Nearly 90 percent of chief marketing officers (CMOs) expect to be responsible for the whole customer experience (also referred to as CX) by 2020, and almost two-thirds have already added it to their purview. Considering that big data has taken over decision-making in a big way, be prepared: Marketing professionals will be increasingly required to monitor and analyze CX data, along with the rest of the data-driven marketing numbers they are already crunching.
CX maintains a growing influence on customers’ relationships with brands. Since marketing teams are responsible for nurturing the customer-brand relationship as well as advancing leads through the sales funnel to generate ideally recurring revenue, it stands to reason that CX responsibility needs to belong to the marketing team.
The sooner marketing teams develop the aptitude to collect and process big data more effectively, the better prepared they will be for a significantly stronger CX focus.
Maximize customer value to drive business value
Customer value has two dimensions: business value and experience value.
Business value is value created for the business itself (translated into brand awareness, customer engagement and profit) while experience value is really the value created for customers (the infamous “what’s in it for me” factor).
As CX becomes increasingly important to customers, brands need to focus on and optimize experience value, or they will risk compromising business value severely.
The immediate challenge marketers face is cultivating a single view of the multitude of data points that represent the entirety of the customer experience. Considering that CX changes dramatically over time and across multiple platforms, how does a brand document, analyze and optimize experience value?
As with business value, measuring experience value requires both cultivated strategy and comprehensive analytics. The challenge with CX is that most companies lack the capabilities to capture and collate cross-channel data from multiple sources and derive Read More Here