It is no secret that personalization remains critical and leads to individualization, helping marketers create unique experiences for their audiences.
The latest report from NTT Ltd., titled “The Connected Customer: Delivering an effortless experience” came up with some striking findings. With the digital transformation of enterprises, market leaders are focused on hyper-personalization. Nearly 58% consider customer experience (CX) to be a primary differentiator – however, barely 8% of organizations are providing a fully functioning experience.
Even customers today are seeking personalized experiences, but most organizations are slow to respond – sadly, 12% of organizations revealed customers rate brand experiences as all satisfactory. And as per 6% of AI and robotics users, customers rate their experience at an acceptable level – unveiling the gap among emerging technologies and satisfaction levels.
According to Rob Allman, Senior Vice President of Customer Experience at NTT has reported having said – “Customer expectations are higher than ever – businesses cannot afford to fail in CX…However, most companies are missing valuable insights that are integral to better connect with and stay relevant to customers across every touchpoint.
By listening to the voice of the customer, integrating data across systems, in addition to adopting emerging technologies like AI and RPA, companies have the unique opportunity to gain a competitive advantage.”
Even in the era of Big Data, many companies are striving to align their CX strategies -it is high time enterprises to understand the need for personalization. For instance, the available customer data to be used to build a personalized experience is extensive. IBM confirmed that 2.5 quintillion bytes of data are generated daily, and 90% of the data has been created in the last two years.
The NTT report found that for the voice of customer (VoC) feedback, 56% of organizations have no formal process to consider, and 18% of them capture no input. While 26% define and track the value of customer experience, and 32% can connect data relationships between the channels. Most organizations leave the rest operating ‘blind’ without the view of the audience ecosystem.
However, with time the VoC feedback collection is improving – about 45% enhancement since 2019. At present, 8% perceive their VoC program at an advanced level spanning all the channels. An eminent CX strategy demands to improve customer and brand engagement, yet companies are stuck due to technology silos and lack of experiences.
Thus, “Businesses must look at how technologies such as AI and RPA can work as part of their organizational team structures…This data must also be compiled from across the business’s value chain in order to help AI realize its potential. Therefore, design thinking and an ecosystem focused approach are imperative.” – Rob Allman also mentioned.
The report cited, analytics (58%) is going to be the top factor for reshaping the CX industry in the next five years. This will be followed by artificial intelligence (AI) with 54%, technology integration by 44%, and service personalization by 42%.
With the dramatic shift in B2B marketing strategies and significant technological advances, the marketer will need to go the extra mile – to streamline their business functionalities and deliver the ‘advocacy’ level of CX!