Don't Put off that CXM Initiative

3 reasons why you need to get started!

CXM now graphicWe recently posted a piece to GetElastic – Elastic Path Software’s blog, in which we declared that You Have to Lose to Win at Customer Experience Management. In it, we described three major focus areas that omnichannel merchants should commit to losing in order to deliver an improved customer experience, those being:

1. LOSE YOUR SILOS

An integrated approach to marketing strategy, organizational structure, and digital environment development is essential to establishing and maintaining relationships with the hyper-connected customer. Olson, experts in revolutionizing digital engagements, recently published an excellent blog on how CMOs can prioritize their efforts to do so.

 

2. LOSE YOUR AVERSION TO CHANGE

We get it; change is difficult. There’s a tremendous amount of research, preparation, floundering, failing, and restarting. But with perseverance and tackling small, simple tasks – such as listening, taking calculated risks, and trusting your data, your brand will be on its way to engaging in more meaningful, personalized customer interactions.

 

3. LOSE YOUR ANNOYING MARKETING TACTICS

We’re all for personalization and targeted content, but if your brand continues to show customers the item he or she bought days ago, or offer services for a product he or she no longer owns, it may be a tactic doing more harm than good. While what’s considered annoying is certainly subjective, if the content isn’t relevant, not only does your brand risk losing consumers, it could be indicative of a systemic marketing concern (see area No. 1).

 

So that's how your brand can get started - but here's why you shouldn't wait.

1. YOUR COMPETITORS ARE ALREADY INVESTING IN THE CUSTOMER EXPERIENCE

 

According to Gartner research, “by 2016, 89% of companies expect to compete mostly on the basis of customer experience, versus 36% four years ago”. Furthermore, a recent article by iMedia Communications Inc. cited Forrester research and stated that “a 5% increase in customer retention can generate a 75% increase in profitability”. In other words, investing in the quality of the experiences your brand delivers, rather than attempting to increase the quantity of your customers, will be how to maintain a competitive advantage.

2. YOUR CUSTOMERS ALREADY EXPECT AN EXPERIENCE

The Digital Transformation, defined by Elastic Path as “the use of any digital technology to provide better products, services, and experiences” has greatly affected the ways in which consumers look to engage, evaluate, and purchase products and services. Customers expect relevancy and up-to-date information at very precise moments – if your brand can’t deliver content within the correct context, the user may very well be on to the next brand that can.

 

3. MEANINGFUL RELATIONSHIPS TRUMP REWARDS, GIMMICKS

Gone are the days of membership and point-system programs that entice buyers to remain loyal to a brand. According to a 2014 Retail TouchPoints article, “the average U.S. household participates in 21.9 loyalty programs, but less than half, or only 9.5 of those memberships, are active”. A truly omnichannel approach to sales and marketing requires a deeper level of intimacy rather than rewards based on thresholds and discounts. In building a multi-faceted customer view, leveraging technology and data, brands will learn how and when to connect with its audience during key points of the buying cycle and beyond.

 

Still apprehensive? A bit overwhelmed and not sure where to begin? Contact us to help you get started today.