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Listening to the Voice of the Customer

LISTENING TO THE VOICE OF THE CUSTOMER THE CUSTOMER-CENTRIC COMPANY //AN ESSENTIAL, BUT ELUSIVE, GOAL How would you describe your company's ability to track customer engagement across different marketing channels? Superior poopon 18% Our customer data is integrated across channels and can be shared and mined effectively for insights. Average | 61% We are making good progress integrating different channels and data sources to gain a more comprehensive view of the customer. Lagging || ++ 21% Our customer channels are siloed, giving us little transparency across different touch points. Do you agree or disagree with the following statements? Our company is a customer-centric business. Strongly agree 19% Agree 41% Neither agree nor disagree 30% Disagree 8% Strongly disagree 3% Our company has a clear understanding of customers' tastes and needs. Strongly agree 13% Agree 43% Neither agree nor disagree 37% Disagree 7% Strongly disagree 1% Our company has the data, tools, and processes in place to react quickly to changes in customer behavior or other customer dynamics. Strongly agree 9% Agree 30% Neither agree nor disagree 37% Disagree 19% Strongly disagree 5% REASONS THE VOICE OF THE CUSTOMER MATTERS Capturing the voice of the customer provides companies a way to: UNDERSTAND customer wants, needs, likes, and dislikes 2 INFUSE customer insights across business functions 3 CREATE business value from customer insights 4 ENGAGE with customers across any channel EMPOWER customers to interact with brands on their own terms "If we are going to be customer centric, it can't be one person's job. For a company to make a transformation into having a much more interactive relationship with customers, it has to be everybody's job." Michelle Peluso, Global Consumer Chief Marketing & lInternet Officer, Citigroup VOICE OF THE CUSTOMER // CHANGING MINDSETS & PROCESSES Mobile devices Shifting Marketing Outlets What are your company's 24% 35% in 3 years most effective channels for customer engagement now and in three years? now Traditional media (print, TV, radio) Face to face 59% 50% in 3 years 21% 14% in 3 years now now Email Social media 46% 27% in 3 years 19% 47% in 3 years now now Corporate website Online media le-commerce website or third-party website) 39% 31% in 3 years 18% 34% in 3 years now now Call center Direct mail 25% 12% in 3 years 9% 5% in 3 years now now "Data gives you the ability to be relevant. Our approach is making sure we are leveraging the ability to be more relevant by using data to more effectively communicate across the customer journey." John McDonald, Vice President of Marketing-Americas, British Airways New Requisite Marketing Smarts Refined Focus for Investments Where should marketing Which skills needed by the CMO are gaining importance? focus investments in order to contribute most to your business in three years? 40% 41% 60% 60% 64% 22% 29% 38% 41% (% of respondents selecting "Significantly increasing" or "Increasing") "At every strategic decision point, somebody needs to be asking, 'what is the impact of this decision on the customer?" Curtis Bingham, Founder & Executive Director, Chief Customer Officer Council A Change in Leadership Who Is the Voice of 12% 13% the Customer at should be now Your Organization? Chief customer officer 31% 17% 8% 7% should be should be now now Head of sales Board member 21% 23% 8% 5% should be should be now now Shared responsibility Chief executive officer 18% 28% 3% 6% should be should be now now Chief marketing officer Chief strategy officer "The CMO role brings together the customer, the brand and the product. There is no more essential intersection in any business." Steve Cannon, CEO, Mercedes-Benz USA Ssas All Analytics sponsored by brought to you by Source: Economist Intelligence Unit report, "Voice of the customer: whose job is it, anyway?" Results compiled from a July 2012 global survey of 389 executives, as well as a series of in-depth interviews with senior business executives and other experts. Technical expertise Pattern recognition Social media expertise Data-driven analytical capability Customer insight Mobile app development Social media Customer relationship management Customer analytics

Listening to the Voice of the Customer

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Few, if any companies, would dare propose a strategy and mission that didn't place customers at the center of attention. But knowing you need to be customer-centric and truly being customer-centric ar...

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