Mumbai: Exotel, the emerging market’s leading connected customer conversation platform, is excited to introduce its latest survey-driven report titled “Exotel’s CXO Festive Readiness Report.” This comprehensive report provides an in-depth exploration of the strategies and insights of CXOs as they prepare for the upcoming festive season, coupled with the exhilaration of the World Cup. The report offers invaluable perspectives on optimizing sales and prioritizing Customer Experience (CX). It throws light on the essential aspects of their preparations, highlighting the impact of cultural traditions, the significance of discounts, and the challenges they navigate. Additionally, it underscores the growing emphasis on personalization, CX, and the integration of AI in marketing strategies.
With a resounding 80 per cent of CXOs honing their focus on building omnichannel experiences to soar high this festive season, it’s evident they are well-prepared to harness the incredible opportunities that lie ahead.
As the festive season beckons, CXOs are orchestrating a diverse array of marketing strategies. These encompass influencer marketing, social media promotions, email and WhatsApp campaigns, alluring festive offers, and strategic brand collaborations. The common thread among these initiatives is the commitment to providing customers with a seamless journey from initial discovery to the final purchase.
Cultural traditions wield a considerable influence, shaping consumer choices and impacting spending decisions for 39 per cent of survey respondents. In India, where culture and cricket fervor are intertwined, the World Cup isn’t merely a sporting event; it’s a cultural phenomenon dictating consumer behavior and preferences.
For 37 per cent of CXOs, enticing offers and discounts serve as the driving force behind consumer spending. Discounts effectively leverage price sensitivity, creating a sense of urgency, enhancing perceived value, and providing a competitive edge.
Personalization emerges as the star of the show, with 64.33 per cent of CXOs giving it a top spot in their marketing strategies. This personalized approach involves aligning marketing efforts with consumer preferences and harnessing data to craft tailored messages and offers, ultimately leading to heightened customer engagement.
An impressive 86 per cent of businesses are making significant investments in creating a holistic customer journey, recognizing the pivotal role of delivering a positive customer experience during the festive season.
Technology integration is another critical component, with 84 per cent of businesses seamlessly merging their customer platforms with Martech. This integration not only enhances operational efficiency but also fortifies marketing strategies.
Furthermore, to foster connected customer conversations, 81.33 per cent of businesses are leveraging multiple communication channels. The overarching goal is to maintain a consistent brand presence across all customer touchpoints, ensuring a unified approach.
Exotel VP & global head of marketing Udit Agarwal applauds the dynamic spirit of the Indian CXOs, stating, “It’s not merely about readiness; it’s about innovation and placing the customer at the core of strategies, especially in the lead-up to the festive fervor.” He added, “At Exotel, our ‘Like a Friend’ philosophy deeply resonates with the aspirations of CXOs. We’re not just a platform; we’re a trusted ally, guiding businesses to enhance their sales narratives through pioneering customer engagement blueprints. As we stand here, Exotel is not just ready but deeply committed to being that friend, leading CXOs to festive triumphs.”
However, the path to festive success is not without its challenges. Intense competition, faced by 30.33 per cent of CXOs, underscores the need for innovative, standout strategies. Another substantial challenge takes the form of limited marketing budgets, voiced by 26.33 per cent. This necessitates the judicious allocation of resources, demonstrating a keen focus on efficiency.
According to a report by Axis My India, a consumer data intelligence company’s India Consumer Sentiment Index (CSI) report, 23 per cent of shoppers plan to shop more during this year’s festive season compared to the previous year, indicating a boost in consumer spending during this period. This positive trend aligns with consumers’ expectations to spend higher amounts during the festive season. And it’s clear that CXOs are prepared to innovate, adapt, and prioritize customer-centric approaches, setting the stage for outstanding sales and memorable customer experiences.
Methodology
Exotel received responses from 300 marketers in an online survey conducted in September 2023. CXOs, VP Marketing, and Chief Customer Experience Officers from mid to large organizations across Tech, BFSI, E-commerce, Telecom, and Automotive verticals responded to this survey.
