ABOUT THE REPORT
Across the globe, CMOs battle with questions like – ‘How to ensure a rewarding experience across different touch points in customer journey?’, ‘How can we leverage data and automation to accomplish these?’. Capturing customer data is a given but organizations must improve their maturity on Data Led Customer Engagement (DLCE) to build strategic data use cases for customers to see value. Unfortunately, there is no single guidance or approach to address all these challenges.
This report aims to address this key unmet as it introduces a go to toolkit for CMOs – Stop Hold Purchase (SHoP) framework for assessing the DLCE maturity of companies across various activators. The report also employs these observations to help synthesize top priorities for a CMO to advance DLCE maturity, especially creating a roadmap to achieve the optimal end state in the Loyalty dimension. Also, the introduction of a scientific methodology for determining Loyalty Delivered Sales (LDS) paints a true picture of the business impact delivered by a loyalty program. Holistically embedding the relevant findings in the customer engagement transformation journey of an organization, will help set companies apart going forward.
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How Personalized Data and Loyalty Can Trigger
Topline Incremental Growth For Businesses
Data driven marketing (Stop), Engagement & Loyalty (Hold) and Commerce (Purchase) are the key drivers assuring excellence in Data Led Customer Engagement.
Incremental topline potential for CMOs in advancing DLCE maturity showing an average increase of ~15% increase by advancing two maturity levels.
Drive up to 20% topline potential driven by customer behavioral & transactional divergence using Loyalty Delivered Sales (LDS) benchmarks.
BCG undertook a comprehensive SHoP maturity assessment survey to highlight the key opportunities and gaps across the different customer engagement dimensions which can help unlock 25-30% topline impact.
Data-driven marketing is still the most evolved dimension in customer journey thereby amplifying opportunities in customer engagement
Firms have already realized 5-6% revenue increment and see a 5-6% additional potential in future through DLCE maturity
Most companies have started their DLCE maturity journey. However, >50% companies are stuck in Emerging maturity tier with only 2% Pioneers
90% companies have started adopting loyalty programs but the majority are still in their early stages
Loyalty is typically a stage wise journey for the companies - what differentiates the Pioneer programs are elements boosting customer aspiration and experiential aspects