The role of CMO continues to evolve. Today’s CMOs are largely responsible for the customer experience, as well as leveraging the right technology to provide exceptional CX. They are tasked with being both innovative and profitable. And they are key players in the organization’s digital transformation effort.
Yet, despite the growing influence of CMOs, marketing budgets have largely remained stagnant. How can CMOs make their marketing dollars work smarter, not just harder? The key is to invest in initiatives that improve the customer experience, support the organization’s innovation and digital transformation goals – and have a quick and quantifiable ROI.
How does marketing improve the customer experience?
According to the most recent CMO Spend Survey from Gartner, customer experience (CX) is one of the top three priorities for CMOs, with nearly one-fifth of the marketing budget allocated to CX initiatives. As technology has become the primary method for enhancing CX, it’s not surprising that the investment in marketing technology has grown to nearly one-third of the CMO’s budget (29% in 2018, up from 22% in 2017).
Personalization efforts also make up a sizeable portion of the marketing budget, with an average of more than 14%. Consumers have come to expect tailored offers and relevant, personalized communication, both before and after the sale. Marketers are being challenged to meet these expectations while respecting and protecting consumer data privacy.
According to Gartner, only 1 in 6 marketing dollars is spent on innovation, even though many CMOs believe that innovation is becoming more important to the success of their marketing strategies. Of those surveyed by Gartner, CMOs reported that they would like to achieve an innovation maturity level of 4.3 (on a scale of 1-5). However, they rated their current maturity level only 2.2 on average.
Registria helps brands improve the customer experience.
Technology, personalization, and innovation are the winning trifecta for CMO’s to improve the customer experience. The challenge is in understanding how to innovate from your customers’ point of view. This requires the right technology – a proven solution that helps your brand make a deeper connection with customers and makes personalization scalable while balancing cost, convenience, and customer privacy.
Registria provides an integrated marketing technology solution that helps brands connect with their buyers from the moment they begin interacting with their new product. This onboarding moment begins the Ownership Experience, a series of engagement opportunities that continue through the life of the product.
By uncovering who their buyers are, along with significant data points such as which product they purchased and other behavioral insights, brands are better equipped to personalize timely interactions that engage the owner with the brand, and beyond the product. From product notifications to service recommendations to subsequent offers, brands are able to leverage the moments that improve the customer experience and lead to owner satisfaction, loyalty and advocacy.
This innovative approach to product registration and the post-purchase customer journey has brought tremendous value for Registria’s clients, who are realizing an average five-time return on investment from their aftermarket campaigns. Using our marketing technology solutions, brands are able to connect with and know more about their actual customers. This connection enables them to have more direct and value-added communication with existing customers, which delivers additional high-value revenue for the brand and greater owner satisfaction for customers. The best part is that this approach delivers greater efficiency and a higher ROI compared to other traditional marketing approaches. It’s simple math.
For CMO’s whose goal is to improve the customer experience, increase innovation and revenue, and better meet customer expectations around personalized communication, investing in the Ownership Experience is a smart move.
Want to hear a real life story that brings together the latest innovative technology and customer experience? Join us April 3 to learn how Cuisinart built a high-performing, digital ownership experience!