Gregory Jung, Vice President, Americas Marketing, Teradata, examined customer engagement in today's rapidly evolving digital landscape during a Thought Leadership Spotlight with Argyle's CMO membership at the 2016 Chief Marketing Officer Leadership Forum: Spotlight on Financial Services in San Francisco on Jan. 21. In his presentation, "Engaging Individuals to Drive Value," Jung discussed what happens to him every morning: looking at his smartphone and other mobile technologies to connect with the world around him.
Jung pointed out he now looks for ways that companies market to him in the first five minutes of every day. He said he changes channels or platforms roughly seven times in the first five minutes of his average day. This illustrates the challenge for today's marketers, Jung said, as they are responsible for driving the customer experience through myriad mobile channels or platforms.
Customer experience represents a "new competitive battlefield" for marketers, and it is becoming increasingly important for both CEOs and marketing professionals, Jung said. Today's customers, meanwhile, want to be able to control their marketing experience, Jung noted. And with the "digital disruption" that is taking place worldwide, Jung pointed out marketers are increasingly challenged to connect with clients day after day: "We have to try and keep up with those different channels. And we all know a marketer's budget is not something that is typically increasing year to year."
The increased focus on digital has led many marketers to shy away from exploring user experience improvements, Jung said. However, marketers that focus on supporting each customer's individual needs, Jung noted, can improve the customer experience. Meanwhile, the ability for marketers to remain agile, Jung noted, also is suffering due to the heavy emphasis on digital: "We have information that we know, but we don't have all the information that we need to know about our customer."
Due to the rising demand of digital, many organizations have invested in their marketing operations and content marketing strategies, Jung pointed out. Marketers must look holistically at how they're engaging with their customers, Jung said, in order to connect with them consistently.
"We have information that we know, but we don't have all the information that we need to know about our customer."
So how can an organization become more customer-centric? Jung said customer centricity requires integrated interactions and learn from them. In addition, organizations must build an omni-channel capability to find ways to maximize the value of the customer experience: "Where do we want to take from a customer perspective this product journey? Then, how do I build a prioritized offer that we deliver through one of these customer touch points? I want to elicit a customer response."
As a customer tells a company how it wants to interact with it, Jung said a business needs to build data sets from this information and use it to develop individualized messages for this client. In addition, Jung pointed out a business should consider three questions as part of its customer-centric strategy:
- Do you have an approach that will actually prioritize offers to customers across your product portfolio?
- Are you able to gain the key insights to be able to differentiate yourself from the competition?
- Are you able to follow up with the right individuals based on the responses that they are providing?
Understanding a consumer's interactions with a company and the value of these interactions is key for today's businesses, Jung said. Businesses can learn from these interactions, Jung noted, and build offers based on customer data. These offers can be customized to meet a client's needs, Jung added, which makes them exceedingly valuable.
A customized offer is more likely to elicit a response from a customer, Jung noted. Businesses should consider whether they can understand customers' behaviors, learn from them and deliver the right messages to consumers, Jung said. By doing so, they can maximize the value of their customer interactions and offers, he pointed out.
"You want to be able to link your audience and the individual identifiers so you're targeting the right person through the right channel. ... You don't want to be spending money using channels in which the customer is not spending money back with you."
Furthermore, media spend is an important consideration for today's marketers, Jung said. Dedicating resources toward channels that customers are not using is insufficient and costly, according to Jung. And businesses that devote the necessary time and resources to learn about their clientele, Jung said, can avoid such issues: "You want to be able to link your audience and the individual identifiers so you're targeting the right person through the right channel. ... You don't want to be spending money using channels in which the customer is not spending money back with you."
Deploying an effective marketing strategy, Jung noted, can empower an organization to reach the right audience consistently. Being able to link advertising with customers to understand its value, Jung said, is crucial. Plus, having the ability to focus advertising spend on customers a business actually wants to reach, Jung said, can deliver exceptional results for a company.