Should Chief Marketing Officers be customer experience experts? Looking at the increasing trend of CMOs becoming the chief managers of customer experience (or CX) for their brands, the answer is a resounding yes.
According to a recent Gartner study, a considerable number of CMOs say the most-increased expectation their CEOs have of them, is that they lead customer experience. A corroborating report by Salesforce ExactTarget Marketing Cloud and Deloitte, titled “Bridging the Digital Divide: How CMOs Can Rise to Meet Five Expanding Expectations,” names customer acquisition, personal experiences and customer engagement as the top three external marketing priorities of a CMO. Sanjay Dholakia, CMO at Marketo, even goes so far as to say that by 2020, CMOs will have become responsible for the entire customer journey.
While CX may not traditionally be regarded as a marketing function, new research unequivocally proves it to be not only a decisive factor in brand identity, but also in differentiation within the marketplace. Customer expectations have evolved: a 2015 study found that 42% of Americans would turn away from a brand after just two negative experiences.
Positive customer experiences, on the other hand, not only influence the way a bank is perceived, but also play an active role in retention and repeat business through customer loyalty, and eventually in increased revenue. According to the Gartner study, 89 percent of companies expect to compete mostly on the basis of customer experience in 2016. Whereas the quality of customer service was once seen as a separate, ‘internal’ issue, nowadays it’s an inextricable and decisive factor in a bank’s advertising and marketing strategy.
That said, the question is not whether CMOs should become the stewards of their bank’s CX. The question is: are they up to the task? “It’s a new expectation and it’s a difficult expectation,” says Laura McLellan, VP-Marketing Strategies at Gartner.
When the study asked CMOs about the areas in which they’d made the most progress, customer experience came in last.
Clearly it’s not just customers who are on a journey; a lot of CMOs have journeys of their own ahead of them. Challenges include tying together web, commerce, and mobile technologies to not leave any gaps in quality; centralizing customer data; and providing customers with the best possible interactions with every part of the bank, down to each branch.
This may sound daunting, but like every journey, building up great CX starts with a single step. There is no need for CMOs to reinvent the wheel: the expertise to research customers’ experiences and help enhance them is already at hand. CSP has nearly 30 years of experience with customer satisfaction research and improvement, specializing in financial services. Our seasoned experts and proprietary tools can help you along your individual journey.
One thing is certain: as marketers invest more in improving customer experience, and banks adopt CX as one of their most important strategies for staying ahead of the competition, no CMO can afford to stay behind. In order to be prepared for the future, take the first step now.