Listening to the customer - 7 key customer experience trends

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Listening to the Customer7 New Research FindingsStefan Tornquist, VP Research, Econsultancy

Elizabeth Magill, Program Leader, Customer Analytics Marketing, IBM

1Econsultancy

Stefan TornquistVP research, NA

@SKTornquist

Elizabeth MagillProgram Leader, Customer Analytics Marketing, IBM@emagill

2

The studies and some contextA look at the marketer and consumer studies behind this talkFindingsTop findings on current trends and eternal truths in customer experience design and managementConclusionMind the gap between self-perception and realityQ&A

TodayStudy 1: Marketers276 BrandsRevenues $200 million+ Director+ (VP/C-suite/Board 42%)Broad range of B2C industriesOnline/offline/call centers

1Study 2: Consumers1,136 Consumers50/50 gender18+ nationally representative40% HH above $100KAt least one multi-channel relationship276 BrandsRevenues $200 million+ Director+ (VP/C-suite/Board 42%)Broad range of B2C industriesOnline/offline/call centers

2MarketersStrongly agreeSomewhat agreeNeutralSomewhat disagreeStrongly disagreeQuestion: Do you agree or disagree with the following statements? N = 26575% believe they deliver a superior offline experienceBetter way to convey the overall positive naturethe story doesnt jump out6MarketersStrongly agreeSomewhat agreeNeutralSomewhat disagreeStrongly disagreeQuestion: Do you agree or disagree with the following statements? N = 26569% believe they deliver a superior online experienceBetter way to convey the overall positive naturethe story doesnt jump out7MarketersStrongly agreeSomewhat agreeNeutralSomewhat disagreeStrongly disagreeQuestion: Do you agree or disagree with the following statements? N = 26557% believe they deliver a superior mobile experienceBetter way to convey the overall positive naturethe story doesnt jump out8Whats the upside of understanding your customers?/019Why they leaveBanksCable/SatelliteInternetMobile serviceActually, just about every slide in this deck speaks to the importance of effectively understanding customers and managing the customer experience, but heres one view that really interested me10Why they leaveBanksCable/SatelliteInternetMobile service49%switched in 2014Question: In the last year have you changed providers in any of the following areas? N = 1,01011Why they leftBanksCable/SatelliteInternetMobile service30%because their old company failedQuestion: When you switched [vendor type chosen], was it more because [vendor type chosen] did something wrong or your new [vendor type chosen] offered something better? N = 47312Why they leftBanksCable/SatelliteInternetMobile service59%new company offered something better30%old company failedQuestion: When you switched [vendor type chosen], was it more because [vendor type chosen] did something wrong or your new [vendor type chosen] offered something better? N = 47313Why they left30%old company failedQuestion: Which of the following best describes what your old [vendor type chosen] did wrong? N = 47314Why they left30%old company failedExperience Question: Which of the following best describes what your old [vendor type chosen] did wrong? N = 47315Why they left30%old company failedExperience Product Question: Which of the following best describes what your old [vendor type chosen] did wrong? N = 47316Why they left30%old company failedExperience Product Pricing Other Question: Which of the following best describes what your old [vendor type chosen] did wrong? N = 47317Why they left59%new company offered moreQuestion: What did your new [vendor type chosen] offer that led you to switch? N = 47318Why they leftExperience Product 59%new company offered moreQuestion: What did your new [vendor type chosen] offer that led you to switch? N = 47319Why they leftExperience Product Pricing Other 59%new company offered moreQuestion: What did your new [vendor type chosen] offer that led you to switch? N = 47320/OneMost customers are lost for reasons we can control.Consumers think that personalization is importantboth in terms of what we provide to them invisiblyand their own ability to customize their experiences.

The understand of the impotance and the strategic intentand there are plenty of tools in the marketplacebut whats missing is execution and hands-on strategy

21A holistic view?/0222Multi-channel consumersAverageResearch productsBuy productsNot applicableStore50%78%15%Website81%82%3%Mobile app51%35%42%Catalog34%28%52%18-34 years oldResearch productsBuy productsNot applicableStore51%75%13%Website80%82%2%Mobile app64%46%22%Catalog41%29%43%Affluent ($100k+)Research productsBuy productsNot applicableStore54%82%15%Website93%84%1%Mobile app60%40%35%Catalog36%23%52%WomenResearch productsBuy productsNot applicableStore51%75%13%Website81%82%2%Mobile app49%32%44%Catalog37%29%50%Question: What are the different ways you shop with your favorite retailer? N = 587Lets talk about the problem23Marketers81% of consumer marketers say they have a holistic view of their customersQuestion: Do you feel like your organization has a holistic view of your customersdo you have a view of individuals and segments across interactions and channels? Responses: Yes, we have a holistic view / We have a good view of our customers, and are close to a holistic one. N = 265A holistic view?37% of consumers say their favorite retailer understands themQuestion: Still thinking about your favorite retailer do you feel that they personalize the shopping experience (products, deals and other information) for you as an individual? N = 587A holistic view?22% of consumers say average retailers understand themQuestion: In general, do the companies you do business with personalize the experience (deals and other information) for you as an individual? N = 1,020/TwoMost customers are lost for reasons we can control.Our approach to the customer is obsolete.Consumers think that personalization is importantboth in terms of what we provide to them invisiblyand their own ability to customize their experiences.

The understand of the impotance and the strategic intentand there are plenty of tools in the marketplacebut whats missing is execution and hands-on strategy

27Average isnt nearly good enough/0328MarketersStrongly agreeSomewhat agreeNeutralSomewhat disagreeStrongly disagreeQuestion: Do you agree or disagree with the following statements? N = 265Marketers believe they deliver a superior experience29Consumers35% say usually relevant about their favorite companies

How often are communications relevant?Question: In general, how relevant are the marketing messages you receive from your favorite [retailer or travel/hospitality]? N = 1,004Consumers21% say usually relevant about average companies

How often are communications relevant?Question: In general, how relevant are the marketing messages you receive from most [retailer or travel/hospitality]? N = 1,004/ThreeMost customers are lost for reasons we can control.Our approach to the customer is obsolete.Businesses think they deliver a superior customer experience. They dont.Consumers think that personalization is importantboth in terms of what we provide to them invisiblyand their own ability to customize their experiences.

The understand of the impotance and the strategic intentand there are plenty of tools in the marketplacebut whats missing is execution and hands-on strategy

32Trust is earned through experience/0433When consumers say trustQuestion: If you were building the perfect company to serve you, what would be most important? N = 618Yes, Ill share my informationQuestion: How do you feel about companies having the following information? N = 618Yes, Ill share my informationQuestion: How do you feel about your favorite [retailer or travel/hospitality] company having the following information? N = 843Marketers1stConsumer Question: How do you feel about companies having the following information? N = 618Marketer Question: Which of the following types of information are most important for your customer experience management? N=2633rd2ndThe problem with history is that were not very good at using itnot in customer service scenarioswere ok at retargeting and hit and miss at product recommendations/

37/FourMost customers are lost for reasons we can control.Our approach to the customer is obsolete.Businesses think they deliver a superior customer experience. They dont.To deliver value we need information.Consumers think that personalization is importantboth in terms of what we provide to them invisiblyand their own ability to customize their experiences.

The understand of the impotance and the strategic intentand there are plenty of tools in the marketplacebut whats missing is execution and hands-on strategy

38Our most coveted customers/0539MarketersIdentifying high value customers is vital to our growthQuestion: Do you agree or disagree with the following statements? N=257MarketersIdentifying high value customers is vital to our growthParentsMenWomenSingleMedian HHMid-careerMarriedAffluentMillenialsQuestion: Do you agree or disagree with the following statements? N=257Youth (18-34)24% more likely to download store/service apps20% less likely to have bought from an email in last 12 months

More comfortable sharing their dataMore demanding for benefits in sharing it

More multi-channel in generalEven more multi-channel with preferred brandsREWORK TO GET RID OF CHARTS BUT INCLUDE SOME OF THE DATA42Affluent HH ($100k+)49% more likely than Millennials to have bought from an email25% more likely than the average to buy from a mobile device

More demanding of serviceMore controlling of their information

More likely to leave because of a mistakeLess likely to jump for a better price/FiveMost customers are lost for reasons we can control.Our approach to the customer is obsolete.Businesses think they deliver a super