Thanks to Swati Sinha of SAP and Kevin Poe of Experian for a thought-provoking presentation on "How Marketing Can Power Engagement: Using Analytics to Deepen Customer Relationships."
With more social media channels and apps, there's that much more opportunity to have a dialogue with customers and prospects.
Social media use has increased by 76% over the past year.
This has resulted in more personalized social interactions, as well as the expectation of instant gratification across channels.
It also generates real-time consumer insights in you listen intensely and interact with customers in-person or online.
We also have a real-time view of the customer which gives us information about:
- Consumer history -- purchases, engagement, channels for both.
- Future behavior -- able to predict lifetime value of the customer.
- Current context -- time, location, activities and emotions of the consumer.
- Identity -- attributes, public data, likes, interests, memberships, ownership, segments.
In order to have this information, you must be prepared to collect data from mobile devices, social media channels, websites, third-party sources and sensors and integrate into your CRM.
Doing so will enable you to create more engaging, richer customer experiences which will give you great opportunity to connect with prospects and customers one-on-one and provide them with instant gratification and "wow" customer experiences.
Creating a more responsive enterprise will enable you to:
- Create and shape demand in real-time.
- Rapidly match supply to a changing market.
- Deliver new products and business models more quickly.
Doing so will:
- Increase loyalty.
- Increase performance.
- Increase speanding.
- Increase customers.
However, a total reliance on data, technology and marketing automation can cause you to have a false sense of knowledge.
It's still about people and regardless of how much data you have about a person, you still need to have a dialogue with that person to really know what the person is thinking and what's driving their actions.
According to Forrester, 80% of companies believe they're delivering a good customer experience; however, only 8% of customers, from the same companies believe they are receiving a good customer experience.
Here are the four disconnects:
- Failure to have a dialogue with the customer to learn what they're really thinking.
- Lack of channel integration. Failure to provide an omnichannel experience.
- An internal view of the customer experience. Companies assume they know what the customer experience is without talking to customers to verify their assumptions.
- Unclear ownership of, or emphasis on, improving the customer experience.
Here are the five steps to take to close the gap between what companies, and their customers think:
- Customer data -- have an omnichannel, 360-degree view of the customer.
- Customer satisfaction surveys -- I prefer Net Promoter Score to ensure you know if the customer is sufficiently pleased with the experience you are providing to recommend your product or service to their family, friends or colleagues.
- Customer experience testing program.
- Predictive modeling with customer experience satisfaction results.
- Measurement of the impact of your customer satisfaction and customer experience initiatives.
Are you using all of the channels available to have a dialogue with your customers?