According to a CMO Insights Report by Accenture, price and value are no longer at the top of the list for customer desires and expectations.
“Consumers’ expectations for relevant experiences are having the longest-term impact on marketing strategy (65%)”
Although price, value and trust are near the top of the list, relevant interactions and offers have topped the list for customer desires in 2013. This is not surprising, considering how the Internet continues to see more and more niche communities spring up each year. CMOs have noticed this shift and consider the maintenance of relevant customer experiences across all channels essential to business survival.
So how can CMOs provide a more relevant customer experience? Here are a few suggestions from the report.
Start with customer data
Unfortunately using customer data for strategic insights isn’t as simple and straight-forward as it sounds. What is less clear is choosing what data to measure. According to the report, CMOs are struggling with getting the right processes in place that can identify the right data needed to drive the highest level of customer engagement.
With user data, there’s always the gap between where you are today (which is not necessarily the ‘right’ audience) and where you want to be (and this data is much more difficult to come by). Do you dress for the job you have or the job you want?
Segment and conquer
Segmentation flat out works. Think about it for a moment – how can you possibly be relevant to your entire customer base with just one message? Many organizations resort to watered down messaging meant to work for everyone in the hopes of cutting time and effort. A watered down message isn’t remarkable to anyone. The report had similar findings, suggesting that “CMOs need to use customer analytics to develop segmentation strategies so they can identify the channel mix most relevant for customers and prospects.” Relevancy is key.
Consistency scales relevant experiences
According to the report, CMOs believe that relevant experiences can only scale through a consistent customer experience. This integration must cross business units and not be isolated in marketing. CMOs must break down silos and incorporate R&D, manufacturing, sales, supply chain management, services and all departments that touch the customer experience. The CMOs in this study report significant sales growth after transforming their operational model.
Just like this report says, “Relevancy is here to stay”. Some organizations have even built their entire business around the idea of relevancy. Take cues from the marketers that realized success and develop the most relevant customer experience that your industry has ever seen.