Customer data is the reigning competitive differentiator of market success, yet according to a study released last week by Forbes Insights – executives still aren’t taking full advantage. Many companies are still stuck in 20th-century methods, processes and technology – and it’s these companies struggling to adopt who are finding their customer bases eager to purchase from data-savvy competitors who offer more personalized brand experiences.
Marketers were divided into two categories:
- Leaders (13% of respondents): companies who have fully embraced customer data analytics for actionable marketing insights
- Laggards (87% of respondents): companies looking for ways to either begin to leverage or better leverage their customer data
Given the resources and technology available today, it’s unfortunate (though not surprising) that only 13 percent of companies are leveraging customer data to the fullest extent. This disparity results in real revenue differences, with leaders posting significantly higher returns (26 percent) than those identified as laggards (8 percent).
So, what does it take to become a customer data-driven organization?
For many companies struggling to keep up with the speed of data, daunted by the thought of expensive databases and in-house analytics teams, – partnering with a tech-enabled marketing service provider is an excellent option.