A new report conducted by the CMO Council and Sendwithus has shone a light on the deficiencies under which many marketers still labour when attempting to maximise their revenues, with 77% admitting that they weren’t fully realising the revenue potential of customers (a further 10% weren’t even sure how to answer).
This compares badly to the 76% who admitted the same deficiency in a similar poll 10 years ago leading the CMO Council to declare the industry to be mired in a ‘decade-long rut’.
Gaining Traction with Every Digital Interaction delves into the difficulties many evidence over bread and butter issues such as optimising the lifetime value of existing customers, with the majority still woefully ill-prepared to take full advantage of opt-in, triggered communications such as transactional email to strengthen their connections with customers.
A mere 36% of respondents leverage transactional emails in this way while 30% engage through triggered emails only to acknowledge a past transaction, not to foster a more meaningful relationship with the customer.
Liz Miller, senior vice president of marketing at the CMO Council observed: "Collaboration around the customer should not be an afterthought. Consumers are triggering communications, quite literally giving brands the go-ahead to continue communications. According to the BMA, 75 percent of revenue attributed to email is generated by triggered campaigns versus the traditional marketing campaign. Yet far too often, we view the triggered email as an operational byproduct of an action...a functional task that can be automated and not a valuable opportunity to continue a dialogue. To overlook this touchpoint is, quite plainly, to overlook revenue and growth opportunities."
The report was compiled from the input of senior marketers interviewed in early 2018 and follows a gloomy 2016 report which painted a picture of CMO's struggling to get a grip on omni-channel approaches.