Survey of marketing and IT decision-makers confirm improved customer data practices drive competitive advantage
Amperity, the leading customer data platform (CDP) for enterprise consumer brands, released a new Opportunity Snapshot, a report based on a survey conducted by Forrester, targeted toward global marketing data strategy, operations and technology decision-makers at customer-driven enterprise companies. The survey found organizations in the digital economy know that customer data is one of the most valuable assets, but many continue to struggle to put it to good use.
“Today’s brands have access to more data than ever before to inform their business strategies, yet the majority of organizations fail to bridge the data gap standing between them and what their customers want,” said Barry Padgett, CEO of Amperity. “Instead of cataloging available data and finding a purpose for it, leaders must begin with the problem, and design their data strategy to address it.”
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Key findings of the report include:
- Much of an enterprise’s data goes unused due to lack of an overarching strategy: Decision-makers have a vast amount of data at their disposal. Over 80% of the respondents cited their organizations collect demographic, sentiment and identity data, and nearly two thirds (63%) want to add an even richer mix of data sources. However, the study found that brands need to use what they already have: More than three quarters (77%) of decision-makers think they underutilize customer data and 81% agree they want to use existing data better. Many decision-makers struggle to manage, collaborate, share, streamline, analyze and act on the data they already have, resulting in two-thirds of respondents declaring they struggle to translate customer insights into actionable outcomes.
- Lack of cohesive data utilization puts a business at risk: Company growth depends on optimizing existing customer data to boost acquisition and retention. If businesses do not address their data use challenges, they face repercussions. Respondents named missed market opportunities (54%) and lower engagement (52%), resulting in loss of revenue (56%) as ramifications of their customer data challenge. Companies will miss opportunities to get ahead of the competition, and lose prospective and existing customers if they fail to offer personalized and engaging customer experiences. Additionally, respondents added that the lost opportunities and failure to capture market share could have a negative impact on internal employee morale at times of increased career mobility.
- Taking a holistic approach to data collection and use creates positive customer experiences: Decision-makers think that integrating systems and unifying data sources (47%), along with investing in marketing technology (44%), will result in better data access. Even beyond the technology, respondents believe that they need a holistic, multidisciplinary strategy that will help integrate silos, ensuring that the right people and data can tap existing resources and produce desired insights. Once decision-makers adopt a more strategic approach to evolve data, technology, people, and processes, they will fully harness the power to better understand customers and create engaging and relevant experiences that resonate with customers.
“By improving data access and management, organizations can create a 360-degree view of the customer and collaborate to build insightful and compelling customer experiences,” Padgett added. “More satisfied customers and productive employees drive business objectives. Leading brands that optimize customer data will be at a considerable advantage against their competitors.”
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