COVID-19 forced companies to think about digital business transformation. As a result, we’ve seen more significant technological investments that allow businesses to unlock customer experience. However, businesses are still not keeping up with the pace of digital marketing technology, and it might cost them in the long run.
What is customer experience, and why is it so important
Customer experience is the feeling your customers have about your brand. It starts when they first hear about your business and continues throughout the entire customer journey.
The term refers to every touchpoint between a business and a customer. It encompasses advertising, product features, customer service, ease of use, reliability, and more. Every interaction is an opportunity to build goodwill and loyalty, and the businesses that recognize the power of customer experience have a critical edge.
A positive customer experience is vital. If a customer is happy, they are more likely to keep using your product or service. Additionally, they are also more likely to recommend your product to their network.
These recommendations can hugely boost growth and revenue in an era when we’re all very connected digitally. Over recent years, many businesses have used a product-led growth model that prioritizes user experience and relies on virality to market their product or service.
While that approach won’t work for all businesses, it demonstrates the sheer power of giving customers a delightful and valuable experience.
Advantages of a great customer experience
An excellent customer experience helps businesses in three main ways.
● Facilitates brand loyalty
● Boost customer retention
● Increase the chances of a customer becoming an advocate
Recently, customer acquisition costs (CAC) have gone through the roof. More businesses moving online has increased competition for paid ads. Additionally, changes in data privacy laws have reduced the precision of online advertising.
Retaining your existing business is vital in an era where winning customers is becoming more challenging.
A great customer experience is one of the best ways to achieve that goal. And digital marketing technology has a huge role to play.
How digital business transformation and customer experience go hand in hand
A considerable aspect of digital business transformation initiatives focuses on delivering a great customer experience. But how are the two concepts related?
There are a few things going on here. Firstly, customer expectations have changed in recent years. Smartphones and other technological advances have opened up new possibilities. Customers want more personalized, immersive, and relevant interactions with businesses.
Secondly, there are lots of companies out there who have made the customer experience a central part of their offering. Competition against these businesses means adopting a similar approach.
89% of companies compete on customer experience alone. Or, to put it another way: even if your offering is just as good as your competitors, you’ll lose market share if you offer a poor customer experience.
Put simply — customers want a better experience. With the rise in digital marketing technology, businesses have the possibility to offer it to them. Smart shopping, analytic tools, and immersive technologies are just some marketing technology available to companies who want to boost customer experiences.
However, despite the obvious benefits, not everyone has embraced a digital business transformation. And there are a few reasons for that.
Why are some brands not ready for marketing technology?
Tools that offer greater personalization, better data, and an overall enhancement of the customer experience are out there. They’re affordable, accessible, and easy enough to implement. Also, they offer some significant advantages and proven advantages.
As shown in a recent McKinsey report, a good customer experience transformation can:
● Increase sales by 15–20%
● Improve customer satisfaction by up to 20%
● Reduce customer service costs by up to 50%
So, why are some businesses not on board?
Is it because businesses don’t see the value in technology that offers excellent experiences? No, not quite. The real reason for some brands’ reluctance to fully embrace marketing technology is fear of failure.
Transformations are hard. Like any type of change, they carry an element of risk. For some people, it’s easier to keep things as they are.
Rory Sutherland, the marketing genius at Ogilvy, touches on this point in his superb paper “The Objectivity Trap.”While he was mainly talking about the gap in B2B and B2C marketing, his point still stands.
As Sutherland suggests, businesses like to see themselves as logical. However, to paraphrase the Ogilvy vice-president, no one ever got fired for playing it safe. The corporate world is full of people who are afraid to embrace change precisely because it involves rolling the dice.
An unforgiving corporate culture can result in stasis. Disrupting the status quo can lead to blame and, ultimately, termination or reputational damage.
However, there is an extra wrinkle to this when it comes to digital marketing technology. The pace of change is immense. Each day, new creative tools are released to the market. Established names, like Adobe and Salesforce, are constantly pushing the envelope and producing quality products with the help of their partners like virtusa
Many CMOs are struggling to keep up. They’re constantly researching digital marketing software. With such a wide array of choices out there, they are under pressure to select the best tools.
However, some organizations move at a glacial pace. By the time they’ve researched and risk analyzed a product, quicker-moving competitors have already adopted these new tools.
How business can fully embrace a customer-centric approach
Truly embracing the customer experience relies on the support of the entire organization. Everyone needs to believe in the power of customer experience, or it won’t work.
The best customer experiences involve showing genuine care. They are about treating people as individuals and tailoring an experience around their preferences. Additionally, it’s about offering them something a bit deeper, like immersive technology.
One of the best ways to give your audience the personalized experience they deserve is through revolutionary tools like Adobe Experience Cloud.
Bring the best ideas to life faster: how Adobe Experience Cloud can boost customer experience.
How people shop has changed significantly in recent years. Online shopping accounts for about 20% of all retail sales. That number is growing every year.
As people move online, they want better experiences. Customers understand their data is valuable. However, they are generally happy to share it if it means a better overall shopping experience.
Platforms like Adobe Experience Cloud and partners like Virtusa offer some amazing benefits. Here are just a few of the reasons why businesses should adopt these tools.
In times of great economic uncertainty, businesses may have to do more with less. Tools like Adobe Experience Cloud offer companies a way to scale down spending without compromising on user experience.
Additionally, these tools are fantastic for smaller teams trying to get the most out of their budget.
Better data helps drive excellent customer experiences. Yes, marketing is an art. But it’s also a science. Making decisions on budget requires a deep understanding of your target audience. Adobe Experience Cloud offers businesses superb analytics that they can use to inform big and small marketing decisions.
Many consumers are exhausted by marketing and advertisements. With so many campaigns running simultaneously, breaking through the noise can be challenging. Adobe Experience Cloud allows businesses to understand their audience and deliver more effective, personalized ads.
Digital marketing technology like automation allows businesses to do a lot without a huge, dedicated team. Additionally, it facilitates a swift market response. In a fast-paced digital world, the ability to react quickly is a prized asset.
Adobe Experience Cloud allows teams to be more agile and share content more easily.
Another great aspect of Adobe Experience Cloud is how it helps create extraordinary customer journeys. By combining marketing, analytics, and advertising, teams can give customers unique experiences, like smart shopping and immersive technology.
How hyper-automation is changing the game
Automation is something that every business should invest in. It saves time and money and frees up employees to focus on their key tasks. However, while we have seen many companies invest in automation tools in recent years, they still haven’t reached their full potential.
One problem that was brought up in a recent Forrester Adobe webinar was termed “automation myopia.” In effect, this leads businesses to:
a) take a siloed approach to automation
b) implement similar automation solutions across all departments
The consequence of this approach is failure to get the most from automation. Worst-case scenario, automation myopia leads to investments that fail to produce an ROI.
Again, this comes down to committing to digital business transformation. If management truly believes in offering an excellent consumer experience, they need to ensure they implement tools that allow a customer-centric approach.
Conclusion
We are living through a golden age of digital marketing technology. However, not all businesses are fully on board.
Digital marketing technology affects everything, from customer retention to revenue and brand awareness. Embracing these tools has many advantages, but companies must commit fully to get the full benefit.
Competing in our current marketplace requires taking a chance. The power of customer experience is clear to see. Businesses need to do what they can to unlock its benefits. Talk to us Virtusa to know more about how we can help you #transform your business #digitallyand #Wow your customers in the digital economy.
