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A recent leader in The Economist raised my interest in the little discussed area of ‘facile externality’.
The Economist summed up the concept as follows:
Forrester reports that customers are willing to spend nearly five times more for excellent customer experience (CX) than they would for poor CX*.
But improving customer service comes at a cost. Besides the time and effort required, sometimes marketers need to take risks to make their company more customer-centric. Here are three examples of companies who have taken a leap in the name of CX innovation.
We in the marketing business know there is no such thing as ‘The Customer.’ And even an individual customers’ habits, preferences, and needs change constantly.
This means there’s a two-fold challenge for brands wanting to truly understand their customers: zooming in on the individual and keeping track of the changes that drive them and influence their decisions.
When it comes to online shopping, temptation lurks on every web page. This is because – while you might have decided against buying that new pair of shoes you were eyeing up – you’re bound to see a targeted ad for them sooner or later.
As consumers, we’re used to being targeted in this way. But what if you were to see an ad based on your mobile browsing history in an actual supermarket?
According to research, 72% of young consumers prefer to spend money on experiences rather than possessions. When that experience is in some way transformative – i.e. resulting in the improvement of physical or emotional well-being – it becomes all the more desirable.
This is the idea behind the ‘transformation economy’, where brands sell the promise of personal achievement over and above material possessions.
The average travel consumer is said to carry out 20 searches and look at 38 websites before making an online booking.
So, how does a boutique travel agency ensure it captures attention in an increasingly competitive digital space?
While the first day of Adobe Summit was all about brand experiences, the second was centred around the emotions that they evoke.
According to John Mellor, the VP of Strategy and Marketing at Adobe, emotion is the currency of experience. Ultimately, this means it helps to create a stronger and more loyal connection with consumers – even inspire personal achievements and goals.
Over a series of posts, we’ve looked at the evolution occurring in marketing measurement and how it can better reflect and contribute to the larger business.
In this final piece, we take a look at the broad topic of customer experience and how measurement is a factor in leaders’ success.
Brad Rencher, Executive Vice President at Adobe, kicked off the first day of this year’s Adobe Summit London with a speech on why ‘experiences’ are at the heart of the most successful brands.
Coca Cola is arguably one of the biggest experience-based brands of all time, with both its past and future shaped by how it is able to communicate the idea that there is no better one than drinking an ice cold Coke.
There’s a lot we don’t know about customer behavior and motivation.
Even though there has never been more information about what they’re thinking and doing, marketing is challenged by a buying process that jumps back and forth between the online and offline spheres and often involves multiple devices.
Econsultancy has conducted research in partnership with Google looking at how enterprise brands are responding to the challenge of measurement in a mobile, multichannel and multidevice world.
This is the first in a four-part series (see parts two, three and four) of articles that presents the top findings from this recent survey of 514 executives at companies averaging more than $1 billion in 2016 revenues.