That was the mindset behind Scandinavian sportswear and workwear brand Helly Hansen’s shift to provide a mobile-first experience. Its analysis of online data showed it has paid off: Customers spent over $50 billion using mobile devices during the 2019 holiday season. Overall, traffic to the site increased 40% and revenue tripled.
CIO And CMO Stronger Together
CX and brand have traditionally fallen under the remit of the CMO, who is under more pressure than ever to drive growth. This requires the expertise of IT. Improving CX and identifying new revenue-generating opportunities may be the remit of the marketing organization, but IT manages storing, securing, and analyzing the data that turns into the actionable insights.
The CIO and CMO are natural partners, according to McKinsey: “CMOs have an unprecedented amount of customer data, from which they need to extract insights to increase revenue and profits. The CIO has the expertise in the development of IT architectures and the execution of large programs needed to create the company’s big data backbone and generate the necessary insights.“
Swedish telecommunications provider Telenor identified this unique opportunity to join forces. The collaboration between CMO Christian Roth and CIO Christian Barrou Thrane preceded a doubling in digital sales, which they attributed to having more control over processes, improved collaboration between teams, and a more strategic approach to technology.
“You won’t succeed if you just have one team ‘asking’ and the other ‘doing.’ Real collaboration is about discussing, understanding, and doing—together,” Thrane said.
Beyond Products And Price
All of the above elements matter because CX impacts both the bottom and top line. Having a better product or a lower price than the competition isn’t enough anymore. In fact, 74% of organizations agreed that CX will overtake price and product as the key brand differentiator by 2020, according to a CustomerThink survey.
A world-class CX culture is the goal for most enterprises, and the rewards for developing a culture that supports it are considerable. Fortunately, organizations are not operating in the dark. The technology already exists to allow CXM teams to gather and process the data. Now they need to shift mindset and reassess how their organizations can work effectively toward the shared goal of an excellent customer experience.