Only 11% brands can effectively use customer data: Study
Most brands are struggling to create a unified view of customers and a dismal 11 per cent of them can effectively use a wide variety of data types in a unified customer profile to personalise experiences, provide a consistent experience across channels and generally improve customer lifetime value and other business outcomes, a study said on Tuesday.
The study, conducted by Forrester Consulting and commissioned by Oracle, found that 71 per cent of marketing and advertising professionals say a unified customer profile is important or critical to personalisation.
The study "Getting Customer Data Management Right" includes insights from 337 marketing and advertising professionals in North America and Europe, found that brands want to unify customer data but face significant challenges in bringing different data types together.
"A solid data foundation is the most fundamental ingredient to success in today's experience economy, where consumers expect relevant, timely and consistent experiences," Rob Tarkoff, Executive Vice President and General Manager, Oracle CX, said in a statement.
"At Oracle we have been helping customers manage, secure and protect their data assets for more than 40 years, and this unique experience puts us in the perfect position to help brands leverage all their customer data -- digital, marketing, sales, service, commerce, financial and supply chain -- to make every customer interaction matter."
Seventy five per cent marketing and advertising professionals believe the ability to "improve the experience of our customers" is a critical or important objective when it comes to the use of customer engagement data.
Sixty nine per cent believe it is important to create a unified customer profile across channels and devices while 64 per cent stated that they adopted a CDP to develop a single source of truth so they could understand customers better.
Brands that use CDPs effectively are 2.5 times more likely to increase customer lifetime value, the study found.IANS