According to a new study released from IBM, a massive perception gap exists between how well businesses think they are marketing and the actual customer’s experience.
The U.S. study, developed by Econsultancy, found that almost 90% of marketers agree that personalizing the customer experience is critical to their success. But, nearly 80% of consumers stated that the average brand doesn’t understand them as an individual, serving up a bit of a conundrum for marketers.
To gain greater insight into both sides, Econsultancy conducted two U.S. studies, the first with marketing professionals from 276 consumer companies, most with revenues in excess of $1 billion. The second study features direct responses from 1,135 consumers, the same people who are transforming the decade of digital into the decade of experiences.
Here are some key findings from the study:
Only 37% of respondents believe their preferred retailer understands them as an individual
Only 22% of respondents say the average retailer understands them as an individual
Only 35% of consumers said the communications from their preferred retailers are "usually relevant"
According to IBM’s Digital Analytics Benchmark, shopping cart abandonment rate continues to rise, reaching 73.7% in March 2015.
According to the study, only 34% of marketers said they do a good job of linking their online and offline customer experiences
Only 37% of marketers say they have the tools to deliver exceptional customer experiences
“The customer is in control, but this is not the threat many marketers perceive it to be,” said Deepak Advani, General Manager, IBM Commerce. “It’s an opportunity to engage and serve the customer’s needs like never before. By increasing investments in marketing innovations, teams can examine consumers at unimaginable depths including specific behavior patterns from one channel to the next. With this level of insight brands can become of customer's trusted partner rather than an unwanted intrusion.”
Marketers that successfully deliver customer experiences are that much closer to the goal of brand advocacy and customer trust.
“The fundamental thinking behind digital marketing has shifted,” said Stefan Tornquist, Vice President Research for the Americas at Econsultancy. “The goal of providing the right message to the right person at the right time is now just a part of the larger puzzle. The real challenge is providing the right experience for the right person at a time that’s right for them. At the center of it all is the marriage of marketing and technology and a commitment to innovation that’s driven by individual customer needs.”