Marketing and growth leaders’ agenda

The new mandate for data-driven marketing and growth leaders: frictionless, personalized experiences to anticipate and deliver what customers need.

The global pandemic has given companies a new mandate around the customer journey and rapid acceleration of digital transformation. You need the right growth strategy and the right customer experience now, next and beyond. Here are three priorities:

  • Reimagine growth with a customer-centric lens

    Reimagine and redesign your growth strategy by establishing a future-back vision around customer-centric growth, enabling your business to optimize customer lifetime value focus and invest in the most valuable customers and customer touchpoints including considerations on organic growth, M&A, geographic expansion and segmentation.

  • Anticipate relevance and innovate products & services

    Empowered to shop wherever and however they want, customer preferences around the world are increasingly evolving  e.g. toward products and services that are local, authentic, transparent, traceable, and ethical. This is forcing brands to continuously re-imagine and optimize their offering strategy and portfolio, and even develop and implement new business models and concepts, both in the current core functions or in peripheral functions to meet the evolving needs of consumers now, next and beyond.

  • Personalize customer experiences and remove friction in a data-driven world

    Building a strong understanding of customer needs, behavior, emotions and satisfaction and being able to quickly translate these insights through effective use of data and technology into business actions on all levels of operations and realize smart customer journeys that increase acquisition, retention, and growth is an important value driver in this time of disruption. This includes:

    • Implementing customer experience (CX) measurement models and understanding customer engagement with novel methods that complement traditional ones such as net promoter scores (NPS) and customer satisfaction scores (CSAT).
    • Using “design thinking”, automated orchestration of customer journeys, and personalization to deliver the best and most relevant experiences that are closely connected to customer needs.
    • Designing and implementing customer-centric operating models and CX technology stacks using scaled, agile frameworks and methods.
    • Shifting the business model and customer experience to digital and direct to consumer (eCommerce)

To realize a customer data-driven strategy that drives value and operational efficiency, growth leaders need to look beyond just braving the headwinds of technological debt to:

  • Quantify and optimize the economic impact of customer experience investments

    Growth and customer leaders need a significantly larger budget to pay for an effective data-driven strategy and customer experience, and they need to make stronger business cases and forecast return on investment (ROI) in a way that is satisfactory for the chief financial officer (CFO). 61% of marketing leaders in a recent EY survey said that they wanted to increase their spending in data and analytics.

    This includes:

    • Quantifying the right way to measure ROI
    • Focusing on customer lifetime value
    • Driving financial performance through smart and effective pricing
    • Balancing short- and long-term investments and better leveraging existing investments
  • Transform customer-facing functions with commercial excellence

    The new market realities and evolving growth strategies are forcing marketing, sales and customer care leaders to re-evaluate how they think about their respective functions and how they need to work to drive top- and bottom-line results. Commercial excellence addresses such key issues as:

    • Landing on the most efficient, effective and agile operating model, including inhouse/outsource strategies
    • Structuring and incentivizing organizations correctly to drive effectiveness, productivity and cross functional collaboration, and developing the right skills and talent
    • Identifying the right ecosystem of technologies to support the front lines, such as market intelligence, performance management, enterprise resource planning (ERP), CPQ, CRM
    • Optimizing sales channels across field, inside, and digital sales
    • Using customer care to drive revenue through better upsell/cross-sell
    When your customers change how they buy, shouldn’t you change how you sell?

    EY’s global research shows tech companies are migrating rapidly to subscription models – but have much to do to increase their readiness.

    23 Apr 2020 David Padmos

EY Future Consumer Index

COVID-19 has transformed the lives of consumers. What do they value? What will it take to serve them? How will your business adapt?

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