Only 26% global companies say they have a well-developed strategy for improving multichannel customer experience, according to [download page] a November 2011 report from Econsultancy in association with Foviance. Data from the “Multichannel Customer Experience Report 2011” indicates that although the proportion of companies with a well-developed strategy has increased 18% from 22% of respondents in 2010, there has also been an increase in the proportion with no strategy in place, from 9% to 13%. Agency findings show an even more distinct lack of penetration: just 8% say their clients have a well-developed strategy. However, there appears to be some movement from a complete lack of approach (21% this year vs. 24% in 2010) to early development of customer experience strategies (71% this year vs. 68% in 2010).
Link With Performance Well Understood
Interestingly, even though companies do not have well-formed strategies, they appear to be convinced of their necessity: as with 2010, more than two-thirds recognize a link between long-term business performance and customer experience, while less than 1 in 10 deny any link. Supply-side respondents are less enthusiastic: just 44% of agencies say their clients typically recognize a strong link between business performance and customer experience.
Sales and Loyalty Leading Metrics
Two-thirds of companies say they use financial data such as sales and revenue to measure the effectiveness of the customer experience, followed closely by customer retention and loyalty (65%). This is close to double the proportion that measure social media sentiment (36%) and profitability (34%). Loyalty (70%) and sales / revenue (69%) also lead among supply-side respondents, although they display more a preference for cost-to-serve metrics than their company counterparts (28%, compared to 18%).
3 in 4 Use Web Analytics
Web analytics (77%) are the most widely used source of data by companies to measure the effectiveness of the customer experience, followed by customer satisfaction surveys (72%). While half use social media and call center data, slightly more than one-third use ad campaign analysis. Among agencies, customer satisfaction surveys (72%) and web analytics (66%) are also most popular.
Forrester: Cross-Channel Insight Biggest Interactive Challenge
The greatest internal challenge facing interactive marketing organizations today is understanding customer interactions across online, mobile, social and offline channels, according to a June 2011 study from Forrester Research and ExactTarget. Data from the study indicates a leading 48% of mid- to senior-level US interactive marketers rate understanding cross-channel interactions as one of their top three internal challenges. Meanwhile, regardless of current use, a combined 54% of interactive marketers said web analytics tools would be one of the three most effective tools in helping overcome their current marketing challenges. This made web analytics tools far and away the tools viewed as helpful by the largest percentage of respondents. The next-most-popular tools, customer data hubs, were only rated in the top three by a combined 34% of respondents.
About the Data: The Econsultancy report is based on a survey of more than 650 global respondents to an online survey carried out in June and July 2011. Respondents included both client-side (in-house) and supply-side respondents (i.e. those working for agencies, consultancies or technology companies with an interest in customer experience).