Customer Experience, No.1 Priority For CMOs

by CXOtoday News Desk    Feb 20, 2015

customer

In the coming days, customer experience will become the number one business priority for CMOs and their organizations in Asia Pacific (excluding Japan) or APEJ, states a recent IDC report. “Today, being first to market, having the lowest price, or being the best does not necessarily help. Businesses need to be agile and give customers what they want 24/7. Customers may buy your products or services, but what keeps them coming back is the experience,” says Daniel-Zoe Jimenez, Senior Program Manager, Big Data, Analytics, Enterprise Applications & Social Lead IDC Asia/Pacific.

Jimenez advises marketers to become savvier about the business, data, and customers to address the “empowered buyer” needs. CMOs are expected to lead the enterprise transformation around customer experience. The IDC Asia/Pacific CMO Barometer shows that 31% of CMO roles are expanding to include customer experience and support. “The CMO role is evolving to incorporate new responsibilities. In other regions, we have seen organizations completely replacing this role with a Customer Experience Head,” he says.

However, the research firm sees that many organizations still struggle with the concept of customer experience, since there are many moving pieces and intangibles. “If you are not already thinking about this then you are not listening to your customers. The idea of delivering greater experiences is not new; but what is different now is that organizations are increasingly focused on ensuring these initiatives are tracked and are using metrics that are closely aligned to the business,” says Jimenez.

The study shows CMOs will have to be bullish on increasing market share and improving marketing processes — particularly measuring effectiveness, thereby increasing customer satisfaction ratings and to achieve every level of success, will need to partner with the CIO to align their organization goals.

Jimenez  also offers a list of the top 10 APEJ social and marketing predictions for 2015.

1. Data-driven approaches will dictate CMOs’ investments in 2015, as marketing becomes measured by customer outcomes.

2. Business-to-business (B2B) buyers will increasingly leverage social networks for buying support. Investments in Social selling programs and tools will differentiate leaders from followers.

3. Customer experience will become the number one customer-related priority in 2015 — Programs will drive investments in people, processes, and technology.

4. Customer experience will drive increased collaboration across enterprise functions and the organizations’ ecosystem. Investments in online communities will gain momentum.

5. Messaging apps will play a key role in the marketing mix as these continue to add business-to-consumer (B2C) capabilities.

6. The focus on customer experience as the leading driver for digital transformation will drive increased CMO investments in CRM and Analytics. CMO + CIO alignment will be critical for project success.

7. eCommerce will generate over US$3 trillion in 2015.

8. Growing data silos and the lack of a well-defined strategy and metrics will be the top challenges impacting organizations’ customer experience project success.

9. Mobile advertising market will hit ~20% of Internet advertising in 2015.

10. Non-Near Field Communications (NFC)-based mobile wallets will thrive. NFC-based wallets such as ApplePay will remain niche