The link between engagement and market share
Research, from Rosetta, has examined marketers’ approaches to customer engagement, as well as the value that engagement delivered to the bottom line.
One of the most striking results from the survey was that companies that were “strong performers” (those that were the in the top third of the sample in terms of following best practices for customer engagement) reported better business metrics that those that did not. 86% of strong performers in customer engagement saw an increase in the previous year’s revenue, while only half of others did.
In addition, strong performers were 2.2 times more likely than others to have experienced an increase in market share in the past year.
Key Findings include:
89% of strong performers say that success is driven by best-in-class customer experience vs. 32% of others
Strong performers are 3.8 times more likely than others to say that they are able to identify where each customer is on the customer journey
Strong performers are 6 times more likely than others to leverage real-time data to customise marketing efforts
Strong performers are 5 times more likely than others to say that customer data is automatically analysed and informs business decisions
Rosetta Consulting polled 87 marketers and senior executives across industries about their approach to customer engagement. Each company was assessed on a broad range of best practice areas, including culture, capabilities, data and insights, measurement, strategy and technology.
Companies scoring in the top third of the sample were designated “strong performers.” Industries included healthcare, financial services, consumer goods, technology, retail, food and beverage, and hospitality.