A survey among numerous marketing decision-makers shows which hurdles still exist in creating a CX strategy today – despite a variety of data insights.
Although customer experience (CX) and customer insights are not new to the marketing industry, many marketers are still faced with the challenge of gaining really relevant customer knowledge in order to keep pace with end customer expectations. This is borne out by the survey results of the Company map. A functioning CX strategy is essential for business success.
The will is there: Many companies do not know how to approach an improvement in the CX strategy
However, most companies are currently still stuck in the early stages of implementation. While 89 percent of respondents think that a CX strategy is important or very important for their own success, only almost half (47 percent) review and evaluate their CX strategy annually or even less often. 88 percent of the study participants agree that it is important to understand changing customer needs with the help of customer analytics in order to improve the CX. Nevertheless, so far only about half (55 percent) of the CX and marketing decision-makers are planning to introduce customer analytics in 2021.
Companies that seek tool implementation expect that it will provide better insight into customer insights (75 percent), a better understanding of customer intentions (55 percent), and improve skills to update their CX strategy (55 percent) in an agile manner. A full 80 percent of marketers expect improved personalization.
Despite the clear advantages, companies in many places face major hurdles when it comes to updating their CX strategy. The respondents cite the difficulty of linking business results with actual customer needs (83 percent), inadequate technology platforms (77 percent) and a lack of vision and orientation on the part of executives, teams and employees (72 percent).
Missing insights as the biggest challenge for an improved CX
In addition, 53 percent of marketers state that they are not able to identify customers on the website, although this is the basis for gaining insights and promoting the CX. First-party data, against the background of Google’s announcement that it will soon no longer support third-party cookies, will play an even more important role. Because valid data collection and the identification of the right insights are more important than ever. For 54 percent of those surveyed, the lack of customer insights is by far the greatest challenge when it comes to enabling better brand experiences. The biggest obstacle to achieving a better customer experience: 57 percent of the marketers surveyed stated the lack of qualified personnel.
At the same time, however, only 25 percent attribute their success in the past few years to the further qualification of employees. This proves that while hiring and promoting qualified personnel is important, using the right tools for knowledge-driven marketing is the most economically successful. 65 percent of those surveyed expect that a new technology will lead to more customer knowledge.
More know-how and sales through customer insights
In order to better understand the needs of their customers, companies are already investing in their MarTech stacks. For a better understanding of customers, the marketers surveyed named customer analytics (56 percent), customer data management (52 percent) and marketing automation (49 percent) as top investments in the last two years.
In addition, 51 percent of the decision-makers have already achieved better performance through customer insights. Companies that have implemented AI or ML tools also report an improved ability to update their strategy (62 percent), a better understanding of customers’ internal intentions (58 percent) and improved customer insights (57 percent).
Grow faster than the competition with a CX strategy
The results show that usable customer insights in the form of insights lead to a better understanding of the consumer – and thus to an improved customer experience. A strategy based on the right insights is essential for success. The implementation of a suitable tool solution is essential for gaining customer insights. Because only those who know end customers and their needs can increase sales in the long term and thus gain an advantage over the competition. Because insight-based companies grow seven to ten times faster because they can predict customer behavior. Michael Diestelberg, VP Product & Marketing commented on Mapp:
Our survey shows that targeted improvement of the customer experience leads to significantly faster growth and more sales, and should therefore be a top priority for every marketer. In view of the concentration on online business models, marketing has to be aligned more efficiently for this. Understanding customers is the basis for a functioning brand experience, and investments in customer analytics are the prerequisite for a marketing ecosystem that enables this understanding. The technology helps to identify usable insights and user segments for highly personalized customer experiences and to place brand messages across channels.
Source: OnlineMarketing.de by onlinemarketing.de.
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