about the audience you are looking to attract, the more you can adapt yourself to meet their needs.
Business 2 Community recently posted a useful infographic that compiles a number of key statistics from different studies that dig deeper into people’s multi-device shopping habits. Some of the statistics that stood out to us include:
- 40 percent of online transactions involved using multiple devices at any point during the shopping process
- A 30 percent boost in Customer Lifetime Value is seen from those who shop on more than one channel (vs. those who only use one)
- 71 percent of customers react negatively when their brand experience is different across different devices
Blog Post of the Month: 6 Stats That Show How the Customer Experience Impacts Your Bottom Line
The Customer Experience is being examined and scrutinized now more than ever, with a great number of studies making CX their main focus. No doubt, a lot of these studies look at the impact that the customer experience can have on your company’s wallet.
In this post, we look at 6 stats that truly highlight the different ways in which the customer experience can impact your bottom line, including its impact on boosting your revenue from new customers, to retaining your existing customer base.
Image source: Unsplash