How to Build Your Business Case for a Digital Experience Platform
By Lee Pittman
I recently attended the Sitecore World Tour conference and caught Sitecore’s Global VP of Business Value & Strategy, Chris Stennett’s discussion on the ways they’re helping brands create and deliver meaningful customer experiences.
With the recent high-speed acceleration of digital, creating quality online experiences is no longer a backburner item. It’s now mission critical because customer experience drives business.
This begs the million-dollar question, “How do I create valuable digital experiences?” You do so with a digital experience platform (DXP).
A DXP is an integrated and cohesive piece of technology designed to enable the composition management delivery and optimization of contextualize digital experiences across the multi experience customer journals.Gartner
“It’s really important that we look at the problems and the challenges that a digital experience platform can solve and therefore the opportunity that is available to all of us,” said Stennett.
When 350 C-suite executives and marketing leaders were surveyed by SoDA + Sitecore on the biggest barriers hindering their ability to deliver personalized digital content and experiences:
- 40% said their technology platform lacked the proper capabilities to deliver the experiences they strive for.
- 44% said it was really about budget and being able to justify the spend.
Stennett went on to talk about other drivers for digital experience platforms, but more than that, how to make a case for investment.
So, what benefits and value can a DXP bring to your organization? How can you justify the spend? The numbers speak for themselves.
- A recent Walker and Chief Executive Magazine survey found that the customer experience is the best way to create competitive advantage today.
- A good experience beats product marketing strategies by 2:1, pricing strategies by 8:1, and brand preference by 3:1.
- A 2019 Watermark study found that companies who are CX leaders generated a total cumulative return 3X greater than companies with poor experiences.
- According to McKinsey, an investment in customer experience can improve revenue growth by 10-15%, lower costs to serve by 15-20%, and increase employee engagement by 20-30%.
- Personalization and marketing automation can drive between a 16-19% lift in conversions.
Stennett believes, “There is an absolute chasm in terms of how brands believe they are performing and how they’re being perceived as performing by their end customers. Across various studies, we find that around 80% of companies believe they’re delivering superior experiences whereas only about 8% of their own customers would agree with that.”
Sitecore’s experience platform can alleviate that discrepancy.
7 Reasons Sitecore XP is the Right Investment
Sitecore experience platform is described as a hub for customer data, analytics, and marketing automation capabilities to nurture customers throughout their journey with personalized content in real-time, across any channel.
There are seven key capabilities in delivering that experience-centricity and managing the content lifecycle.
1. A holistic view of the end consumer
Understand the comprehensive customer experience.
2. Data-driven, integrated real time omni-channel experience
Provide the full extent of your customer experiences across all channels and devices.
3. Content creation efficiency and velocity at scale
Create compelling and personalized content.
4. Contextual commerce
Deliver and facilitate continual and integrated commerce where required and appropriate for your business.
5. Agile innovations and cutting-edge skills
Enable team members to really focus on value adding innovative activities.
6. Organizational alignment
Align with your partners, affiliates, management, and top-level leadership.
7. Focus on long-term customer relationships
Cultivate those relationships, whether they’re end customer or intermediaries (if you’re a B2B or B2B2C organization).
“With Sitecore, you’re investing in a platform that is aligned to those key capabilities required to improve your end customer experience and support you transforming digitally. Not only do you have a platform that provides the tools, frameworks, and built-in automation to use those capabilities from the get go, but it’s also a platform that will support you as you grow in maturity and sophistication to scale overtime.”
Learn more about how Content Bloom can help your customer experience goals become reality with Sitecore’s digital experience platform, Sitecore XP.
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