Today’s shopper isn’t just connected, they’re hyperconnected. And while retailers would like to believe that this means they are that much more connected to their brand – the reality is that hyperconnected shoppers have more opportunities to leave a brand. In fact, thanks to all the information at our fingertips, the average shopper consults with over 10 sources before making a purchasing decision (Source: Google – “Zero Moment of Truth”, 2012).
With research capabilities in the shopper’s hands (literally), it’s more important than ever for a retailer to not just capture a customer’s attention once … but to delight them with experiences that keep them coming back. 93% of marketing executives say that improving the customer experience is one of the top priorities in the coming years and is critical to success (Source: Oracle – “Global Insights on Succeeding in the Customer Experience Era”, 2013). But when asked if marketing executives have integrated their customer experiences across online and offline channels, 46% say only to a limited extent (Source: IBM – “Stepping up to the challenge: CMO insights”, 2013).
Why is this? That is the question that continues to be asked. If CMOs know and understand that owning the customer experience is the linchpin to the success of capturing revenue, then why hasn’t more been accomplished in this regard?
Big Data has been a hot topic over the last several years and the importance for organizations to be able to capture the data they have around their customers. But collecting large volumes of data is only the first step. It doesn’t help if we collect consumer data if we can’t do anything with it. And it’s not going to get any easier – EMC reports that the digital universe will double every 2 years. And all that data will continue to get more difficult to tackle. So much so that as a CMO it seems easier and more attainable to tackle other marketing priorities rather than address something so big, that it can feel out of control.
The good news for CMOs is that they don’t have to sift through all of the data manually or through silos. They simply need to connect all of their disparate data sources into a single platform that will allow them to orchestrate their data into meaningful omni-channel behavioral data through the use of customer intelligence. This will allow marketers to understand what their shoppers are trying to tell them with the result in uncovering opportunities to drive more revenue than ever before.
Shoppers are demanding a better experience from their favorite brands. There’s never been a better time to harness the customer data CMOs have at their own fingertips to deliver the real time personalized experiences that will reinforce existing shoppers and brand advocates and drive a wave of entirely ones.