October 10, 2018
The State (and Future) of Digital Marketplaces
At the core of every successful business is the ability to deliver value to customers. Not every brand has great marketing, systems, or leadership, but its revenue is going to be connected to the customer experience it creates or that organically occurs in the value delivery cycle. The hype around customer experience is really about businesses waking up and taking control of the contributing factors that drive successful customer experiences.
Marketers have become the gateway to designing and executing customer experiences through data utilization, strategic branding, and technology integration. In many organizations, the CMO has now become the customer experience architect. Faced with a broadened scale of responsibility, marketers need a roadmap for finding success in how to better connect with consumers and solidify the brand-consumer relationship.
Here’s a 5-step recipe for marketers to create successful customer experiences:
With all the talk of digital transformation, predictive marketing, big data, and the array of new emerging technologies, it is easy to lose sight of the customer. Memorable customer experiences aren’t created by technology, they start with leadership and a customer-centric mindset.
Memorable #CX isn’t created by technology, it starts with leadership & a customer-centric mindset @Ross_QuintanaClick to tweet
When an organization is focused on delivering value to their customers, the right technology choices will be made to facilitate that goal. You won’t create awesome experiences by accident or because you have a great product or service; you have to plan them strategically.
Customer experience success and business success are no longer based on quality products, lucky market timing, or lack of competition. As organizations start using data, artificial intelligence, and machine learning, the ability to build your business on one-time successes is fading. Companies must use data to understand their customers, their competition, and to make more strategic aligned decisions that will ultimately drive more value to their customers.
Broadcast messages sent to generic sections of certain demographics may have gotten some results in the past, but today consumers are too distracted and trained to ignore the onslaught of advertising. Relevance and relationships are the way to cut through the noise. Scaling one to many conversations is not going to work much longer. Thanks to AI and machine learning you can finally deliver targeted personalized messaging on the right device at the right time. This is a game-changing ability and the key to marketplace relevance.
Businesses have to realize that the way we consume information as a society has evolved and changed. This change also demands a change in marketing and communicating with customers. People are mobile, and they receive notifications, micro-content, and communications in real time. If your business doesn’t market and communicate in this way, you are simply out of touch with the modern consumer. Finding those moments of relevance requires brands to listen, personalize, and respond in real time when their brand will be most relevant.
Our friends, family, entertainment, and brands must all compete for our attention on a variety of screens and devices throughout the day. To create successful customer experiences, you have to be where your customer’s attention is. Tracking channel attention and patterns throughout the day allow you to win the battle on the screen your customer is watching while your competition is branding on a screen the customer isn’t even looking at. Holistic experiences require you to know where you should be talking and you must be able to move with your customer across channels. The days of marketers patting themselves on the back for a well-executed campaign that was delivered but not seen with little ROI are coming to an end.
These 5 steps are the foundation to creating a successful customer experience. Early adopters who manage these will have a competitive advantage when the market eventually demands them—and it’s definitely leaning in that direction.
The good news is that implementing them doesn’t have to mean massive budgets and total digital transformation. For one, artificial intelligence-powered tools can easily integrate into existing marketing stacks, and these enable brands to make data-driven marketing decisions in real time, like how to best communicate with and engage consumers, definitely making for a stronger customer experience. This is a much more feasible way for marketers to take on the big, clunky thing we call customer experience. It’s time to stop thinking big, and start thinking small.
To learn more, check out this infographic detailing the steps to creating a successful customer experience by refocusing on the consumer. It’s all about shifting to the new way of marketing. Simply click the button below!
A Bi-Weekly Newsletter Focused Exclusively on Online Marketplaces