Cross-channel customer engagement: What 150 C-Level executives think about it!
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The document discusses cross-channel customer engagement strategies. It summarizes the results of a survey that found most companies acknowledge the importance of cross-channel strategies but few have been successful at implementation. Common challenges include lack of a single customer view, disconnect between channels, and inability to personalize experiences. The document argues that IT leaders need to play a bigger role to address these challenges by focusing on systems that facilitate customer engagement and by providing roadmaps for implementation.
Cross-channel customer engagement: What 150 C-Level executives think about it!
- 1. #XCHANNELwww.aditi.com Wake up from your Customer Engagement Stupor!
- 2. #XCHANNELwww.aditi.com 2 We asked ourselves, how does the industry perceive CROSS-CHANNEL CUSTOMER ENGAGEMENT So Aditi Technologies partnered with Information Week to find answers…
- 3. #XCHANNELwww.aditi.com HERE’S WHAT WE SET OUT TO UNDERSTAND 3 WHY DO SOME SUCCEED IN CROSS CHANNEL CUSTOMER ENGAGEMENT WHILE OTHERS FAIL? HOW MUCH OF THAT SUCCESS IS DEPENDENT ON “IT” ? AND WHAT CAN “IT” DO ABOUT IT ?
- 4. #XCHANNELwww.aditi.com 4 THE RULES OF DIGITAL ENGAGEMENT ARE EVOLVING FAST. 1995 INTERNET OF DOCUMENTS CONTENT 2000 INTERNET OF COMMERCE DESIGN 2005 INTERNET OF APPLICATIONS CLOUD 2010 INTERNET OF CONTEXT DATA 2015 INTERNET OF THINGS DEVICE
- 5. #XCHANNELwww.aditi.com 5 1. THEIR EXISTING STRATEGY FOR CROSS CHANNEL CUSTOMER ENGAGEMENT 2. HOW EFFECTIVE HAS IT BEEN 3. WHAT ARE THEIR EXECUTION CHALLENGES WE ASKED READERS OF INFORMATIONWEEK ABOUT:
- 6. #XCHANNELwww.aditi.com 6 THE SURVEY 187 Respondents 26 IndustriesCXO / VP BUSINESS AND TECHNOLOGY TRACKS
- 7. #XCHANNELwww.aditi.com 7 WHILE EVERYONE ACKNOWLEDGES ITS IMPORTANCE… It could threaten the company’s existence Our Business Performance could suffer substantially We could lose customers to competitors with more advanced customer engagement capabilities Our brand value could suffer substantially There would not be any real impact on my company 17% 41% 60% 43% 14% If my company fails to adequately evolve its customer engagement strategy…
- 8. #XCHANNELwww.aditi.com 8 …AND ARE CLEAR ABOUT WHAT DRIVES SUCCESS IN XCHANNEL… How much of a role does each of the following have in driving your organization’s customer engagement agenda? 40% Presence across channels such as Mobile, Facebook, Instagram, etc. 47% 360 Degree view of customer, aggregating data from various sources 50% Ability to create a scalable and flexible platform to develop and roll out new offerings 53% Ability to have a contextual and relevant conversation with our customer in any channel 57% Ability to personalize recommendations, experience, and offerings for each customer 62% Ability to build a culture of customer engagement within the organization
- 9. #XCHANNELwww.aditi.com 9 ROI FROM XCHANNEL CUSTOMER ENGAGEMENT IS HARD TO REALIZE Which of the following best describes your company’s current status on cross-channel engagement? 8% 20% 28% 32% 12% Don’t Know If there has been any steps towards cross-channel engagement No Focus Yet We do not have any clear strategic objectives or goals for cross-channel customer engagement Slow Implementation We have a strategic vision, but are progressing slowly on implementation No Results Yet We have made good progress, but have yet to fully realize intended benefits Leaders We have achieved cross-channel customer engagement and are leveraging it
- 10. #XCHANNELwww.aditi.com 10 AND FULL CHANNEL INTEGRATION IS EVEN MORE DISTANT Some integration between channels 46% 27% 19% 2% 6% Each channel functions as a separate mode of engagement Good Integration between channels Full Integration between channels Don’t know Which of the following best describes the relationship between your company’s various customer engagement channels?
- 11. #XCHANNELwww.aditi.com 11 DESPITE IT’S PERCEIVED IMPORTANCE, ONLY 12% COMPANIES ARE REALLY NAILING XCHANNEL ENGAGEMENT
- 12. #XCHANNELwww.aditi.com 12 1. KNOWING EACH CUSTOMER ACROSS EVERY CHANNEL 2. CONNECT WITH CUSTOMERS IN A CONSISTENT, THREADED MANNER ACROSS EVERY TOUCH POINT 3. PERSONALIZING CUSTOMER ENGAGEMENTS BASED ON CONTEXT AND CONTENT WE DRILLED DEEPER INTO THREE BUILDING BLOCKS OF XCHANNEL TO UNDERSTAND MORE
- 13. #XCHANNELwww.aditi.com 13 Know the Customer Data and Single View
- 14. #XCHANNELwww.aditi.com 14 SINGLE VIEW OF CUSTOMER – WHY IS IT IMPORTANT? What would be the top benefits of having a single view of customer?
- 15. #XCHANNELwww.aditi.com 15 LACK OF A CONSOLIDATED VIEW OF CUSTOMER Consumers today expect companies to know them well Consumers want companies to demonstrate that they know her But, the companies lack a good understanding of their customer No plans to attempt a single customer view 16% Not yet started, but planning to do so 23% Recently started taking steps 35% Have a SCV, but it’s not effective 10% Have a SCV, and it is effective 11% Don’t know 6% 59% 64% Consumers want companies to know what products or services she likes
- 16. #XCHANNELwww.aditi.com 16 TOP 5 REASONS FOR THE DISCONNECT 47% 41% 46% 41% 43% 46% Quality of customer data obtained from various sources 43% Lack of data from various sources, including external sources such as social media Regulatory requirements and privacy concerns that limit data collection41% Company’s Organizational Structure 47% The lack of a trustworthy, step-by-step roadmap for getting from present state to desired target state 41%
- 17. #XCHANNELwww.aditi.com 17 Connect with the Customer Multi- Channel Engagement
- 18. #XCHANNELwww.aditi.com 18 What would be the top benefits of multi- channel engagement? MULTI CHANNEL ENGAGEMENT – WHY IS IT IMPORTANT?
- 19. #XCHANNELwww.aditi.com 19 DISCONNECT IN MULTICHANNEL ENGAGEMENT But, the current state of multi-channel engagement is underwhelming No plans to unify channels 18% Not yet started, but planning to do so 20% Recently started taking steps 36% Multi-channel strategy, but it’s not effective 5% Multi-channel strategy, and it is effective 12% Don’t know 8%
- 20. #XCHANNELwww.aditi.com 20 TOP 5 REASONS FOR THE DISCONNECT 54% 42% 51% 47% 51% 51% Your company’s budget constraints 51% Limitations and gaps in your company’s internal skills and expertise Decentralized channel ownership 42% The time, effort, and difficulty associated with understanding and evaluating new customer engagement technology solutions. 54% The lack of a trustworthy, step-by-step road map for getting from present state to desired target state 47%
- 21. #XCHANNELwww.aditi.com 21 Personalize for each Creating a Personalized experience
- 22. #XCHANNELwww.aditi.com PERSONALIZATION – WHY IS IT IMPORTANT? What would be the top benefits of personalization for every customer?
- 23. #XCHANNELwww.aditi.com 23 FAILURE TO TREAT EACH CUSTOMER AS ONE Consumers today want intelligent engagement Consumers expect more precise, personalized offers But, the companies lack a good understanding of their customer No plans to attempt personalization 19% Not yet started, but planning to do so 20% Recently started taking steps 34% Personalization strategy, but it’s not effective 9% Personalization Strategy, and it is effective 11% Don’t know 7% 59% 53% Consumers want companies to maintain a cross-channel history of all her purchases
- 24. #XCHANNELwww.aditi.com 24 TOP 5 REASONS FOR THE DISCONNECT 44% 40% 44% 38% 42% 44% Lack of a trustworthy, step-by-step roadmap for getting from the present state to desired target state 42% Matching the offering with the customer need using available data Limitations and gaps in your company’s internal skills and expertise40% Lack of capability to perform real-time analysis of customer data44% Technology backbone to have the ability to execute campaigns in real-time and on- demand when they are contextually relevant 38%
- 25. #XCHANNELwww.aditi.com 1 Are there templates for ‘best in class’ execution ?2
- 26. #XCHANNELwww.aditi.com 26 CMO 71% CEO 60% HEAD of SALES 57% CIO 52% WHO’S IN CHARGE OF CROSS CHANNEL ENGAGEMENT CIOs are fourth in the list of executives leading the agenda This in spite of the fact that 81% of our survey respondents were IT executives CFO 35%
- 28. #XCHANNELwww.aditi.com BUT TECHNOLOGY IS AT THE HEART OF DIGITAL ENGAGEMENT
- 29. #XCHANNELwww.aditi.com IT LEADERSHIP NEEDS TO UPGRADE TO STAY RELEVANT Chief Digital Officer CIO ++ Chief Technology Officer Chief Data / Analytics Officer Chief Innovation Officer
- 30. #XCHANNELwww.aditi.com MEET THE NEW AGE CIO – MITTU SRIDHARA Changing Business Trajectory with Systems of Engagement Group CIO – TUI At Ladbrokes - formulated and delivered a three year multi-channel, end-to-end technology strategy At Sabre, led a team which delivered innovative products that helped the company generate around $250m. As CIO of Avis Europe delivered a customer- facing system. One core platform across business & application integration Investments in Multichannel Commerce suite Developed industry leading app to reach customers Big Data and Analytics to build a single view of customer Combining personal advice and service with digital
- 31. #XCHANNELwww.aditi.com STRESS FREE TRAVEL EXPERIENCE THROUGH MODERN APPS From transactions to 1 Conversation with Systems of Engagement • Seamlessly digital experience • Make intelligent suggestions • Customer centered personalization • Omni-channel presence
- 32. #XCHANNELwww.aditi.com NEW AGE CIO IMPERATIVE – DEEPER CUSTOMER UNDERSTANDING
- 33. #XCHANNELwww.aditi.com Inventory, Yield, Contracting Corporate/Collaboration Finance Middleware, Data cache Mobile Web and Search Content Social and eCRM Customer Analytics and Insights SYSTEMS OF ENGAGEMENT (Customer facing systems) SYSTEMS OF RECORD (Operational systems) CEO/CMO/CIO++ CIO-- #XCHANNEL IT IMPERATIVE - SYSTEMS OF ENGAGEMENT
- 34. #XCHANNELwww.aditi.com ASYMMETRIC DATA IMMERSIVE EXPERIENCE HOW TO WIN AT THE HIGH STAKES GAME OF #XCHANNEL Connected and curated across engagement horizon Personalized content based on context
- 35. #XCHANNELwww.aditi.com 3 2 SINGLE VIEW OF CUSTOMER API LED PLATFORM AND CHANNEL INTEGRATION CUSTOMER ANALYTICS PERSONALIZED CONNECTED EXPERIENCES BUILDING NETWORK EFFECT IN #XCHANNEL CUSTOMER ENGAGEMENT
- 36. #XCHANNELwww.aditi.com AND A DETAILED ROADMAP TO GET THERE CLOUD OPERATIONSInfrastructure Migration Application Dev Saas Implementation And Cloud Integration Storage and Mailbox Data Dev/Test env. Web, Portals SaaSify Compute Scale Media Office Analytics CRM HRMS CLOUD ROADMAP DR/ Backup DevOps Monitoring Security Audit Optimizatio nPUBLIC, HYBRID, PRIVATE CLOUD STRATEGY MARKETING IT User Experience Multichannel Engagement Customer Data and Analytics Digital Experience Product Experience Responsive / adaptive Design Interface Design Device Experience Design Mobile Enablemen t E- commerce App Strategy Single view of Cust. Cust. Analytics Loyalty Mgmt. Nurture Programs CUSTOMER ENGAGEMENT E-comm and Payment CRM Mktg. Automation Social Listening & Response Analytics WCMS PERSONA, CHANNEL AND DEVICE STRATEGY