Humanizing and Analyzing Relationships To Drive Revenue, Retention And Returns
Re-thinking an old marketing metric — customer lifetime value (LTV) — can help close the gap between marketing efforts and financial outcomes. More
Program Details
Customer Economics: Deeper Insights. Greater Value
Humanizing + Analyzing Relationships to Drive Revenue, Retention and Returns
Sponsors and Partners:
Sponsors and Partners:
About sponsor
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 312,000 people worldwide make an impact that matters at www.deloitte.com.
Overview
The CMO Council, in partnership with Hux by Deloitte Digital, is undertaking research into the forces shaping the “Customer Economics” imperative. The program will audit and assess the degree to which marketers view and value the concept of “Customer Economics” as a way to have a richer understanding of the customer.
Specifically, the CMO Council will look at digital marketing’s impact on long-term customer value creation. Research will cover important requirements, such as humanizing connections and understanding emotive drivers, frictionless eCommerce and responsive aftermarket support, and unifying data for a 360-degree customer view.
The goal is to shine a light on marketing’s need to rethink and re-evaluate customer engagement strategies, marketing processes and customer data utilization capabilities from lead to loyalty.
background
"Customer Economics” is an urgent area of strategic focus and attention for savvy marketers faced with global turbulence that has created severe consumer anxiety, behavioral change, spend reduction and lifestyle upheaval. Now, more than ever, it is essential to analyze the costs, value and returns associated with acquiring critical customer constituencies.
Much of the “Customer Economics” discussion boils down to cost-effective actions for mining data-driven customer insights, driving initiatives that convert customers, and executing on requirements for creating long-term customer relationships.
Research Focus
Topics to be addressed and explored include:
- Ownership of strategic growth and profitability and needing to leverage customer lifetime value to drive decision-making
- Measurement and tracking of customer lifetime value (i.e., customer acquisition cost, potential value and return, profitability)
- Segmentation and targeting of customer sets with the potential for long-term value
- New approaches to evidencing customer value and long-term customer relationships
- Customer data insights to better qualify and maximize the potential value of customers
- Effectiveness of customer acquisition, conversion, revenue optimization and retention programs
- Best practice approaches to reducing customer attrition, churn and competitive defection
- Techniques to identify, acquire and retain the most profitable customers
Research: Survey & Reports
Interviews
POINT OF VIEWS
BLOG POSTS
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Curated Facts & Stats
Jan 2024
The increasing prevalence of AI-generated information is likely to drive a significant change in how consumers seek out information. Traditional search engines like Google may see a decline in user traffic as consumers pivot more and more toward embracing AI tools such as ChatGPT to answer their questions. This shift signifies a growing trust in artificial intelligence to curate and deliver relevant content.
Source: WSI WorldJan 2024
The gap between generations in terms of wealth and property ownership will continue to drive global and social change in 2024. According to research conducted in 2023, the median wealth of millennials (born early eighties to late nineties) is less than half that of baby boomers (born mid-fifties to mid-sixties) at the same age.
Source: Bernard Marr/ForbesJan 2024
The relevance of artificial intelligence (AI) in digital marketing is growing. According to McKinsey, generative AI’s impact on productivity could add trillions of dollars in value to the global economy. In 2024, marketers should make use of AI-powered technologies to optimise performance.
Source: Marketing WeekAug 2023
Shopping habits of the younger cohort differ significantly from baby boomers. Approximately 37% of Gen Z consumers allowed tracking in order to see more relevant advertising, with the remaining 43% opting out. For baby boomers, the vast majority opted out.
Source: Marketingdive.comJun 2019
Companies are either seeing significant (25 percent) or some (68 percent) uplift in customer lifetime value from the use of personalization
SourceJun 2019
Customers are more than two times as likely to view personalized offers as important versus unimportant
SourceMar 2019
63 percent of consumers stop purchasing products from companies that they feel do not personalize their marketing content well
SourceJan 2019
36 percent of shoppers say retailers need to do more to offer more personalized experiences
SourceJan 2019