- By Sherril Hanson
- January 31, 2022
Given the wide range of options for the digital and physical ordering, fulfillment, and after-service care available to both consumers and businesses, a one-size-fits-all approach to customer experience (CX) is not only outdated, but a recipe for driving customers away. According to a new report from Dash Research, that is why providing a personalized and optimized CX remains a widespread goal of both business-to-consumer (B2C) and business-to-business (B2B) companies seeking to create deeper, more customer centric interactions that are the hallmark of driving customer loyalty and a higher amount of repeat business.
Providing such a personalized and optimized experience requires a multifaceted approach, which involves understanding each customer’s specific preferences and desires, assessing their typical customer journey from initial contact through post-sales interactions, and ensuring that the organization has unfettered access to the data and software tools to create and nurture these one-to-one experiences.
Dash Research’s analysis concludes that the systems and processes required to support this level of tailored experience will drive revenue growth in the global market for CX personalization and optimization software and services from $7.0 billion in 2020 to $11.6 billion by 2026, representing a 65% increase in market size during that forecast period.
According to principal analyst Keith Kirkpatrick, “many companies are faced with challenges delivering on their personalization and optimization efforts, often due to the presence of data silos, which prevent applications and agents from easily accessing the information that can limit their ability to identify the preferences, triggers, and processes that are most preferred by customers. Further, an overuse of personalization can negatively impact the CX if customers are questioning how certain personal information was captured, and whether its use feels overly intrusive or even creepy.”
Kirkpatrick adds that the growing use of personalization and optimization to improve CX is driven by several internal and external factors, including:
- A shift to digital sales and marketing efforts has increased the amount of data available for use in personalization
- Customers increasingly expect personalized and optimized experiences across all channels
- Personalized offers are driving revenue growth
- Automation and artificial intelligence (AI) allow more efficient optimization and personalization
- More organizations are shifting from a traditional sales model to a customer-centric loop approach
But despite the demand for increasingly personalized and optimized CX, Dash Research finds that organizations often run into challenges that impact their ability to provide more individual and friction-free experiences, including:
- Balancing personalization and optimization against feelings of intrusion
- Data quality issues
- Data governance, privacy, and security concerns
- Challenges with shifting sales and marketing approaches from a sales loop to a customer engagement (CE) model
Dash Research’s report, “CX Personalization and Optimization”, focuses on the market drivers and barriers to the adoption and use of platforms, applications, and services that enable greater personalization and optimization across all facets of CX. The report also details several B2C and B2B case studies and includes best practices for deploying personalization and optimization within an organization. Market forecasts covering the 2019 to 2026 period for software and services that provide personalization and optimization functionality are provided, covering 20 industries and 5 geographic regions. An Executive Summary of the report is available for free download on the firm’s website.
About Dash Research
Dash Research, the market intelligence arm of Dash Network, provides in-depth research and insights on the worldwide CX market including a comprehensive assessment of technology solutions, business issues, market drivers, and end-user dynamics across industry sectors. Dash Research’s global market coverage combines qualitative and quantitative research methodologies to provide a complete view of emerging business opportunities surrounding contact center technologies, customer data & analytics, customer data platforms, customer insights & feedback, customer relationship management, personalization & optimization, and employee experience. For more information, visit www.dashresearch.com or call +1.720.603.1700.
Case Studies, Market Drivers, Market Barriers, and Best Practices for the Adoption of Omnichannel Engagement Strategies and Software
Case Studies, Market Drivers and Barriers, and Market Sizing and Forecasts Focused on the Adoption of CX Platforms and Applications in Contact Centers
150 Key Players and Industry Participants Providing Offerings in Customer Data & Analytics, Customer Relationship Management, Contact Center, Personalization & Optimization, Customer Insights & Feedback, and Employee Experience
- By Keith Kirkpatrick May 19, 2022
Rising inflation and supply chain issues appear to have hit two major retailers hard this earnings season, with two bellwethers missing Wall Street’s earnings forecasts, plunging each company’s stock price downward on May 18. Target reported a…Read More
- By Sherril Hanson May 19, 2022
New product launches in the employee experience (EX) segment focus on some of the friction points in an employee’s journey – performance management and goal setting, communication, training, and career growth. Microsoft deepens the Viva…Read More
- By Alex Gaw May 18, 2022
In this latest M&A roundup, among the acquisitions that published financial details of their transactions were two that fetched hundred-million-dollar prices. The buyout by Concentrix of ServiceSource was the larger deal, passing the $130…Read More
- By Keith Kirkpatrick May 17, 2022
Luxury goods and services traditionally have been differentiated from their mass-market cousins via enhanced marketing, purchasing, and service experiences that are designed to align with the brand’s prestige and positioning. Many of these…Read More
This case study showcases how Amdocs leverages Alchemer for its global Voice of the Customer program. Benefits include increased response rate and engagement, and savings on Total Cost of Ownership. Download the case study below to learn more….Read More
This case study showcases how healthcare providers can increase communication and understanding between leaders and employees, and improve overall employee engagement with the DaysToHappy platform. Download the case study below to learn more….Read More
This case study showcases how one of the Netherlands’ largest banks, ABN AMRO, utilized Tealium’s Customer Data Platform to bring its first-party customer data together so it could offer real-time, relevant engagement to clients . Download the case…Read More
This case study examines how Tealium helped Providence St. Joseph Health unify known and unknown customer data sources to provide real-time patient information to call center agents. Download the case study below to learn more….Read More