Overview of the session:
Customer experience is fundamental to business success and much of the discussion focused on the impact positive customer engagement has on the bottom line. But positive experiences need to be multifaceted – focusing on personalised communication, accurate delivery of service and frictionless interaction.
Customer data management can be overwhelming and complex for companies, but remains key to delivering on better customer experience and forms an integral component of the areas of focus mentioned above.
With the majority of companies storing customer data in siloed systems and with companies’ engagement with customers based on a single data point or more often than not based on inaccurate (or outdated) customer information, the ability to profit from customer data is being held back.
- Companies that lead in customer experience financially outperform others by +80%.
- Customers are also 5 times more likely to buy again from companies that deliver good customer experiences.
- Consumers are 4 times more likely to refer companies to others after having a positive consumer experience.
If customer experience is today’s business currency, then businesses should not be complacent and get stiffed on the exchange rate. We need to focus a customer intelligence first strategy (to support planning and activation) and build relationships around companies that are trusted to provide the accurate consumer data to support our strategy to help deliver incremental business results.
Businesses need to understand the data that is coming into their organisations and have a well-thought-out strategy on how to integrate all customer data points to build a richer picture of their customer.
‘Divisible data strategies and those silos really damage your ability to have a cohesive customer experience and deliver the information necessary for successful marketing campaigns.’ – Chad Engelgau, CEO Acxiom