THE CUSTOMER EXPERIENCE

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1 THE CUSTOMER EXPERIENCE PRIORITY ONE FOR CMOs IN ASSOCIATION WITH:

2 CONTENTS Foreword...2 Introduction...3 Customer experience is the #1 priority for marketing executives... 4 Driving Growth Strategy...7 Personalizing Experiences Using Data Analytics... 9 Building Trusted Relationships Through Social and Mobile...11 Conclusion...13 COPYRIGHT 2013 FORBES INSIGHTS 2

3 INTRODUCTION Those days when companies told customers what to think about their products or services and customers listened are long gone. The customer is now in control. They listen to their family, friends or social networking communities instead of the company itself when making purchasing decisions. Marketing is no longer about the product. It has to be about the customer her needs, behaviors and the personalized experience she is looking for. It s about developing trusted relationships and creating amazing customer experiences that the customer will then go and tell her friends about. In September 2013, Forbes, in collaboration with EY, conducted a survey of 321 US senior executives from a broad spectrum of industries about the evolving role of marketing in a world where the customer is king. Respondents ranged from C-suite executives to VPs to Directors and held roles in marketing, IT, operations, finance, management and strategy. HERE S WHAT WE LEARNED. COPYRIGHT 2013 FORBES INSIGHTS 3

4 CUSTOMER EXPERIENCE IS THE #1 PRIORITY FOR MARKETING EXECUTIVES 69% 69% see the customer experience as vital to drive growth strategy as well as marketing strategy 66% 66% of leading organizations say collaboration across the enterprise is key to addressing customer experience challenge versus 38% of those who feel their marketing initiatives are only adequately addressing their needs 12% Only 12% are taking full advantage of data analytics to better understand their customers 60% 56% 51% PLAN TO INVEST MOST HEAVILY IN WEBSITES IN SOCIAL NETWORKS IN MOBILE APPS 4 THE CUSTOMER EXPERIENCE

5 MARKETING EXECUTIVES RANK CUSTOMER EXPERIENCE AS THE MOST IMPORTANT PRIORITY FOR THEIR MARKETING DEPARTMENT, OVER NEW PRODUCT INNOVATION, BRANDING, CONTENT CREATION, IDENTIFYING NEW NEEDS AND PRICING WHICH RANKED DEAD LAST. Changes in customer behavior 61% 72% Harnessing big data 59% 66% Mobile 60% 65% Social media 48% 59% Marketing Non-marketing KEY CHALLENGES The number one challenge respondents identify in creating an amazing customer experience is changes in customer behavior. Specifically, respondents worry about consumer demands for a more personalized experience or an influential voice in their experience. Non-marketing executives are more likely to point to customer behavior as the key driver of challenges than marketing executives. Conversely, marketing executives worry more about social media than non-marketing executives. Marketers understand both the vast opportunities and the risks in using a medium where customers cringe at direct marketing efforts. A majority of executives (58%) marketing and non-marketing executives alike feel their marketing initiatives adequately enable them to address the challenges they face. One-third (33%) believe their marketing initiatives only enable them to tread water. We have to have an intimate understanding of the consumer journey when shopping for a vacation, so we can reach them at the right moment and in the right venues. AIRLINE EXECUTIVE COPYRIGHT 2013 FORBES INSIGHTS 5

6 WHAT LEADING COMPANIES ARE DOING RIGHT Leading organizations work to deliver a carefully designed customer experience from point of sale, to activation or installation, to follow-up and future purchases. For leaders, it s about placing equal emphasis on creating consistency across all touch points, delivering a superior and differentiated customer experience, and measuring customer satisfaction in real time. They also do a better job of collaborating with other business units, and their initiatives enable them to gain a real- or near Consistent management of the customer experience across all touch points 63% 87% Delivering superior and differentiated customer experience over competitors (given product and price parity) 72% 85% Measuring customer satisfaction 64% 85% Strong collaboration with other business units 52% 76% Personalization and real- or near real-time understanding of customer behavior 42% 78% Respondents who see marketing initiatives adequately addressing changes or falling short Respondents who see marketing initiatives addressing changes exceedingly well I spend as much time working in areas of the business that are not traditional marketing areas as I do thinking about media mix and where to buy our next ad position. AIRLINE EXECUTIVE In fact, across a wide range of questions that explore how well marketing initiatives are addressing the key challenges, organizations that are best prepared are focused far more strongly across all areas of the customer experience, from optimizing interactions in every channel to redesigning the customer experience in mobile, online and in-store. 6 THE CUSTOMER EXPERIENCE

7 DRIVING GROWTH STRATEGY In a world where the customer is firmly in control, the customer experience appears to be driving more than marketing strategy. Within 70% of organizations, the increasing emphasis on the customer experience is driving business growth strategies. This percentage increases to 93% for companies that are best prepared to face the changing customer landscape. Similarly, 70% of leading organizations are focused on redesigning areas of the customer experience, and 66% see collaboration with any aspect of the business that touches the brand as crucial to their success. The average age of a car buyer is in their late 40s. The expectations and shopping experience have changed everything from how they are talked to, to when they get information about a product. CMO, AUTOMOTIVE KEY CHALLENGES Organizations that see their marketing initiatives only adequately addressing needs or falling short face challenges in two key areas: 1. Their customer experience is misaligned to the priorities of IT and other functions within the organization. 2. Their marketing teams avoid collaborating with other stakeholders across the enterprise that touch the customer experience. In fact, fewer than half of executives indicate that they collaborate with finance, IT or digital, and fewer than two-thirds of executives collaborate with strategy. Marketers are less likely to say they collaborate than non-marketing executives, in large part because marketers need to see the value in collaborating with other parts of the organization before agreeing to it. COPYRIGHT 2013 FORBES INSIGHTS 7

8 WHAT LEADING COMPANIES ARE DOING RIGHT Leading organizations, on the other hand, are far more inclined to collaborate across all four major areas: strategy, finance, IT and digital. They have a deeper understanding of what other groups within the organization are doing and how to leverage the collective capabilities and strengths to address the changing environment. Much of their drive for collaboration may stem from the fact that they see the customer experience as a strategic differentiator from product design and development, to sales and marketing, to purchase, activation and retention. With the range of product and competitive pricing options available to consumers, experience becomes a key growth imperative. We don t have a silo-driven culture at all. We are highly integrated across sales, marketing, R&D and finance. We [achieve collaboration with] good, smart communication. CMO, PHARMACEUTICAL COMPANY Emphasize the customer experience as part of the company s business growth strategy 68% 93% Marketing strategy is focused on redesigning areas of the customer experience 34% 71% Manage the customer experience in all areas where there is contact with our brand 38% 66% Respondents who see marketing initiatives adequately addressing changes or falling short Respondents who see marketing initiatives addressing changes exceedingly well 8 THE CUSTOMER EXPERIENCE

9 PERSONALIZING EXPERIENCES USING DATA ANALYTICS Improving the customer experience means getting to know the customer by analyzing his patterns and behaviors. It requires understanding and then strategically using data analytics to sift through all of the unstructured data an organization collects on a customer the Big Data. This needs to be a joint process among marketing, IT, finance and digital departments. This may explain why only 12% of executives strongly agree that they are taking full advantage of data analytics to better understand their customers and to rapidly act on that information. KEY CHALLENGES Organizations overall are struggling to harness the power of structured and unstructured data to create a personalized experience across their digital and physical channels. Fewer than half of respondents say that they are able to collect and analyze data from CRM systems, social networks, e-commerce sites, systems and mobile apps. Of those who do not believe their companies are using data analytics to harness the value of the data they are collecting, the number one reason is lack of resources, followed by a lack of advanced analytics capabilities. COPYRIGHT 2013 FORBES INSIGHTS 9

10 WHAT LEADING COMPANIES ARE DOING RIGHT Although leading organizations may be struggling to use data analytics, they appear to excel at gathering and analyzing data from point-of-service, CRM systems and social networks. They then share the insights they learn with sales, marketing and support channels to enable personalized experiences aligned to the needs and behaviors of their customers. Company or brand website 57% 46% Point-of-service 42% 51% CRM systems 48% 56% Social networks 35% 44% E-commerce site systems 27% 31% 37% 29% Respondents who see marketing initiatives adequately addressing changes or falling short Mobile apps 23% 27% Respondents who see marketing initiatives addressing changes exceedingly well In terms of capabilities, leading organizations that indicate their marketing initiatives address changes exceedingly well are much better at real- or near real-time segmentation, deploying automated messaging and social listening. However, they are on par or worse at analyzing and testing new offers, automating performance reporting and developing key performance indicators (KPIs). There is an old saying: Fifty percent of my advertising budget is a waste of money, but I don t know which half. With data analytics, we can tell which half. CMO, AUTOMOTIVE COMPANY 10 THE CUSTOMER EXPERIENCE

11 BUILDING TRUSTED RELATIONSHIPS THROUGH SOCIAL AND MOBILE When the customer experience fails to meet aspirations, organizations should turn to the digital landscape to grow customer value. Improving the quality and frequency of contact with customers can improve loyalty. Certainly, marketers know this. However, they also understand, more than their non-marketing executive counterparts, the challenges of a medium that breaks the rules of traditional marketing. On many social media platforms, customers dislike a direct sales approach. As a result, companies have to develop a whole new mindset and type of monitoring. Mobile as a key challenge 60% 65% Social media as a key challenge 48% 59% Marketing executives Non-marketing executives KEY CHALLENGES In this non-traditional environment, executives view losing control of the conversation and the customer experience as huge challenges. This would explain why 60% of executives note that they plan to invest most heavily in company or product websites, 40% in e-commerce and 51% in mobile apps. However, there is a sizable gap 17 percentage points between what marketers and non-marketers think when it comes to investing in a mobile-optimized site (47% of marketers versus 30% of non-marketers). IN ANOTHER EY SURVEY, VOICE OF THE CONSUMER: It s time for insurers to rethink their relationships. Although insurers are using digital channels to help target potential prospects, the two biggest drivers of digital strategies are enriching the customer experience and regaining more direct control of the customer relationship. COPYRIGHT 2013 FORBES INSIGHTS 11

12 WHAT LEADING COMPANIES ARE DOING RIGHT Although social networks top the list across the board as a major investment area, 66% of leading organizations say they will invest in social networks, which is not surprising as the leading social networking platforms reach well over 1 billion users. Similarly, leading organizations are planning greater investments in e-commerce. Interestingly, leading organizations indicate that they are less likely to invest heavily in mobile apps or mobile-optimized sites than average or below-average organizations. 60% 51% 40% WEBSITES MOBILE APPS Mobileoptimized sites Social networks Ecommerce Mobile apps Marketing executives 30% 33% 39% 47% 50% 55% 54% 66% We sell millions cars a year. We can t study every single customer. We do tend to bucket customers into profile these types of people watch college basketball but not professional basketball and based upon that we can customize messaging. Non-marketing executives Leading organizations Average or below-average organizations CMO, AUTOMOBILE COMPANY 12 THE CUSTOMER EXPERIENCE

13 CONCLUSION A great deal has changed about how organizations market to consumers. What has remained constant is the fundamental need to focus on the customer. As CMOs, executives and organizations in general assess what kind of presence to have across digital media websites, social networks, mobile apps, e-commerce and and how to create it, their number one priority must always be the customer experience. The ability to build trusted relationships with their customers will separate the leaders from those left behind. Data analytics will certainly play a role in building these relationships gathering, identifying, tracking, measuring and monitoring customer data to enable organizations to personalize customer experiences that consumers will go and tell their friends, families and online communities about. However, harnessing the data organizations have at their disposal and even creating the most amazing customer experience will be possible only if every function that touches the customer works together. The ability to share information, technology, skills and capabilities will ultimately separate the winners from the losers in the increasingly competitive battle to win and keep the omnipotent customer. COPYRIGHT 2013 FORBES INSIGHTS 13

14 ABOUT EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. ABOUT FORBES INSIGHTS Forbes Insights is the strategic research and thought leadership practice of Forbes Media, publisher of Forbes magazine and Forbes. com, whose combined media properties reach nearly 50 million business decision makers worldwide on a monthly basis. Taking advantage of a proprietary database of senior-level executives in the Forbes community, Forbes Insights conducts research on a host of topics of interest to C-level executives, senior marketing professionals, small business owners and those who aspire to positions of leadership, as well as providing deep insights into issues and trends surrounding wealth creation and wealth management. Bruce Rogers CHIEF INSIGHTS OFFICER Brenna Sniderman SENIOR DIRECTOR Kasia Moreno EDITORIAL DIRECTOR Brian McLeod MANAGER, NORTH AMERICA Lawrence Bowden MANAGER, EMEA EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. ABOUT EY S ADVISORY SERVICES Improving business performance while managing risk is an increasingly complex business challenge. Whether your focus is on broad business transformation or more specifically on achieving growth, optimizing or protecting your business having the right advisors on your side can make all the difference. Our 30,000 advisory professionals form one of the broadest global advisory networks of any professional organization, delivering seasoned multidisciplinary teams that work with our clients to deliver a powerful and exceptional client service. We use proven, integrated methodologies to help you solve your most challenging business problems, deliver a strong performance in complex market conditions and build sustainable stakeholder confidence for the longer term. We understand that you need services that are adapted to your industry issues, so we bring our broad sector experience and deep subject matter knowledge to bear in a proactive and objective way. Above all, we are committed to measuring the gains and identifying where your strategy and change initiatives are delivering the value your business needs. Curtis Bergh DEPUTY DIRECTOR, APAC Hannah Seligson REPORT AUTHOR Michael Castellano DESIGNER 60 Fifth Avenue, New York, NY

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