New research from the CMO Council and RedPoint Global finds that despite consumers being omnichannel and more connected than ever, the marketers surveyed feel like they’re failing to meet (let alone exceed) customer expectations.
The survey of more than 250 global marketers reveals that while marketers seem to agree that the CMO should be the driver of a data-driven customer strategy (78 percent), there is a clear gap when it comes to effective execution of that strategy as only 7 percent say they are able to deliver real-time, data-driven engagements across physical and digital touchpoints.
What’s more, a high number of the marketers surveyed (43 percent) agree that they are not lacking data; rather, they are missing the ability to transform data into real-time action.
The study, “Empowering the Data-Driven Customer Strategy: Addressing Customer Engagement From the Foundation Up,” concludes that gaps between strategy and execution prevent marketers from creating friction-less, real-time engagements.
Additionally, it underscores the growing need for a data foundation for building customer engagement strategy that converts data into actionable intelligence and gives a real-time view of customer accessibility across the enterprise.
For example, just seven percent of the more than 250 marketers surveyed are able to deliver real-time, data-driven engagements across both physical and digital touchpoints. And only five percent said they can see the bottom-line impact of engagements in real time because of processes that require manual transport of data and intelligence from disconnected systems.
Liz Miller, SVP Marketing for the CMO Council said, “While the customer wants to see real-time responses and reactions to their behaviors, what we are finding is that marketers are still dealing with complex processes and offline data, which is delaying their access to the intelligence they need to create the next best action with a customer.”
“These delays are further increased due to a lack of clear ownership over the customer experience strategy as a whole, with multiple teams and departments battling for customer attention across a growing, fragmented landscape of data and engagement systems,” she added.
The report finds that marketers identify fractured execution systems and siloed customer data as main contributors to gaps between strategy and execution. In addition, other findings highlighting the capability gap between strategy and execution include:
· Only 6 percent of marketers surveyed believe they are able to get a complete view of their customer from all available data sources
· Just 7 percent of the respondents are able to leverage in-line analytics to drive real-time decision-making within the engagement platform to deliver better experiences
· Only 8 percent of the marketers said they have been able to implement and onboard systems in an effort to establish a best-of-breed model of technologies and platforms
· A high number of the participants (43 percent) agree that they are not lacking data; rather, they are missing the ability to transform data into real-time action.
“The capability gap between an organization’s strategy and its ability to execute highlighted by this research has a very direct impact on the ever-growing gap between customer expectations and the experience delivered by brands,” said Dale Renner, CEO of RedPoint Global.
“To consistently meet customer expectations, brands must be relevant; and to sustain profitable revenue growth, they must be more relevant than competitors. This can only be achieved by having the deepest understanding of a customer, making decisions at the cadence of each customer, and then intelligently orchestrating engagement across any touchpoint in the enterprise.”
Seventy-eight percent of marketers surveyed agreed the CMO should be the catalyst for developing a data-driven customer strategy, while just nineteen percent are charged with the task and just over half (51 percent) are instead developing customer engagement strategies through individual teams.
Marketers identified key roadblocks such as:
· Budget limitations (54 percent)
· Failure to embrace a customer-centric culture (43 percent)
· Lack of senior-level support to spark change and advance customer experience (32 percent)
· Lack of a solid data foundation upon which a customer data strategy can be built (31 percent).
The report also includes interviews with marketing executives, who shared insights such as:
Marcos Arias, Director of Call Centers and Customer Experience, AT&T: “When you have fragmented data and an inability to achieve what you want from a data strategy, it creates a perception for customers that you aren’t the type of company you’re striving to be,” he says. “For us, the goal is to be a highly personal organization. Customers don’t want to be a number. They want you to know them as a person, so these gaps impede our ability to do that.”
Roger Ares, Senior Vice President of Marketing Analytics and Consumer Insights, SunTrust Banks: “Our main goal for this year is to stitch together the different data in order to create better engagements for our customers,” he says. “As we nurture client relationships, we build a solid foundation for the data we collect in order to a client journey that deliver higher value, both for us and our customers.”
Chris Shaffer, Executive Director of Digital Media and Marketing, Cox Communications: “Delivering on a unified, real-time, people-based approach is a challenge for us right now. Otherwise, you get into individual segmentation with cross-references within each segment, and the tools and systems can’t differentiate between groups. We want to be able to create ‘if this, then that’ content and offers that work in real time across all partners and mediums.”
Bryan VanDyke, Head of Digital Strategy, Morgan Stanley: “We are able to identify customers in real time and deliver distinct experiences to them within both authenticated and unauthenticated environments. As a result, we can then take data about an individual and use it to segment them and deliver content that is unique to that segment. For example, if a Wealth Management client uses our unauthenticated external website, we might deliver a message about our home loan products, which are only available to clients. We also use personalization on a campaign basis on our proprietary sites.”
Find out more in the full report from The CMO Council, whose 12,500-plus members control more than $500 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide.