The quest for customer engagement has left marketers with mountains of data, bloated piles of martechs, and clueless customers. With the trust, privacy, and choice now guiding buying decisions, marketers need to re-evaluate whether they are customer-centric. To win, serve, and retain customers, businesses need to embrace good data practices.
A Forrester Consulting study commissioned by Epsilon, Publicis and Adobe examined the priorities and challenges of marketers to enable Customer Data Platforms (CDP) and the broader data value chain to understand the approach current state of mind and existing data practices. The study interviewed 250 decision makers ranging from senior executives to senior executives in Australia, Singapore, New Zealand, India and the United Arab Emirates from the BFSI, hospitality and tourism, and retail sectors to detail.
The study came up with three major findings: data management issues stifle CDP success, companies plan to increase investment in CDPs, and first-party data is mostly or significantly combined between online sources and offline and linked to customer records for sales and marketing teams.
This research also revealed that accessing multiple data sources is driving a shift in the APAC marketing landscape. Almost 67% of marketers and 54% of technology leaders agree that having a single view of the customer is essential to shape products and capabilities. The results show that mature markets (Australia and Singapore) are moving away from established marketing techniques and focusing more on using multiple data sources for segmented targeting.
In addition, the pursuit of “business as usual” sabotages the marketing functions and companies must adjust responsibilities and skills to make them customer-centric, suggests the research.
The results of this survey showed that companies prioritize knowledge-based capabilities but fail to measure impact. They leverage and implement actionable digital information at scale and strategically to drive growth, mitigate risk, and create differentiating customer experiences, products and services. Respondents indicated that creating a seamless customer experience was the primary goal, they struggled to turn information into action due to disjointed systems and data silos.
Businesses need to strategically use and link first-party data to build strong customer profiles, such as individual identity, and underpin buying expectations for future experiences, the research has shown. Additionally, this study showed that first-party data is crucial because it helps marketers connect with customers.
The survey concluded that a lack of data maturity prevents companies from delivering timely and contextually relevant customer experiences, but to remain competitive, companies must take a holistic, data-driven approach and use the resulting insights to optimize customer service experiences.
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