More Related Content Similar to Webinar Featuring Forrester Customer Experience for the 'Right Now' Economy (20) Webinar Featuring Forrester Customer Experience for the 'Right Now' Economy1. The Evolution To Real-Time Customer Experience
Optimize Customer Experience With CX Data Platforms
Key Findings From Forrester Thought Leadership Study
May ,2017
Tony Costa
Principal Analyst, Customer Experience
Forrester
David Waugh
Senior Vice Present
DataStax
3. The Forrester Thought Leadership on CX
Commissioned by DataStax in January 2017
The Objective
Independently evaluate the market awareness of Real Time CX,
and the importance of a CX Data Platform to support advanced
CX capabilities.
© DataStax, All Rights Reserved.3
4. Study Background
Demographics / Data
Commissioned by DataStax in
January 2017
© DataStax, All Rights Reserved.4
Forrester conducted an online survey of 206 cross-industry organizations
“In which country are you located?”
US
53%
Germany
11%
UK
24%
France
11%
“Which title best describe your position at
your organization?”
“What is your level of responsibility when it
comes to customer experience initiative at
your organization?”
51% C-level
executive or VP
49% Director
I influence decisions
15%
I am the final decision maker
59%
I am part of a team
making decisions
26%
6. © 2016 Forrester Research, Inc. Reproduction Prohibited 6
Agenda
› Companies miss the mark with customer
experience
› Evolve your strategy from personalization
to individualization
› Recommendations
7. © 2016 Forrester Research, Inc. Reproduction Prohibited 7
Companies Miss The Mark
With Customer Experience
8. © 2016 Forrester Research, Inc. Reproduction Prohibited 8
Delivering on all five market imperatives is the
key to success in the age of the customer
Drive business
growth with privacy
Turn big data into
business insights
Embrace the
mobile mind shift
Accelerate your
digital business
Transform the
customer experience
Age
of the
customer
9. © 2016 Forrester Research, Inc. Reproduction Prohibited 9
Why care about CX?
5.1x
revenue growth of CX
leaders over laggards
4.5x
willingness to pay a price
premium of customers who
have excellent versus very
poor experiences
Source: Forrester analysis of US Securities and Exchange Commission filings by Amazon, AT&T, Charles Schwab, Comcast, E-Trade, Edward Jones, Morgan
Stanley, Southwest Airlines, United Airlines and Walmart from 2010 to 2015
Source: Forrester’s Customer Experience Index Online Survey, US Consumers 2016
10. © 2016 Forrester Research, Inc. Reproduction Prohibited 10
Firms say they are successfully executing their
CX strategy…
How successful is your organization currently at executing your customer experience strategy?
65%
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
11. © 2016 Forrester Research, Inc. Reproduction Prohibited 11
… But there is a mismatch between their
execution, aspirations and reality
84% of firms aspire
to be a CX leader…
…but only 1 out of 5
companies delivers
good or great CX.
Source: Q4 2015 Forrester/Heidrick & Struggles Global Evolved CMO/CCO Online Survey
Source: Forrester’s Customer Experience Index Online Survey, US Consumers 2016
12. 12© 2017 FORRESTER. REPRODUCTION PROHIBITED.
Distribution Of
Industry Scores
in Forrester’s CX
Index, 2016
Forrester’s Customer Experience Index Online
Survey, US Consumers 2016; “US Customer
Experience Index 2016” Forrester report
13. © 2016 Forrester Research, Inc. Reproduction Prohibited 13
Less than 40% are making data-fueled initiatives a top priority to improve
customer experiences…
How much of a business priority are the following initiatives for your organization over the next 12
months to win, serve, and retain customers?
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
14. © 2016 Forrester Research, Inc. Reproduction Prohibited 14
…And just over a third are making meeting customer expectations a top CX
goal
What are the primary drivers, goals, and objectives for your customer experience strategy?
(Select top three)
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
15. Each time a customer is exposed to an
improved digital experience, their engagement
expectations are reset to a new higher level.
16. © 2016 Forrester Research, Inc. Reproduction Prohibited 16
Source: Forrester’s North American Consumer Technographics Brand
Compass Survey, Q3 ‘15
Source: Forrester's Q2 ‘16 Global eBusiness And Channel
Strategy Professional Online Survey
77%
of consumers have chosen,
recommended, or paid more for a
brand that provides a personalized
service or experience.
89%
of eBusiness and channel strategy
professionals plan to invest in
personalizing the customer
experience in 2016-2017.
Personalization is being prioritized due to its
impact on customer experience
17. © 2016 Forrester Research, Inc. Reproduction Prohibited 17
As part of their CX strategy, companies claim they use data analytics and
personalization… but without the means to do so effectively
Which of the following approaches are part of your customer experience strategy?
(Select all that apply)
However, only a third
have a comprehensive
view of the customer and
can consolidate customer
data.
There’s a disconnect
here. If companies don’t
do these, they don’t
understand the customer
in real-time and they can’t
personalize effectively.
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
18. © 2016 Forrester Research, Inc. Reproduction Prohibited 18
Over half still focus on what customers buy for CX. However, customer
intent is most important for effective personalization in real-time
Which types of customer data are important to your customer experience strategy?
(Select all that apply)
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
Critical for
understanding
customer'
intent
19. © 2016 Forrester Research, Inc. Reproduction Prohibited 19
Evolve Your Strategy From
Personalization To Individualization
20. © 2016 Forrester Research, Inc. Reproduction Prohibited 20
Leading organizations recognize there
are gaps in personalizing customer
experiences.
21. © 2016 Forrester Research, Inc. Reproduction Prohibited 21
Individualization
Engaging customers as a segment of one in real-time
by listening, capturing, measuring, assessing, and
addressing intent across every enterprise touchpoint.
22. © 2016 Forrester Research, Inc. Reproduction Prohibited 22
You’ll have to convey that insights don’t last
forever
Real-time
Insights
Strategic
Insights
Operational
Insights
Performance
Insights
TimetoAct
Perishability
Sub-second
to seconds
Seconds
to hours
Hours to
weeks
Weeks to
Months
Sub-second
to seconds
Seconds
to hours
Hours to
weeks
Weeks to
Months
Source: See the Forrester report “Perishable Insights – Stop Wasting Money On Unactionable Analytics”
23. © 2016 Forrester Research, Inc. Reproduction Prohibited 23
95% of organizations face challenges in
collecting and using customer data
What challenges does your organization face with collecting and using customer data?
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
24. © 2016 Forrester Research, Inc. Reproduction Prohibited 24
95% of companies are unable to get value from
their data due to multiple factors
Q14. What factors are holding you back from gaining value from your customer data?
(Select all that apply)
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
25. © 2016 Forrester Research, Inc. Reproduction Prohibited 25
A solid individualization strategy is built
upon key technology investments that
have four unique characteristics.
26. 1. Customers are identified and treated as a
segment of one using rich customer profiles.
27. 2. Customer data is assessed in real-time and
dynamically calculates intent.
30. © 2016 Forrester Research, Inc. Reproduction Prohibited 30
CX Data Platforms are critical for directly
impacting personalization efforts
Only 32% have fully
implemented a CX
Data Platform
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
31. © 2016 Forrester Research, Inc. Reproduction Prohibited 31
CX Pros have high expectation for CX data platforms:
security, cloud-enabled, and real-time insight top the list
Base: 155 US and EMEA decision-makers with responsibility for CX initiatives whose companies have already implemented or are in the process of
implementing a CX data platform
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
How important are the following features/capabilities in a CX data platform?
32. © 2016 Forrester Research, Inc. Reproduction Prohibited 32
89% believe a single CX data platform with all of
these capabilities would improve their CX
If a single, integrated CX data platform provided all of the capabilities listed, what potential impact
could this have on your organization’s ability to improve customer experience?
89%
• Data security
• Cloud-enabled
• Access to real-time data and real-time
insights
• Ability to map customer's interaction
history to create a holistic view
• Continuous availability / no downtime
• Scalability
• Vendor support
• Hybrid (public-public or public-private)
cloud operation
• Context relevant
• Vendor-provided training
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
33. © 2016 Forrester Research, Inc. Reproduction Prohibited 33
CX Data Platforms directly impact CX strategy
success
How successful is your organization currently at executing your customer experience strategy?
(“extremely” or “very” successful shown)
Those who have already
implemented a CX data
platform are more than
twice as likely to
describe themselves as
successful at executing
on their CX strategy.
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
34. © 2016 Forrester Research, Inc. Reproduction Prohibited 34
Companies that have already
implemented a CX data platform are
45% more likely to believe they are
being effective at making their
customers feel like they truly know
them.
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
35. © 2016 Forrester Research, Inc. Reproduction Prohibited 35
And they believe they’d benefit in a many other
ways from this sort of CX platform
What business benefits and operational efficiencies would you anticipate realizing if you had a CX
data platform that provided you with a more comprehensive view of the customer?
(Multiple responses accepted)
Note: “Don’t know” (1%) not shown
Base: 206 US and EMEA decision-makers with responsibility for CX initiatives
Source: A commissioned study conducted by Forrester Consulting on behalf of DataStax, February 2017
Better access
to data
Better ability
to personalize
Better view of
the customer
37. © 2016 Forrester Research, Inc. Reproduction Prohibited 37
Not a revolution… but rather an evolution
38. © 2016 Forrester Research, Inc. Reproduction Prohibited 38
Recommendations
› Become a real-time data-driven organization
› Build a system for either connectivity or consolidation of customer data
› Educate the entire organization on strategic objectives for optimizing the
customer journey
› Use real-time data to shift from segmentation to individualization
› Empower business units through real-time insights and analytics
› Consider investing in a CX data platform
41. DataStax CX Resources
• Download Forrester Consulting Thought Leadership Paper
“The Evolution to Real-Time Customer Experience”
• Download DataStax Ebook:
“What does data management have to do with CX”
• Visit DataStax website for CX data sheets, use cases, webinars and training
• Contact us at: sales@datastax.com