This week PwC published its 22nd Annual Global CEO Survey with some interesting insight on organisations’ data use. An overwhelming 94% of CEOs agreed that data on customers and clients’ preferences or needs is critical for making long-term business decisions. However, respondents were less confident about their access to actionable insights with only 15% having comprehensive data in that area. While these businesses have a wealth of data they are lacking the means to properly analyse the information. Indeed, 54% of CEOs cited a ‘lack of analytical talent’ amongst data siloing and unreliable data as making it harder to maximise the value from their customer information.
Econsultancy’s Digital Trends 2019 report confirms that customer experience will continue to drive marketers this year as 55% respondents cited harnessing data for better targeting and demographic segmentation as a top three concern. Econsultancy and Adobe conducted a global study on over 12,000 marketing, advertising, ecommerce, creative and IT professionals to determine their digital objectives and concerns for 2019. When asked about the most exciting opportunity facing their business, both SMBs and large-scale companies agreed that ‘data-driven marketing which focuses on the individual’ is an area of great interest. Customer data is increasingly becoming the lifeblood of businesses as the demand for innovative experiences depends upon valuable consumer insight.
Marketers are having to contend with more data sources than ever according to the findings from a new Salesforce report, “Trends in Retail and Consumer Marketing”, making data consolidation a challenge. The global survey of marketers across retail and consumer products found that marketers were using 16 different data sources in 2018 for their customer insights, compared to 10 in the previous year. With the focus on exceptional customer experiences in business, a wide-range of detailed data is clearly necessary for marketers to have a 360 view of the customer identity. Interestingly, just under 50% of respondents said they had a unified view of these data sources. Moreover 80% of respondents also said they were conscious of personalised marketing which does not overstep the privacy boundaries for customers.