The Failing Funnel

Combatting the Eroding Predictability of the Funnel With Lifecycle Engagements

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Overview

The predictable, solid and well-established sales funnel of the past has been replaced thanks to the digitally connected and empowered customer. Depending on who you listen to, anywhere between 60 and 90 percent of the consideration journey is completed before a customer ever engages with a point of sale or company representative. The customer has taken control of the top of funnel—which marketers once thought they controlled through activation, engagement and outbound campaigns—almost entirely as they instead choose to research in an ever-growing array of destinations, from corporate websites to third-party reviews and recommendations.

 

In reality, there is a divide in the focus of engagement campaigns and strategies with prospects and customers and the realities of today’s funnel. The truth is that marketers are struggling to achieve the agility required to accurately map and monitor engagements across the lifetime of a customer relationship. There is an even greater struggle on the horizon as marketers—who are looking to have a more customer-centric, data-driven approach to engagement—begin to realize that insights at the top of the funnel have become the most fuzzy view across the lifecycle. In a recent study from the CMO Council, when asked what stage of the engagement funnel delivered the most robust and rich data that could be used to inform and shape strategies, the majority of marketers pointed to the actual point of transaction and purchase, but only one in three had robust data as a result of discovery engagements, and less than half have access to robust insights from ongoing engagements.

 

So as the customer shifts to managing their own relationships with the brands they choose to discover, engage and do business with, where and how are marketers shifting the very definition of the funnel, opting to look at the lifecycle of a customer’s engagement rather than a single moment in time? To map and track this evolution, the CMO Council will partner with Right On Interactive to delve into key questions and issues shaping tomorrow’s engagement strategies. How has marketing automation evolved? Where and how are marketers scoring and tracking leads across multiple engagements? How are marketers taking these insights across the engagement lifecycle and redefining the engagement journey?

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Facts & Stats

48% of global consumers don’t believe most brands take action on customer feedback.

Source: Customer Think

Ascend2’s latest research on data-driven marketing found that 70 percent of respondents report personalization is their key goal for using data.

Source: Marketing Dive

81 percent of marketers believe the success of their data-driven marketing is above average compared to their competitors.

Source: Marketing Dive
Tags: Big Data

Half of marketers feel that integrating data across platforms is the greatest barrier to success.

Source: Marketing Dive

Only 30 percent of marketers feel they are handling data well.

Source: CMO Council
Tags: Big Data

90% of customers expect consistent interactions across channels.

Source: DMNews

30% of marketers say data quality is their biggest hurdle to leveraging marketing databases (Dun & Bradstreet).

Source: DMNews

53% of marketers don't have the data to personalize content at all.

Source: DMNews

52% of consumers polled like it when customer service is personalized to them and their interests.

Source: DMNews

Omnichannel shoppers have a 30% higher lifetime value than those who shop using only one channel.

Source: Google
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Interviews

MARCOS ARIAS

Director of Call Centers and Customer Experience

AT&T

For AT&T, every interaction is viewed as a chance to make a difference in the lives of its customers, so creating real-time, data-based engagements fo... Read On

ROGER ARES

Senior Vice President of Marketing Analytics and Consumer Insights

SunTrust Banks

SunTrust Banks Inc. maintains a very client-centric approach when interacting with its customers and places a heavy emphasis on understanding their in... Read On

BRYAN VANDYKE

Head of Digital Strategy

Morgan Stanley

When it comes to using data to create better customer engagements, Morgan Stanley aims to deliver the kinds of experiences that anticipate its clients... Read On

CHRIS SHAFFER

Executive Director of Digital Media and Marketing

Cox Communications

Cox Communications has taken a number of steps to be able to communicate and respond to customers in real time based on the data they are able to aggr... Read On

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Program Themes

  • Omni-Channel Marketing
  • Measures & Metrics
  • Personalization
  • Big Data
  • Analytics
  • Customer Insights