New Study: Companies Focused on Customer Experience See More Success
Companies have been touting the importance of customer experience (CX) in achieving their goals and overall success for years. The rhetoric surrounding the role of CX in business strategy has certainly become more buzz-worthy in recent years, and Adobe’s 2020 Digital Trends report gives credibility to that approach by demonstrating strong support for its part in elevating leading companies above the rest.
If you’re curious to know more about the approach of the study, before we dive deeper into its findings, you can read more on page four of the report.
This tenth edition of Adobe’s Digital Trends report surveyed 12,740 qualified marketing, advertising, ecommerce, creative, and IT professionals working for both brands and agencies, with 60% of marketers being client-side. For more information on the demographics of the report, you can check out page 17.
The major theme throughout the 2020 report was the advantage companies who prioritize CX have over those that don’t. In fact, the report states that companies leading in CX are more successful than their peers and are “three times more likely to have significantly exceeded their 2019 business goals.”
The report also found that CX leaders are primarily concerned about customer journey management and nowadays, that customer journey is more complex and unpredictable than ever before. It goes on to say that in today’s market, it can only really be understood and managed in real-time while putting customer data at the center of marketing. This means that personalization for the individual should be priority and despite it being a top focus for marketers (as shown in the figure below), this type of approach is only in place for 38% of the largest companies. Companies in general typically prioritize their websites when evaluating how to adjust customer journeys, but they are missing out on a key area – Advertising. Advertising has become an enormous part of that customer journey and video advertising in particular has the capability to deliver real-time individual experiences for customers.
The final takeaway we have from the Adobe report is centered around Artificial Intelligence (AI). As noted above, not only do customer journeys need to be more personalized, but they also need to be adaptable in real-time. Here’s where AI can come in. The Digital Trends report found that AI has become a worthwhile investment for marketers and advertisers within the leading CX companies. This is because it targets the pain points this group faces by increasing efficiency and enhancing customer experience. When thousands of viewers are “viewing unique content” and companies are looking to better personalize the individual customer experience, AI can interpret the necessary data to provide them this experience. According to their survey responses, “Many companies are using this technology to improve fundamental commerce applications from product recommendation, dynamic pricing and retention marketing.” In particular, video recognition and automated offer management has seen a 100% growth.
Advertisers should be creating a more individually specific ad journey by seeking out how both current and prospective customers think and feel about their brand, products, or services. At ViralGains, we put the customer’s voice at the center of this journey through a variety of tactics that ultimately focuses on interactive and engaging video advertisements.
Whether it’s creating increased loyalty and advocacy through our Brand Love strategy or improving low brand perception through our Persuasive Ad Journey strategy, we can help boost customers’ experience with a brand in a measurable way. Interested in learning more about what that looks like? Then get in touch, today.