The Chinese New Year of the Dog officially starts on February 16, 2018, but it will more likely be the Year of the Customer for marketers. Consumers report an intense desire for customized engagements across channels, particularly on mobile devices. As a result, CMOs report that customer experience, customer retention and growth, and customer analytics are the most vital areas to support marketing outcomes over the next 18 months. Sixty-four percent of marketing leaders report using or planning to deploy personalization technology, yet they struggle to develop personalized customer experiences across the buying journey.
While marketing has always focused on the customer experience, customer-centric marketing has never been more important than it is today. Consumers expect their preferred brands to know who they are, regardless of what device or channel they use. The holy grail of marketing is simple: to service customers better by knowing who they are and what they need, and to provide experiences that engage customers without annoying them. Yet in a Lopez Research survey, nearly 80 percent of consumers said marketers weren't delivering targeted and relevant messages. What is missing for today's customers, and how can marketers help?
Business analytics (BA) and business intelligence (BI) are critical for marketing success where personalization and contextuality are more important than ever. No matter what sector of the economy you look to, it's all about personalized experiences. In today's information-rich environment, you can access Netflix and find incredibly specific recommendations for movies and TV shows you might like based on your viewing history. When you shop on Amazon, you can browse books, clothing or household items that are unique to your shopping behaviors. Beyond Amazon, the vast majority of retailers will use big data to identify whether you might be a recent college graduate, a mom, a global traveler, etc. and then push promotions, products and services that are designed to achieve high conversion rates on products you might want.
The customer-centric organizations of today are already keenly aware of the digital revolution, which has transformed conventional business models while empowering customers. Over the last decade, customer experience (CX) has drastically changed with the introduction of several opportunities for customers to interact, engage and transact with brands at their convenience across multiple channels. Digital 2.0 is the next phase, where the plain and simple customer experience of old will make space for intuitive, contextual and practical engagement across different customer touchpoints. By 2020, digital technologies like AI, biometrics, machine and deep learning and robotic automation will revolutionize the way consumers interact with organizations and brands. According to Gartner, 2020 is going to witness 20 billion'things' connected to the Internet.