Study: Marketers Confront Significant Experience Management Gaps
The days of “Mad Men” style marketing really aren’t that far behind us. Even just 10 years ago, marketing’s job was largely to show up with a catchy jingle, a slick product shot and a request for obscene amounts of advertising money. As strange as it seems today, lots of people got into marketing back then because they didn’t like math. That’s when they run into experience management gaps.
Today the best marketers are quant jocks. This is because over time, marketing has evolved to look less like design and more like data. In fact, marketing has become so supercharged with data that its influence now projects beyond touching just products. Its influence now extends to controlling the experiences around products. We call this shift Experience Management (XM); and it has made traditional marketing look as old fashioned as Don Draper smoking in the office. Experience management is so crucial that if you can’t manage your stakeholder experiences, your stakeholder experiences will manage you.
The Pain of Experience Management Gaps
Qualtrics surveyed 450 customer and employee-experience decision-makers to understand how many organizations have the ability right now to effectively manage experiences and how many don’t but are searching to acquire it. We learned that organizations see huge upside if they have the tools to manage experiences, and huge downside if they don’t.
- When it comes to combining and analyzing operational and experience data: 90% said it would help them grow but only 18% can do it very easily.
- When it comes to combining market research, employee engagement and customer experience data: 84% said it would help them serve customers better but only 17% can easily do it.
- When it comes to capturing customer feedback at every meaningful brand touchpoint: 79% said it would help them deliver a better brand experience but only 24% are very good at doing it.
- When it comes to collecting feedback from employees about their work experience: 51% said they need better technology to do it well But only 34% do it very well.
- When it comes to all employees being able to create, analyze, distribute and take action on stakeholder data without help from an expert: 91% said they lose at least 2% of revenue annually because they can’t but only 16% can do it very easily.
- When it comes to collecting and analyzing stakeholder data that keeps pace with growth: 77% said it would help them deliver a better product experience but only 29% can very easily do it.
Don Draper has left the building, and modern marketers need to collect and analyze experience data to close experience gaps.