We are excited to announce the release of our new Customer Engagement Report for Q1 2020! This report highlights the trends happening in the CRM world - from data and marketing technology to loyalty and customer experience.
In this quarter’s issue, we dig deeper into marketers’ data usage as reported last quarter, setting out to find the barriers to “great” personalization (the common denominator is identity). With forty-nine percent of marketers spending more than twenty percent of their martech budget on identity solutions, we expect to see continued improvement in organizations’ ability to identify customers in the future. We also discuss measurement and how it can help us better understand and optimize the customer experience. Below, are a few highlights from our report that you should keep an eye on:
1. Only 54% of Marketers Have Clear KPIs
Marketers can also explore their measurement effectiveness by looking at how stakeholders are aligned on their program’s key performance indicators (KPIs). Just fifty-four percent of marketers have clear definitions for each metric, while sixty-three percent say their teams work together to align on a core set of KPIs. Here, we see room for refinement and growth.
2. Percent of Marketing Spend Allocated to Identity
Today, marketers are recognizing the value of identity and have dedicated a substantial amount of their budgets to identity solutions, with twenty percent or respondents allocating more than twenty-five percent of marketing budgets to identity. Understandably, many of the investments are related to the traditional processing of names and addresses, and to digital onboarding. While this is important, it only represents part of the picture; a large part of the identity strategy needs to be dedicated to aligning investments.
3. Measuring the Effectiveness of Customer Communications
When it comes to measuring the effectiveness of their marketing efforts, respondents report a strong reliance on engagement metrics. Seventy-one percent of respondents say engagement is key here, yet just forty percent indicate multi-touch attribution as a tactic employed.
Want to learn more? Check out Merkle’s Q1 2020 Customer Engagement Report here for even more insights.