Over the past 5 years, marketing has had to more closely align with sales, service and support to truly connect the customer experience. A new study, from the CMO Council, surveyed more than 150 marketers (60% exclusively B2B; 56% from companies with more than $1 billion in revenues) who said customer expectations for more relevant, personalized experiences have increased.
Respondents also said that the proliferation of online and offline channels has made for a cluttered and confused market, even though it is now easier to connect with customers thanks to digital experiences. In other words, it seems that over the past 5 years new digital channels have presented both challenges and opportunities.
Regarding personalization, the survey’s results indicate that of various options listed, marketers feel that personalized engagements that focus on customer preferences and engagements represent the campaign element most critical to realizing greater revenue and profitability from customer engagements.
Gaining the insights necessary for a 360-degree view of the customer isn’t easy. While marketers are using an array of channels and resources to better understand their customers, prospects and markets, just 3% say all of their sources of insight are completely integrated and aligned. The largest share – 48% – instead say that data is collected and analyzed separately and not well aligned.
Similarly, only 3% report excellent levels of understanding, insight and predictive knowledge about how the customer will react to experiences and engagement, with most saying they’re average on that topic or getting better at crafting omni-channel experiences.
Likely as a result, 47% marketers don’t feel confident that they are realizing the full revenue potential from their customers yet. And while a large share – 44% – are getting there, just 3% are not realizing their customers’ full revenue potential.
To maximize customer value over the next year, marketers are most likely to:
- Connect fragmented campaigns into a complete customer journey across the entire organization (61%);
- Add more personalized experiences based on customer data; and
- Expand engagement channels to better meet customers where they want to engage.
About the Data: The survey was fielded among more than 150 marketers, three-quarters of whom currently reside in the US. IT (24%) and professional services (10%) were the most heavily represented industries. 60% of respondents come from B2B organizations; 13% from B2C; and 27% from hybrid companies. The majority (56%) are from companies with more than $1 billion in revenue.