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2016 Imperative to Help You Win in the Age of the Customer

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Empowered by technology, your customers now know more than ever about your company’s products, pricing and reputation. Competitors can more easily imitate you, or undermine the moves you make to compete.

The only way to win, serve and retain customers is to become customer-obsessed.

Join Sheryl Pattek, Vice President, Principal Analyst, Serving CMO Professionals at Forrester Research, to learn how to put customer obsession at the center of your business and marketing strategy.

Published in: Data & Analytics
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2016 Imperative to Help You Win in the Age of the Customer

  1. 1. 2016 Imperatives to Help You Win in the Age of the Customer Sheryl Pattek, VP Principal Analyst serving CMOS @sherylpattek
  2. 2. © 2015 Forrester Research, Inc. Reproduction Prohibited 2 Products are digital Markets are digital Operations are digital Customers are digital We live and operate in a digital world
  3. 3. © 2015 Forrester Research, Inc. Reproduction Prohibited 3 Empowered customers now choose their route to you Information scarcity Attention abundance Attention fatigue Information overload
  4. 4. Your customers new reality Perpetually connected Pressed Overrun with choices Seeking context Expecting consistency of engagement across all channels
  5. 5. © 2015 Forrester Research, Inc. Reproduction Prohibited 5 •  18% of consumers expect to get any information or service immediately and in context •  30% more will demand this by the end of 2016
  6. 6. © 2015 Forrester Research, Inc. Reproduction Prohibited 6 These behaviors give rise to a new era in business
  7. 7. © 2015 Forrester Research, Inc. Reproduction Prohibited 7 Led by technology-empowered customers Institutions Customers Information Price Location Technology
  8. 8. © 2015 Forrester Research, Inc. Reproduction Prohibited 8 Age of the customer 3. Accelerate becoming a digital business We’ve entered the age of the customer 1. Transform the customer experience Build value around the customer, not the channel or product 4. Turn data into insights 2. Embrace the mobile mind shift
  9. 9. © 2015 Forrester Research, Inc. Reproduction Prohibited 9 Source: Forrester’s “Seven Steps To Successful Customer Experience Measurement Programs” report. Customer experience is the new competitive advantage
  10. 10. © 2015 Forrester Research, Inc. Reproduction Prohibited 10 1. Align the brand and customer experience Our view: The brand experience and the customer experience must tell the same story.
  11. 11. © Microsoft “Middle Seat Mondays” Delta exploits digital technology to transform the flying experience
  12. 12. The mobile mind shift The expectation that any desired information or service is available, on any appropriate device, in context, at your moment of need At the same time, customers expect new levels of mobile engagement
  13. 13. © 2015 Forrester Research, Inc. Reproduction Prohibited 13 Mobile is changing how customers interact with your brand Source: Farhan Siddiqi of Bank of America’s presentation at Forrester’s Forum for eBusiness & Channel Strategy Professionals, October 26, 2014 For Bank of America to reach 20% customer adoption 12 years – online banking 5 years – mobile banking 2 years – mobile check deposit
  14. 14. © 2014 Forrester Research, Inc. Reproduction Prohibited 14 Flight Event Anticipate and then serve customer’s mobile moments along their journey Airline Example — Mobile Moments You need to understand and then win your mobile moments. -2 days •  Change seat •  Request upgrade -2 weeks •  Book ticket •  Change reservation -2 hours •  Check in •  Check gate •  Departure time •  Lounge access •  Arrival time •  Food order •  Movies •  Wi-Fi •  Duty Free +2 weeks +2 days +2 hours •  Ground transport •  Lost luggage •  Navigation •  Mileage points earned •  Customer service survey •  Mileage status •  Reward travel •  Upcoming reservations
  15. 15. © 2015 Forrester Research, Inc. Reproduction Prohibited 15 3. Turn data into business insights Mine the insights that drive business success Our view: Data can unlock the value that companies need to prosper and enhance customer engagement and drive growth. Starbucks digs deep into customer behavior to increase customer wallet share.
  16. 16. © 2015 Forrester Research, Inc. Reproduction Prohibited 16 Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone.
  17. 17. © 2015 Forrester Research, Inc. Reproduction Prohibited 17 And, the available data to harness will continue to grow 2X every 24 months By 2020, 2X every 73 days 1100 terabytes of data = 300 books Your challenge: develop deep insight into customer needs; enhance digital engagement; build anticipatory insights and delivery
  18. 18. © 2015 Forrester Research, Inc. Reproduction Prohibited 18 Digital Transformation – now a necessity for business prosperity
  19. 19. © 2015 Forrester Research, Inc. Reproduction Prohibited 19 Digital disruption will overhaul products, invert category economics, and redefine customer relationships Digital disruption is better, stronger, and faster Source: Forrester report “The Disruptor’s Handbook” October 2011
  20. 20. © 2015 Forrester Research, Inc. Reproduction Prohibited 20 And, they adapt to the new realities of digital based business Source: Forrester/Russell Reynolds 2014 Digital Business Online Survey Bolt on Digitally enhanced products and services Functional efficiency Cross-functional agility Safety and cost reduction Speed and innovation Digital touchpoints Organizational alignment Technology attitude Digital businessTraditional business
  21. 21. © 2015 Forrester Research, Inc. Reproduction Prohibited 21 Digital businesses work differently Source: Forrester/Russell Reynolds 2014 Digital Business Online Survey Continuously exploit technology 1. Create new sources of value for customers 2. Increase operational agility in service of customers
  22. 22. © 2015 Forrester Research, Inc. Reproduction Prohibited 22 What it means
  23. 23. Expanded  remit  of  marke0ng   Fragmenta0on  of  marke0ng  channels   Drama0c  changes  in  customer  behavior   We  are  in  the  midst  of  a  revolu0on  in  the  prac0ce   of  marke0ng…  
  24. 24. 24 Customer obsession is now your only competitive advantage.
  25. 25. © 2015 Forrester Research, Inc. Reproduction Prohibited 25 What does it mean to become customer obsessed? A customer-obsessed enterprise focuses its strategy, its energy, and its budget on processes that enhance knowledge of and engagement with customers and prioritizes these over maintaining traditional competitive barriers.
  26. 26. © 2015 Forrester Research, Inc. Reproduction Prohibited 26 Customer obsession is inherently a digital problem Base: 58,583 US online adults (18+) Source: Forrester's North American Consumer Technographics® Online Benchmark Survey, 2014
  27. 27. © 2015 Forrester Research, Inc. Reproduction Prohibited 27 Marketing must be accountable across all customer experiences
  28. 28. Customers reach out to get service or help with a purchase. Customers go through the purchase process and complete the transaction. Customers research your brand and product — and their other options. Customers take possession of their purchase, which includes initial and ongoing impressions of it. Customers connect with brands for nonservice reasons across multiple channels. Customers are exposed to the initial trigger that will lead them to a new need or repeat purchase of an existing need. …as customer needs get defined throughout the customer life cycle
  29. 29. © 2015 Forrester Research, Inc. Reproduction Prohibited 29 Marketing must build valuable interactions around the lifecycle in the right context insights interactions open opportunities for ge nerate data for
  30. 30. © 2015 Forrester Research, Inc. Reproduction Prohibited 30 What this feels like operationally: BEFORE CONTEXT: AFTER CONTEXT: •  Campaigns •  Targeting •  Customer segmentation •  Media schedules •  Messages •  Transactions •  Interactions •  Engaging •  Customer recognition •  Customer moments •  Utility •  Value exchanges
  31. 31. © 2015 Forrester Research, Inc. Reproduction Prohibited 31 A simple application of context today •  Conversion rates by 375% •  Bookings by 60% •  Share of voice by 650% …with no incremental investment
  32. 32. © 2015 Forrester Research, Inc. Reproduction Prohibited 32 Help people choose you
  33. 33. © 2015 Forrester Research, Inc. Reproduction Prohibited 33 Invest to be an anchor brand. T R U E rue emarkable nmistakable ssential
  34. 34. © 2015 Forrester Research, Inc. Reproduction Prohibited 34 Southwest demonstrates its brand promise
  35. 35. © 2015 Forrester Research, Inc. Reproduction Prohibited 35 Reduce friction
  36. 36. © 2015 Forrester Research, Inc. Reproduction Prohibited 36 Curate options
  37. 37. © 2015 Forrester Research, Inc. Reproduction Prohibited 37 Instill confidence
  38. 38. © 2015 Forrester Research, Inc. Reproduction Prohibited 38 Facilitate important decisions.
  39. 39. Where do you start?
  40. 40. © 2015 Forrester Research, Inc. Reproduction Prohibited 40 Take actions in your planning process › Develop your marketing plans to reduce stress, not just coerce a transaction •  Understand your customer’s emotions and desires › Align your brand strategy to your customer experience › Integrate customer engagement touchpoints across the full customer lifecycle › Measure end-to-end engagement
  41. 41. © 2015 Forrester Research, Inc. Reproduction Prohibited 41 Think beyond just digital execution Culture Organization Technology Foster a customer first innovative culture Organize to deliver immersive digital experiences Enable with technology Build customer-centric integrated processes and end-to-end metrics Process and Metrics
  42. 42. © 2015 Forrester Research, Inc. Reproduction Prohibited 42 Re-think innovation investment strategy COCA-COLA FOLLOWS THE 70:20:10 STRATEGY TO DELIVER ON CONTINUOUS INNOVATION
  43. 43. Back at your desk…
  44. 44. © 2015 Forrester Research, Inc. Reproduction Prohibited 44 Five things you can start doing today 1.  Adjust your mindset to customer obsession 2.  Seize the opportunity to ask your customers what they think as often as you can 3.  Put yourself in your customer’s seat and ask yourself if you would find each engagement compelling 4.  Be appropriately accurate, not perfect 5.  Speak in customer focused language
  45. 45. Clear and concise, not overly dense Benefits & value, not features & functions Customer in, not product out Speak in customer focused language Use second person, not first
  46. 46. © 2015 Forrester Research, Inc. Reproduction Prohibited 46 Its time to raise your game Our view: You represent the customer view of the company. This is the time to lead the organization, not follow it. Start now to: •  Align your organization to the customer •  Recognize the impact of digital on the fundamentals of your customers, your business and the way you do your work •  Take charge of the strategies that embrace these changes to become customer obsessed
  47. 47. forrester.com Thank you Sheryl Pattek +1 212.857.0707 spattek@forrester.com @sherylpattek

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