Push Customer Retention by Richer Customer Experience: The CMO strategy

Customer Experience, CX, Martech, Customer Retention, CMOs, 2020, Gartner, Marketing, Marketers, Marketing Stack, Digital Transformation, CIO, Automation, Analytics, Personalized Marketing, marketing automation, marketing automation tool, marketing bots
Push Customer Retention by Richer Customer Experience the CMO strategy

Marketing strategies have evolved over the years, with untold variation and new technologies coming in. CMOs are confused regarding their focus on retaining customers in 2020.

Enriching customer experience is a big driver for the digital transformation journey, and its significance has increased over the years. Most marketing teams have realized that the customer experience that a company delivers could make or break them. Currently, over 50% of consumers feel that firms need to try harder, and keeping the amount of technology available in the market, they need to be more innovative. The new and modern face of “marketing” isn’t just about putting up ads and promoting the company’s name. It’s more about figuring out the best way to meet the customer’s expectations and earn loyal returning customers, using the latest tech tools. Unless CMOs keep up with the pace of digital transformation, they will be left behind.

4 Trends for Customer Experience Innovation

Though priorities vary across different industries, few very distinct objectives remain common across sectors. Below are a few essential points that CMOs needs to put at the top of their to-do list, to enrich CX and get more returning customers:

CMOs need to remain relevant and add value

Experts have suggested that the role of the CMO itself is in jeopardy in the next few years, with some companies already eliminating the position instead of other tech-focused roles, like CIOs. At the base level, this is one of the most critical things CMOs need to focus on in 2020. CMOs need to prove their relevance by providing insight and strategic value beyond the AI bots and marketing automation tools to add value and human touch.

Omni-Channel focused, the cohesive multi-channel experience should be delivered to customers

With so many channels that customers are exposed to today, creating a unified experience is a challenge. Meeting this challenge needs a lot of effort and planning. Consumers are still struggling to have a low-friction multi-channel experience. CMOs need to focus carefully on customer journey mapping to deliver cohesive multichannel experiences. This forms the foundation of the marketing plan as these multi-channel experiences are quickly evolving towards delivering Omnichannel experiences.

Be result-oriented and keep it simple

Like all other business processes, marketing is also going through a digital transformation, and the martech market is now worth $121.5 million globally. There are lots of new technologies out there to assist CMOs and their respective departments to do their marketing activities better. In 2020, the smarter CMOs will focus less on the martech and prioritize on purpose behind adopting those martech solutions. They need to figure out how to derive the most out of the simplest and the least-fragmented system. A simpler martech stack can drive everything from easier configuration to better security to create the best-designed customer experience.

Improved personalization with automation

Companies need to fix their CRMs to deliver the content customers really want to see. This year, as companies become increasingly familiar with data automation and analytics, more on-target personalized marketing should emerge overall.

The 5 New Ps of Marketing That Drive Digital Transformation- The Power of Personal Touch

Lastly, this year, CMOs need to realize that they cannot function in isolation; they need to continuously collaborate with data officers, information engineers, technology vendors, and tech strategists within their company to make the smartest and most strategic decisions for their employees and customers.

In 2020, CMOs need to prioritize their objectives correctly, or they may be crushed by the deluge of technologies unless they prioritize the customer over technologies.