End-to-end personalization and customer value management offering drives a 10 to 20 percent revenue lift for organizations
NEW YORK and LONDON, Nov. 12, 2021 (GLOBE NEWSWIRE) — McKinsey & Company today announced the launch of CustomerOne, a proven approach and comprehensive toolkit designed to help organizations accelerate personalization and customer value management. CustomerOne draws on advanced analytics, ready-to-use assets and tools, and agile principles to optimize each stage of the customer journey. This offering helps organizations shift from business-driven campaigns to customer-centric, data-driven campaigns that are connected, intuitive, and personalized. It is derived from a battle-tested approach that has helped marketing teams realize up to a 10 to 20 percent revenue lift.
End-to-End Personalization, Every Time
Consumers today have a heightened desire for personalization and authenticity – a desire for the right offering, content, and experience. They are fickler, prone to change, and less loyal. Recent McKinsey research shows that roughly 40 percent of consumers have changed brands or retailers over the past 18 months, and more than 80 percent of those intend to continue with these newfound shopping and purchase behaviors.
Many organizations cannot sufficiently respond to their customers’ needs due to isolated and incomplete data, incomplete analytics and insights on their customers, and siloed organizational structures.
CustomerOne delivers business impact by surfacing deep consumer insights, unlocking opportunities quickly through AI-driven technology, and rapidly enhancing the range of tools a team can deploy. It pairs this with a proven agile way of working and approach to capability building – driving lasting impact. Organizations adopting this accelerated path to customer value can realize twice the impact in half the time.
“The leaders who achieve the best results from personalization and customer value management focus on long-term drivers of growth and emphasize customer lifetime value. It’s a force multiplier and a business necessity,” said Greg Kelly, senior partner and global leader for the Marketing & Sales Practice at McKinsey & Company. “Those who can activate the capability at scale can put customer lifetime value on a new trajectory – driving double-digit revenue growth, superior retention, and richer, long-term relationships.”
“The results we’re seeing – for example, driving a threefold increase of cross-product sales at a telco provider – are a testament to the power of CustomerOne. This approach delivered more than $100 million in less than 20 weeks at an iconic retailer and reduced mortgage churn at a retail bank by 20 percent.”
Personalization Propels Outperformance
By combining a robust and agile operating model with cross-functional capability building to get personalized marketing into production, marketing teams can focus on rapid activation, testing and learning, and driving impact.
Furthermore, CustomerOne gives organizations direct access to McKinsey’s exceptional specialized functions and disciplines, with more than 2,000 marketing experts and more than 180 advanced analytics practitioners.
Five ways CustomerOne helps unlock growth:
- It uses state-of-the-art machine learning and advanced analytics, powered by QuantumBlack, to quickly identify and size specific areas where personalization and customer value management can drive disproportionate value.
- It uses thousands of algorithms and actionable insights to accelerate value capture – all in a matter of weeks.
- It works with any martech stack to drive dynamic segmentation, real-time decisions, and cross-channel “last-mile” delivery.
- It uses an agile operating toolkit that has been tested by more than 300 marketing squads, allowing teams to mobilize from day one using out-of-the-box assets, boot-camp-style training, and proprietary workflow-management tool.
- It includes cross-functional capability building which empowers teams to run on their own and outperform market disruptors.
About McKinsey & Company
McKinsey & Company is a global management consulting firm committed to helping organizations realize sustainable, inclusive growth. We work with clients across the private, public, and social sectors to solve complex problems and create positive change for all their stakeholders. We combine bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for in this generation and the next.
About Marketing & Sales, McKinsey & Company
The mission of the McKinsey Marketing & Sales Practice is to help leaders of both consumer and business-to-business clients create Growth that Matters through meaningful transformations and marketing-driven profit. The practice helps its clients set their strategic direction, develop their marketing and sales capabilities, and connect their organization to realize the full potential of today’s omnichannel opportunities. Clients benefit from McKinsey’s experience in core areas of marketing such as branding, customer insights, marketing ROI, digital marketing, CLM pricing, and sales and channel management.
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