To serve a growing customer base and better manage customer experience across all touch points, organisations are increasingly moving away from siloed Systems of Transaction in favour of contextual Systems of Engagement. These new systems are expected to help marketers manage experiences on non-traditional customer touch points like mobile devices, application marketplaces and online communities.
A Greyhound Research study titled, Emerging Markets CMO Priorities 2016, confirms this change. Over 72% Chief Marketing Officers (CMOs) in the Asia Pacific Japan (APJ) region stated leveraging digital marketing for customer engagement as their top priority. Albeit these investments confirm the intent of CMOs to use new systems, it is creating new challenges for them.
- Prepare a killer business case to fund new Systems of Engagement.
- Report metrics that measure impact of these systems on customer experience and bottom line.
- Better integrate with the IT team to manage Marketing Technology.
At Greyhound Research we address over 3000 enquiries (per year) from Decision Makers of global organisations and help them with their Customer Experience strategies. Below are some of the best practices we share with them.
A Business Case That Highlights Change In Your Customers’ Technology Ownership. In our experience of working with marketing teams, while all show a solid understanding of customer spend patterns, only 4 of 10 spend time and budget to map the changing technology ownership. Greyhound Research believes this exploration is imperative to gain grip on the new customer touch points and hence define the spend towards new contextual Systems of Engagement.
New-Age Metrics For The New-Age World. The Greyhound Research study, Emerging Markets CMO Priorities 2016, states 32% CMOs in APJ are keen to implement a Marketing Measurement Performance System in next 12 months. Having said that, 7 of 10 marketing teams continue to measure old-world metrics that do not address new customer touch points and hence cannot be used while justifying investment in, and impact of, contextual Systems of Engagement on organisational bottom line. Greyhound Research recommends CMOs to look at new-age metrics like the ROE^2 (return on experience x engagement), a metric that is more comprehensive compared to traditional ROI and represents a holistic view of a consumers’ level of engagement.
Make A New Best Friend, The Chief Information Officer (CIO). The study mentioned above also points out that 42% CMOs in APJ understand the need to work closely with IT for Integrated Marketing Platforms. With organisations planning to aggressively adopt contextual Systems of Engagement, this deems CMOs to join hands with CIOs and work in tandem. Greyhound Research believes till date communication between Marketing and IT has been limited to issues resolutions and projects status updates. Closer alignment of CMOs with CIOs will allow this communication to go beyond technology sourcing and deal with more customer-centric issues.
Greyhound Research believes CMOs must create an all-encompassing customer experience roadmap to help the organisation achieve both presence and monetary outcomes from the new customer touch points.
About The Author: Sanchit Vir Gogia is the Chief Analyst & CEO of Greyhound Research, an independent IT & Telecom Research & Advisory firm. He also serves as Chief Futurist, Founder & CEO of Greyhound Knowledge Group that operates under four brands – Greyhound Research, Greyhound Sculpt, Greyhound Technocrat and Greyhound Vivo. To read more about him, click here.
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