Confederate Paper Money (1864)
Report: Experience-led businesses see double-digit revenue growth against laggards
New Adobe and Forrester research into the habits and spending behaviour of customer experience-oriented businesses shows emphasis on long-term engagement, leadership buy-in, tech investment and more
Experience-led businesses are putting long-term engagement over short-term wins, investing in a combination of people, Paper Money Value Chart , have more comprehensive leadership buy-in and are seeing stronger revenue and customer wins as a result.
Those are just some of the findings of new research undertaken by Forrester in partnership with Adobe. The Asia-Pacific edition of the global study, Those are just some of the findings of new research undertaken by Forrester in partnership with Adobe. The Asia-Pacific edition of the global study Paper Money Value Chart
Business Impact of Investing in Customer Experience – A Spotlight on Asia Pacific
, were released today to coincide with the vendor’s Digital Marketing Symposium in Sydney.
The research involved a survey of business professionals from more than 1300 companies globally, including 445 across the Asia-Pacific region. It sought to understand the investments and focus being placed on 17 categories that reflect an experience-led business across people, process and technology, an
According to the regional findings, 29 per cent of respondents overindexed on these experience qualities, making them ‘leaders’ in experience-driven business. Industries found to be outperforming included those digitally disrupted first: Financial services, retail and media. The organisations leading on this front also tend to be larger, with at least 10, with at least 10 Paper Money Value Chart
Those classified as experience-led businesses were found to achieve average revenue growth rates of 23 per cent across APAC, compared with 13 per cent of other companies surveyed.
Detailing the findings during a press briefing, Adobe head of digital transformation, Scott Rigby, said the hypothesis behind the research was to ascertain the extent to which businesses leading the
charge were outperforming and outinvesting their laggard counterparts.
What it found was those leading the pack are spending 2.1 times the budget on platforms and tools to drive experience, with specific budgets for 8.7 of the 17 categories surveyed and 8.4 per cent of additional budget next year going to driving CX, against 3.1 per cent across the laggards. The categories listed include org structure, collaboration, employee experience, metrics, training, insights-driven decision making, CX and marketing technology investment and Agile development.
Experience-driven businesses are also sacrificing short-term pain for long-term gain, reporting a greater year-on-year average increase in time to market (2.2 times) than firms more likely to go to market in silos. This is because they’re focused on cross-channel experience design in greater numbers, and have growing budgets for mobile, Web and physical design. They’re also spending more on marketing and CX initiatives such as loyalty programs, customer analytics and real-time interaction management.
As a result, experience-led businesses are seeing 1.8 times the customer attention in terms of brand awareness, and activating that at 1.7 times the rate of those lagging behind. New customer growth is also growing at twice the rate of their less experience-focused counterparts, while average customer order sizes are 2.3 times higher. In addition, the emphasis experience-led businesses have on increasing lifetime value is equating to 1.9 to 2.3 times the year-on-year growth in areas such as customer retention, customer satisfaction rates and repeat purchase rates.
The data and insight behind Penrith Panthers' new-look customer loyalty program
"It's driving customers to not only spend more money with you, it's also tangibly turning into customer satisfaction," Rigby said. "Thee experience-led businesses are starting to see more repeat purchases, increases in average order value, and turning loyal customers into advocates for your brand. This investment into customer experience is driving metrics across the board."
What’s more, employee satisfaction is 1.6 times higher in experience-led business. Notably, the report also found those in the leaders camp had 3.8 times the leadership buy-in of other organisations, and that their leaders are outperforming the laggards by a factor of 4.3 times.
The report also showed a tighter correlation between being an experience-led business and investing in a wider array of experience assets and tools to build personas and personalisation, as well as linking this to customer journey mapping. Experience-led organisations are in fact 2.8 times more likely to invest into building personas.
Rigby said it’s clear building a customer experience-led business isn’t easy. “In fact, it can be quite painful, an i doesn't happen overnight,” he admitted. “The businesses being recognised as experience-led businesses made long-term investments into customer experience.
Yale University says you’re missing this marketing advantage
"Businesses need to start making these investments if they're not already on this journey now, because in many cases you're being left behind. It's not just the dollars, but having the mindset and mindshare from your leaders, the input from the organisation and to make sure you have the breadth of employees invested in this."
What digital marketing transformation can do for the Australian Red Cross Blood Service
Woolworths reports stronger sales, earnings and customer scores
Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.
Membership is free, and your security and privacy remain protected. View our
Building a single view of the customer without being creepy
ACCC approves acquisitions of Adshel and APN Outdoor ...
ACCC slams Trivago for misleading consumers with mainstream advertising
Temple & Webster flags marketing strategy shift, tech innovation in full-year financials
Heinz hit with $2.25m in penalties for misleading advertising claims
ADMA brings on former Jurlique brand chief as new CEO
Australia’s DIGITAL MARKETING & CUSTOMER EXPERIENCE MATURITY
This new editorially-led research program, Australia’s Digital Marketing and Customer Experience Maturity, was produced by ...
CMO's State of the CMO is an annual research initiative aimed at understanding how Australian ...
Customer value proposition: Getting the brand promise to your customers right
Throughout my career, I have witnessed a litany of brand names that profess to have a unique customer value proposition (CVP). In reality, however, they’ve had little more than a ‘value proposition’: A simple list of benefits applied to a general audience.
Global director of marketing and communications, Norman, Norman Paper Money Value Chart
Once upon a time, life was easy: You developed products, placed them in a well-located retail shop, wrapped them under an attractive brand and hired the best creative in town to promote them. Many business and brands were successfully built on this approach, even if it wasn’t always that easy.
During the recent CMO Momentum conference, Paul Mitchell shared how marketing leaders can create cultures that deliver
How might someone past their student days stay relevant by doing this type of highly relevantcourse to upskill in the digital marketing...
Why RMIT is partnering with Adobe for digital marketing learning
For all those following the EU instead of leading, fall marketing of plants must be the greatest market gap in history. The U.S. Thrives ...
Yale University says you’re missing this marketing advantage
APPLICATION NOW AVAILABLE FOR LOAN SEEKERS Call/Text +1(702)536-4324 Email franciscojinvestments@gmail.comAttention, we are investors pro...
JWT's Mirum digital agency ramps up Australian push
Very nice. I will make a you tube video on this subject, Black Sheep Cyber,
Paper Money Value Chart
Attention, we are investors providing reliable loans to individual and funding for business and projects start up. Do you need a reliable...
ADMA brings on former Jurlique brand chief as new CEO
CMO Webinar | Creating memorable customer experiences: The who, what and how
Lessons from the best: Modern marketing leadership strategy from the CMO50
Getting Intimate with CX bonus episode: Louise Eyres on showing customer centricity
In this bonus last episode of this new podcast series, BrandHook MD, Pip Stocks, talks with former ANZ group general manager of marketing, Louise Eyres, talks about the importance of thinking like a customer and using intuition to solve customer painpoints.
Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.
0 Reviews:
Post Your Review