Marketers are finding customer engagement a bit tricky. For all you marketers out there busy trying to get more value from your customers there’s some good news. And some bad. According to a new report, the CMO Council’s Predicting Routes to Revenue Report, there are some encouraging signs in marketing hopes and plans for the future. However the report also shows you’re experiencing some real stumbling blocks trying to create informed, loyal customers who keep coming back.
While you might feel that you have access to a great deal of data and insights around your customers, your key challenge lies in your ability to aggregate these insights and create a 360-degree view of your customers. Without this view, personalisation efforts and true customer engagement get stuck. Sound familiar? You’re not alone. The study was based on insights from more than 150 senior marketing executives across North America and Europe.
Overall, if you’re in the majority of marketers, you’ve yet to master the art of predicting and adapting to the customer journey to deliver relevant customer engagements, especially in real-time and across all channels. That’s not a criticism but it is a daunting reality if you’re going to fulfil your dreams.
Here’s a quick recap of the good, bad and the ugly of how marketers like yourself have said they feel about predicting routes to revenue today, according to the CMO Council’s report:
- 61% of marketers want to connect fragmented campaigns into a complete customer journey across the entire organisation.
- Marketers have embraced the idea that they are champions for the customer and want to deliver really robust, content-rich, data-driven, amazing experiences for their customers.
- 54% of marketers plan to expand their engagement channels to better meet customers where they want to engage.
- Marketers are looking to power experiences with personalisation and relevance. Nearly half of respondents (49 percent) indicated that personalised engagements are key to maximising customer value.
- Almost half (49 percent) of marketers report that they have had to more closely align with sales, service and support to provide connected customer experiences.
- The majority of marketers (61 percent) plan to connect fragmented campaigns into a complete customer journey across the entire organisation, which will be key to overcoming the challenges around incomplete views of the customer.
- A large number (59 percent) of marketers also plan to add more personalised customer experiences based on customer data, which again will require a complete and clear view of the customer’s intentions.
- 23% of marketers have predictive intelligence around broad trends but struggle to scale this down to the individual, personal level.
- Only 20% of marketers are able to predict the next best action for their customers.
- The majority (41 percent) of respondents say that their analytics only provide a view of past performance. Traditional campaign metrics only enable marketers to look at past performance and don’t provide insights into the direction in which customers are headed or how to best move forward, especially in real-time.
- Only 3% of survey respondents said they were realising the full revenue potential of their customers
- Only 3% of marketers indicate that their sources of customer insight are completely integrated and aligned.
- Only 3% of marketers report that they have excellent levels of understanding and predictive knowledge around how their customers will react to engagement efforts.
- Only 5% of marketers feel that they are able to see well into the customer’s future and respond in relevant ways, in real-time.
So, how are you going to turn this around with your marketing? What’s going to make the biggest difference to making you feel you’re realising the full revenue potential of your customers? Read our blog on our recommendations for how marketing can improve customer value by improving customer engagement.