New York Life selects SAP

44 Facts Defining the Future of Customer Engagement

Imagine having a single view of every customer interaction with your business at your fingertips.

From the time they walk into your stores or office, visit your website, tweet about your products, or reach out to your call center for help- all of these interactions would be available in a single view of your customer.  Now imagine how you can leverage that rich data to create a differentiated and seamless customer experience. A crystal ball is not required in order to envision the future of customer engagement but you will need to think beyond the traditional CRM to technology that can support the infinite possibilities and unique paths comprising your customers’ journey today.

The buzz on the street is all about the need for an omni-channel approach to engaging customers. B2B and B2C companies strive to deliver a seamless and consistent customer experience across all channels and touch points to customers, whether it is an in-person interaction at a store, a mobile device interaction, a phone call, a tweet, or an email. To achieve meaningful customer engagement, businesses must first integrate traditionally silo’d customer engagement functions—marketing, sales, and service—into a single platform.

The bottom line is that customers are in the driver’s seat now and many businesses that don’t have the technology and systems in place to support a holistic, omni-channel customer experience will be forced to take the backseat. Check out all 44 stats in the slideshare below to better understand the trends driving the future of customer engagement.

SLIDESHARE: 44 FACTS DEFINING THE FUTURE OF CUSTOMER ENGAGEMENT

More Stats on the Future of Customer Engagement:

  • 73 percent of marketers view customer centricity as critical to the success of their business and role at the company. (The CMO Council, Mastering Adaptive Customer Engagement 2014)
  • 70 percent of buying experiences are based on how the customer feels they are being treated. (McKinsey)
  • A two percent increase in customer retention has the same effect as decreasing costs by 10 percent. (Leading on the Edge of Chaos, Emmet Murphy and Mark Murphy)
  • 55 percent of consumers would pay more for a better customer experience. (Defaqto Research)
  • Customers who are fully engaged represent 23 percent premium in terms of share of wallet, profitability, revenue, and relationship growth. (Gallup State of the American Consumer 2014)
  • In the retail banking industry, customers who are fully engaged bring 37 percent more annual revenue to their primary bank than do customers who are actively disengaged. (Gallup State of the American Consumer 2014)
  • Fully engaged policy owners purchase 22 percent more types of insurance products than actively disengaged policy owners. (Gallup State of the American Consumer 2014)
  • Fully engaged hotel guests spend 46 percent more per year than actively disengaged hospitality industry guests spend. (Gallup State of the American Consumer 2014)
  • 86 percent of buyers will pay more for a better customer experience, but only one percent of customers feel that vendors consistently meet their expectations. (Forbes)
  • The majority of businesses are unable to support an omni-channel customer journey. (Forrester Wave Customer Service Solutions 2014)
  • Only 12 percent can provide a seamless hand-off between channels. (Forrester Wave Customer Service Solutions 2014)
  • According to a CEI Survey, 86 percent of buyers will pay more for a better customer experience. (Forbes)

Read all 44 facts defining the future of customer engagement.


This story previously appeared on SAPVoice on Forbes.