thecustomer quick-take

TheCustomer Quick-Take: September 15, 2021

In this edition of the Quick-Take: CX is literally everything, don’t be that CMO, data science D.E.& I., the rich segment you’re probably overlooking, and mobile-mapping apps could be rescuing your customers.

So Quick!


 

CMOs

Strategies Looking More Like Tactics

Quick-Take:new survey of 106 retail marketing executives from automated business analysis provider Outlier and digital insights firm Incisiv reveals that 47% of respondents made changes to their digital marketing strategy at least once a week in 2020. Another 29% made weekly changes, and 5% changed their digital marketing strategy on a daily basis. Only 19% waited for a quarter to pass to change their digital strategy.

 

Tech is the Easy Part

Quick-Take: “A persistent challenge for many CMOs is the transformation from channel-based campaign management to journey-based experience management – a change that requires new approaches to technology, people, and process,” said Petar Lafchiev, Director of MarTech Solutions, Merkle. “The tech part of this equation is easily solved today with the right software partner; the critical success factor will be how quickly CMOs evolve the ways their teams organize, collaborate, and operate within this new framework.”

 

A Better Way to Grow

Quick-Take: After years of digital acceleration and an emphasis on technology-focused roles in the C-suite, companies are learning that mantras such as “move fast and break things,” can have harmful consequencesfor users, employees, company reputation, and society.

 

CX

Forward-Thinking CX Actually Looks Backward

Quick-Take: To regroup, brands have to get back to the basics of tightly linking marketing with overall customer experience. That includes developing rich personas—not merely segments for targeting and remarketing but fully realized customer profiles—that consider technology use and maturity.

 

Don’t Miss the CX Diamonds

Quick-Take: If the focus is only on NPS or CSAT, then you are likely missing opportunities to dig for diamonds while you keep harvesting coal. A diamond takes purity, time and pressure — all in the very precise amounts. Do it right if you want your customer experience to shine.

 

CX Against the Churn

Quick-Take: If you’re running a B2B company, you should take note: delivering on similarly high standards of customer experience can reduce customer churn by up to 15%, according to research by McKinsey & Company.

 

TECHNOLOGY

Keys to Owning Your (Fast Casual) Customers

Quick-Take: Seventeen percent said they wished they could order from restaurants via mobile mapping apps, and 13% said they would like to order food or beverages from electric vehicle charging stations. Consumers presently use delivery apps more than restaurant apps, as 54% use DoorDash and 39% use UberEats versus 34% that use a restaurant app or website.

 

CUSTOMERS, DATA & PRIVACY

The First-Party Priority

Quick-Take: As identity management shifts to first-party data, and specifically to authentic data owners, the onus will shift to organizations that have a legitimate relationship with the data subject and data elements that support legitimate interests. This transformation will forever change the way businesses collect, manage, and market identities. This starts with prioritizing the protection of first-party customer data.

 

Data D.E.& I.

Quick-Take: The lack of women in data science is a problem that goes beyond opportunity. The Center for Global Development, a non-profit think tank in Washington, D.C., noted in a March 2021 blog post that the underrepresentation of women in data science increases the risk that data-driven policies will be designed and implemented using biased data. “Once data sets become biased, they are difficult to fix,”

 

Don’t Miss This Segment

Quick-Take: Internationally, the spending power of people 65-plus is estimated to be $11.6 trillion per annum, and Parkinson says this will grow to $19.4 trillion in the next decade. As a segment of world population, the 65-plus demographic is expected double between now and 2050 to 1.5 billion people. The same demographic in Australia now is 4.3 million and estimated to grow to 7.6 million by 2051. “This demographic creates a very interesting environment for businesses that might be struggling with where their next five to 10-year growth projection is coming from, especially if their traditional markets are slowing up,” Parkinson says.

 

Trust for the Win

Quick-Take: Recent global and local consumer surveys find that 65% of consumers of all ages and genders will share their social media data with brands they trust, if they are assured that their privacy will be respected.


(If you like what you see here, you can get TheCustomer QT newsletter delivered straight to your inbox each week by subscribing here.)

Photo by Coline Beulin on Unsplash.

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Article
segmentation

Why Segmentation Matters

Next Article
CSG and holistic CX

Leading Brands into Holistic CX: A conversation with Alfred Binford and Mark Smith of CSG

Related Posts

Subscribe to TheCustomer Report

Customer Enlightenment Delivered Daily.

    Get the latest insights, tips, and technologies to help you build and protect your customer estate.