Happy Friday! ‘This week in CX’ brings you the latest roundup of industry news.
This week, we’ve been looking at the huge tech outage from last week, Google’s latest third party cookie decision, which companies are top companies for women to work at, and more.
We’re also discussing new research into UK consumers starting their holiday shopping in summer, and what the Twitter-to-X rebrand actually points out to us about major brand refreshes.
Key news
- The massive CrowdStrike outage that took down millions of computers last week will cost Fortune 500 companies more than $5 billion, one insurer now says. Banking and healthcare companies could take the brunt of the hit, as will the major airlines — including Delta Air Lines, which is still experiencing flight disruptions.
- Three years after first lodging its application, fintech firm Revolut has secured a UK banking licence. The company – which has about nine million UK customers and more than 45 million globally – has received tentative approval from the Bank of England. Revolut’s 2021 application faced a number of hurdles from the UK regulators, including a warning from auditors who could not verify the company’s revenue figures.
- While this year’s Olympics are said to be the closest the Games have ever come to gender parity, they still fall short, writes the Associated Press.Out of the total 11,215 athletes, including backups, that were registered to compete in Paris a week before the opening ceremony, 5,712 are men, while 5,503 are women – a 51-49 split.
CXM news stories
Here’s the full news stories that CXM have reported on in the past week. Learn all about the latest research in
Nearly two-thirds (63%) of UK consumers will begin holiday shopping by July.
According to new research from Bazaarvoice, holiday hustle and bustle could begin as early as July – with nearly two-thirds (63%) beginning shopping by July.
Since early this year, brands and retailers have been formulating holiday strategies to capture consumers’ attention. The report’s key findings will help firms fine-tune seasonal tactics with data-driven decisions.
According to the report, shoppers worldwide are already gearing up for the holiday season. A full two-thirds of Brits (69%) will start gift shopping by August or earlier. Three-quarters of Brits (77%) will start by September, and 85% of UK consumers will start by October.
Overwhelmingly, UK shoppers are far more excited about the holiday season. Brits are four times more likely (63% vs. 13%) to start shopping before July than US shoppers. The research also shows Germans wait the longest, with 63% not starting until November or later.
How soon is too soon to deck the halls? The report also reveals that just under a third of UK customers (30%) believe that before October is too early for stores to showcase holiday items and sales… but a staggering 41% say it is never too early.
Respondents were asked what type of content they prefer to see on social media during the holiday season (user-generated, brand-created, or influencer-created). UK shoppers are split but user-generated just edges it out. 47% prefer user-generated content. 44% prefer brand-created content. Only 8% prefer influencer-created content. The majority of UK consumers (62%) don’t seek out creator content on social media during the holiday season at all.
89% of UK Businesses Still Call It Twitter Despite the “X” Rebrand
On July 23rd, 2023, Elon Musk’s newest purchase Twitter rebranded to “X”. To mark the occasion, email marketing firm Omnisend conducted a research of 14,000 marketing emails sent by various brands, and found that 89% of businesses globally and in the UK still refer to X as Twitter, despite the rebrand.
What can businesses learn from Twitter’s rebranding?
Twitter’s example has shown that major changes to your company’s brand have to be taken seriously. Below, Pija Ona Indriunaite, Brand Manager at Omnisend lists some tips and considerations for brands thinking about a refresh:
- Understand Your Brand’s Identity. Before making drastic changes, recognise the connections your brand has established with its audience. Twitter’s vernacular, like “tweet” and “retweet,” is a prime example of this.
- Maintain Consistency. Consistency in branding over time builds strong recognition and trust. Abrupt changes can disrupt this, so weigh the benefits against the potential risks.
- Communicate Changes Clearly. Ensure that any rebranding efforts are accompanied by clear and consistent communication. This helps your audience transition smoothly and reduces confusion.
- Test Before Implementation. Conduct thorough market research and consider pilot testing changes before a full rollout. This can provide valuable insights and minimise potential backlash.
- Practice Patience. Users tend to take a while to get used to rebrandings. However, at their core, rebrandings are long-term projects and over time brand familiarity grows.