Critical Channels of Choice

Program Details

Overview

In today’s omni-channel world, consumers have a myriad of channels they can use to communicate with the brands they do business with. Marketers know they need to meet consumers in their moment of need, but what channel is that consumer going to select, and does it differ depending on need? The CMO Council, in partnership with Precisely, undertakes an annual study to understand how unique individuals leverage the channels at their disposal to communicate with the brands they do business with, research a product or service, or find help in a moment of need.  

background

Last year, the CMO Council undertook its first annual report to understand a fundamental question: When the moment is critical, where do consumers turn? Yet what we found was, no matter what the generation, from Generation X all the way to the silent generation, consumers want a blend of both digital and physical channel experiences.

The key here is which channel is preferred depending on the unique needs of that individual. We found key differences across age groups, genders and geographies around channels of choice as it relates to each of the key moments in the user journey.

This year, we’re looking to dive back in and see, in the age where digital is dominating, where consumer preferences are shifting in how they communicate with companies they do business with. Are they sinking into the digital-only realm? Or has this forced-digital realm made consumers long for a return to in-person interactions?

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Facts & Stats

Omnichannel allows us to build lasting and valuable relationships with customers-- omnichannel customers spend 50 percent to 300 percent more than traditional shoppers. In that way, omnichannel does what all brands aim to do: attract, engage and convert customers.

Source: Worldpay

Generations to follow are changing the tides of customer service as 77 percent of consumers aged 18-34 think positively of brands that offer fast channels, like texting, for customer service.

Source: Business 2 Community

An update in the global retail forecasts models the possible impact of COVID-19 in that North American retail sales will contract by 2.5 percent in 2020 and e-commerce sales will grow faster than in 2019.

Source: Forrester

U.S. retailers’ year-over-year revenue from online sales was up 68 percent as of mid-April 2020, surpassing an earlier peak of 49 percent in early January.

Source: Forbes

The consumer demographic has been shifting in significant ways: Gen Z and millennials now represent a whopping $350 billion in spending power in the U.S. alone.

Source: McKinsey & Company

Program Themes

  • Customer Satisfaction
  • CX Strategy
  • Online Advertising
  • Digital Marketing