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Wednesday, 06 April 2016

CMOs must master staggering complexity as customer experience overtakes mass advertising in importance, finds new EIU report

  • 86% of survey respondents say marketing will own the customer experience by 2020
  • Top marketing channels to customers in 2020—social media (63%), World Wide Web (53%), mobile apps (47%) and mobile web (46%)  
  • Customer loyalty and enhanced brand perception (53% each) are the leading benefits of personalised, consistent customer experience 

A report released today by The Economist Intelligence Unit (EIU) finds that marketing complexity is growing sharply. More than half of respondents to an EIU survey say the pace of technology change, mobile lifestyles and an explosion of marketing channels via connected objects and locations will change marketing the most by 2020, driven by myriad interactions they create between a company and its customers.

The path to 2020: Marketers seize the customer experience, sponsored by Marketo, is based on a global survey of 499 chief marketing officers (CMOs) and senior marketing executives. 86% of survey respondents say marketing will own the customer experience by 2020. To accomplish this, marketing leaders must have a single view of the customer that allows them to engage in two-way, personalised conversations across devices, channels, locations and physical objects.

The top marketing channels to the customer in 2020—social media, World Wide Web, mobile apps and mobile web—are those conducive to personalising the customer experience. Publishing-centric channels like TV, radio and print scored far lower.

CMOs are betting that a personalised, efficient and consistent customer experience will translate into customer loyalty and brand value. Survey respondents cited raising customer loyalty and brand perception as the top benefits they aim to realise through a more positive customer experience.

Gilda Stahl, editor of the report, said: "As millions of sensors, tags and beacons spread into physical objects and locations, marketers are moving away from just transmitting the same creative idea across technology and media platforms. Instead, CMOs are using data and analytics capabilities to understand a customer's immediate context and stand ready with relevant, personalised experiences—everywhere and anytime."

 

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Notes to editors
The path to 2020: Marketers seize the customer experience draws on an Economist Intelligence Unit survey of 499 CMOs and senior marketing executives. More than 50% of respondents hold the CMO title or top marketing position. The global survey was conducted in January 2016. Respondents are personally located in North America (27%), Europe (30%), Asia-Pacific (36%) and Rest of World (7%). More than 50% (52%) of survey respondents hail from companies with more than US$500m in revenue.

About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. The Economist Intelligence Unit helps executives make better decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information can be found at www.eiu.com or www.twitter.com/theeiu.

About Marketo
Marketo (NASDAQ: MKTO) provides the leading engagement marketing software and solutions designed to help marketers develop long-term relationships with their customers - from acquisition to advocacy. Marketo is built for marketers, by marketers and is setting the innovation agenda for marketing technology. Marketo puts Marketing First. Headquartered in San Mateo, CA, with offices around the world, Marketo serves as a strategic partner to large enterprise and fast-growing small companies across a wide variety of industries. To learn more about Marketo's Engagement Marketing Platform, LaunchPoint® partner ecosystem, and the vast community that is the Marketo Marketing Nation®, visit www.marketo.com.

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