Giving customers or prospects the best experience possible is an age-old business goal. By facilitating more relevant, personalized direct marketing and customer interaction, advances in technology are allowing us to get closer to realizing that ambition than ever before. Personalization has a tremendous impact on customer acquisition by improving customer conversion ratios. It also improves customer satisfaction across the entire customer relationship lifecycle.
Yet despite its importance, CMOs report they are lagging in execution. While 68 percent of CMOs say it’s important to create value from digital channels, only 13 percent of CMOs say their organizations’ performance is leading-edge. Additionally, digital orientation–which Accenture defines as working across the organization to infuse a digital focus in all business processes and functions–has the largest “performance gap,” which is the spread between performance and importance, among the five major marketing capabilities queried: digital orientation, marketing operations, customer analytics, customer engagement, and innovation.