Study Reveals Correlation Between Customer Data Maturity And Business Success, Few Companies Are Ready

Mar 12, 2019


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Tealium – a provider of real-time customer data orchestration – has announced findings from a new global study conducted by Forrester Consulting, into the state of customer data strategies for businesses. The results reveal that while almost nine in 10 organizations have some level of strategy in place, many struggle to impact key business outcomes effectively.

The research, which surveyed 330 decision makers at companies across the globe – including the US, UK, France, Germany, and Japan – looked at businesses’ approach to using customer data to drive customer satisfaction, increase revenue, implement better data governance, and improve profitability.

The survey confirms all companies can significantly benefit from employing a robust customer data strategy, but the most data-mature firms are more likely to enjoy the advantages of their efforts. More than four-fifths (83%) of pioneer companies in the survey claim to have a better understanding of their customers following the implementation of a customer data integration initiative and three-quarters (75%) say they experience increased marketing and analytics team productivity as a result.

However, many organizations feel their current approach is insufficient in supporting their key business objectives. Less than half say they are very well supported by their customer data strategies to win new customers (43%), improve customer trust (47%), improve data governance and compliance (43%), and increase revenue per customer (40%).

Furthermore, just a sixth (16%) of the companies studied were categorized as “pioneers” for overall customer data management, meaning they are able to analyze data in real time at the point of customer interaction, leveraging insight based on strong infrastructures that make insights actionable. Even fewer (8%) are able to use their data analytics programs to inform every customer touchpoint and interaction, feeding back continuously into decision making across their entire organization.

The findings indicate that companies struggle with coordinating their customer data activation tools and capabilities. In the survey, only 6% of companies have their customer data or analytics output activated across multiple core functions in a coordinated manner, such as marketing, customer service, sales, operations, and product development. This highlights a potential missed opportunity to deploy actionable insights throughout the business to deliver seamless interactions across customer touch points.

 

The survey was conducted between July 2018 and January 2019. The survey was conducted online with 330 customer intelligence leaders at organizations in North America, Europe, and Japan. 


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