The study found marketers are far too easily dazzled by dollars and as such are losing sight of deeper gains to be made by building emotional rapport and loyalty – with 43% of those surveyed admitting that ‘transactional’ advantages are the overriding priority for their organisations.
As a result of this bias a paltry 11% of marketers have full confidence in attaining predicted levels of growth, profitability and engagement.
Loyalty That Lasts: Evolving Growth Strategies to Activate Emotional Connections with Brands was produced in partnership with Cheetah Digital and details how just 18% of respondents push deeper relationships by establishing two-way conversations.
At the other end of the scale 44% admitted to spending their time gathering customer data without engagement and a further 38% struggling to engage substantively.
Liz Miller, SVP of marketing at the CMO Council said: “What this research shows is that marketers are rightfully focused on ways to deepen their bonds with their customers, knowing that this bond can help crystalize customer behaviors and intentions while clearing a path to enriched engagement and more profitable long-term relationships. The only problem is that too many of these organizations are building relationships with line items and invoices, instead of the actual people behind the voice and the transaction.”
Conceding they have a problem 44% of respondents wished to provide more relevant experiences while 4% work to gain a more unified view of their customers and 42% strive to deepen engagement.
The CMO Council has previously warned that advertisers are mired in a decade long rut.