This year, customer acquisition continues to be a top priority for retail marketers, with 45% ranking winning new customers as one of their top-3 objectives for 2020. But customer acquisition is not the only focus for marketers: improving customer experience (39%) and customer retention (32%) are other leading priorities, per a new report [download page] from Forrester and Bluecore.
Do marketers think their organization is up to the task of achieving these top marketing goals? The answer is probably not as much as they’d like. Among the more than 300 US and European retail marketing technology decision-makers surveyed, only one-fifth (20%) say their organization is very effective at winning new customers and about the same proportion (21%) believe they are very effective at improving customer experience.
More respondents do think their organization is better at retaining existing customers (40%), however, and there’s some confidence also in their ability to very effectively increase customer loyalty (32%) and customer value (30%).
One reason why retail organizations may not be achieving their goals is the lack of time they are spending on these objectives. Per the report, half of the retailers surveyed only spend 30% or less of their time pursuing their top goals.
Another reason is that retailers’ marketing technology may not be up to snuff. A relatively small number of respondents feel that their martech supports their top goals very well. For example, only around one-third say their existing martech is helps them improve customer experience (35%) and retain existing customers (35%) very well. Similarly, roughly one-third (32%) say their martech is excellent at helping them increase customer loyalty, but few say it has that level of support in helping them achieve their top goal of winning new customers (21%).
A separate study found that, if given the opportunity to do things differently, marketing and e-commerce decision-makers would set up specialized teams to manage their marketing technology as well as have better discussions with their martech vendors. This may help the tools to be more effective for marketers.
However, respondents aren’t only struggling to meet their main objectives. Just 3 in 10 say they are very effective at driving seamless and consistent omnichannel experiences for their customers, and about 1 in 8 (12%) are very effective at delivering personalized experiences.
The full report can be downloaded here.
About the Data: Findings are based on a survey of 307 marketing technology decision-makers at retail companies in the US and Europe.