Marketing tools and platforms will play a greater role than ever in 2015. Some of these tools are abstract benchmarks, like Customer Lifetime Value, which more than 75 percent of North American senior executives say is a highly or extremely valuable indicator. Others are techniques like customer journey maps and SEO. Still others are software, like big data analysis technologies. The articles in this week’s CMO Perspectives offer practical overviews of the benefits and uses of each. May we all have a productive New Year!
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More than 75 percent of North American senior executives say Customer Lifetime Value (CLV) is a highly or extremely valuable indicator. CLV consists of two components: retention and satisfaction. On average, 80 percent of a company’s future profits come from 20 percent of its existing customer. Moreover, a “totally satisfied customer” contributes 2.6 times as much revenue as a “somewhat satisfied customer.”
Intrigued by these stats? This infographic will teach you how to calculate CLV as well as how to maximize it. Enjoy!
In a little under a decade, the advent of new social and online tools has dramatically changed demand generation. Some of these new tools are accessible, easy to use and offer the ability to micro-target like never before.
One factor about digital demand generation is an irrefutable truth – it is among the most cost-effective methods to draw prospective clients to your product or service. A survey of B2B marketers cited e-mail marketing, social media, and search engine optimization as the most cost effective demand generation methods today.
The author, Ameeta Soni, goes on to enumerate ways to optimize one’s demand generation for 2015. One super-important point she makes is that you need to ensure your content looks not only as good on a mobile device as it does on a desktop or laptop, but also perhaps even better. We are fast approaching a mobile-first society. This article is overflowing with valuable information. Make sure you read the whole piece.
The author of this post, Joe Ruiz looks at some of the 2015 trends that are likely to affect the customer experience.
One of these is mapping and measuring the customer experience with customer journey maps. Last year customer experience executive dashboards and journey mapping were the two activities with the largest increase in focus. Expect to see continued interest and growth in these areas.
Second, delivering a differentiated customer experience requires organizational alignment and engaged employees. One way to make employees engaged is to allow employees to pursue areas of interest outside their specific job descriptions. Keep employees apprised of developments and strategies and ensure they have the proper tools.
A third trend is personalization. Campaigns leveraging CRM data performed 19 to 98 times better than average. Only 22% of leading retailers currently use real-time analytics, but 61% plan to implement in the next two years.
The article goes on to enumerate other trends, and makes for a compelling read.
“Information is the oil of the 21st century and analytics is the combustion engine”, quotes Dave Birckhead in this article. Using technology and data, marketers can better understand their customers, deliver personalized one-to-one experiences, and drive significant bottom-line results. To achieve these goals, marketers spend over $20 billion annually on marketing technology, a market that has grown by over 67 percent in just two years.
Today, customer data, knowledge, and insights are more valuable and of more strategic importance than ever before. Companies that succeed are those that become obsessed with understanding their customers, such as Amazon and Salesforce. They are masters at gathering data, turning data into insights, and making decisions and changes in faster and faster feedback cycles. In other words, they find out what’s working and what isn’t and adjust appropriately at lighting speed.
We hope you enjoyed our picks and bookmarked a few articles for future reference. Please don’t forget to share with other CMOs.
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