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customer service

Insights2020: Facing 2020 with 20/20 Vision

During Advertising Week in New York, Millward Brown Vermeer presented the initial findings from the Insights2020-Driving Customer-Centric Growth Study.  This study was undertaken in partnership with The Advertising Research Foundation (ARF), ESOMAR, LinkedIn, Kantar, and Korn Ferry.

Insights2020 examines the drivers of customer-centricity and describes how being a customer-focused company impacts business and financial performance. The research revealed a number of striking differences between over- and under-performing organizations, and all tie back to three key dimensions of customer-centric growth: Total Experience, Customer Obsession and Insights Engine.  

Among these findings:

-74 percent of companies that over-perform on revenue growth create customer experiences based on data driven insights as opposed to only 30% of the under-performing companies.

-83 percent of revenue growth over-performers link everything the company does to its brand purpose, as opposed to only 31 percent among revenue growth under-performers.

-62 percent of over-performers leverage insights and analytics to drive consistency across all customer touch-points, only 26 percent of under-performers do.

-In 78 percent of over-performing companies, customer-centricity is fully embraced by all functions whereas this is only true in 12 percent of the under-performing companies.

-66 percent of all over-performers are working to link their disparate data sources, compared with only 33 percent of under-performing companies doing so.

-The Insights and Analytics function reports straight into the CEO in 33 percent of over-performer companies; this is true for only 13 percent of the under-performers.

This study was based on more than 325 in-depth interviews with senior marketing and insights leaders, and 10,000+ interviews with practitioners across 60 markets

These initial findings are being presented this week at the ESOMAR Annual Congress in Dublin, Ireland; as part of Advertising Week in New York with the ARF; and in Austin, TX, at The American Marketing Association (AMA) Annual Meeting.

The attached press release provides additional details about the differences between over-and under-performing organizations and the impact of customer-centricity.

 

Immediacy and Its Importance to Digital Sales and Service Channels

 

Scott Heron, writing for ClickZ, discusses the gap between consumer expectations of digital sales and service channels and the ability of companies to meet these expectations.

Customer inquiries or complaints need to be handled quickly, but how quickly?

More than 50% of Twitter users expect a response in less than two hours, according to Heron.  He points out that the response time depends on the complexity of the customer’s request, and the degree of input required from legal or product specialists.

In terms of purchasing, Amazon, Google, and Facebook are all involved in launching or piloting one-click ordering systems.  The goal is to remove the friction in the sales channel for the consumer.

Both corporate revenue and reputation will be positively impacting by satisfying the consumer’s demand for immediacy.

 

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For more on this topic, check out the Advertising Tab in Morning Coffee.

 

 

 

Customer Service and the Expectations of Millennials

A study from Aspect Software analyzes the customer service expectations of different generations.

Millennials expect a rapid and convenient channel for customer service interactions.  Texting represents an opportunity for brands to address the customer engagement preferences of Millennials.

Jack Loechner, writing for the Research Brief From the Center for Media Research, summarizes the findings from this study, which includes these points about Millennials and customer service:

-56% moved their business from at least one company during the past year due to poor customer service.

-More than 50% reported that their customer service expectations have increased over the past three years.

-69% feel good about themselves and the company they are doing business with when they can resolve a problem without speaking to customer service.

-This generational segment is more “experience-loyal” than “brand-loyal.”

An effective customer service strategy will address the preferences of Millennials for omni-channel support and self-service.

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