Only 25% of customer data is being used to its full potential

Posted: 2017-08-17 00:34:05

Effectively utilising customer data is a powerful differentiator for brands, thanks to its affinity for personalisation and driving engagement – and therefore a top skill for today's marketers to master. However, despite nearly 60% of UK organisations believing that real-time customer engagement can increase revenue by 10 to 40%, the majority are still failing to use data to its full potential.

The claim comes from the Age of Now Report by SAS, a leader in analytics and business intelligence. It revealed that brands are failing to collect relevant data; just 30% is being recorded, while only 25% of that is employed in segmentation for real-time customer engagement. The report also highlighted a significant discrepancy between knowing what customer identifiers to use and what to actually do with that information to drive engagement.

Additionally, the report found an element of rigidity when it came to adjusting marketing strategies and communication methods in real time. Brands were slow to react, with 17% taking a few hours to respond, while a further 25% took a day.

Yet, this is just the surface; barely a quarter report halting or retracting communications in response to unexpected socio-political events, while just a third were able to switch communication channels because of customer behaviour or external factors. Perhaps most worrying is that 60% of organisations confess that they are struggling to communicate with customers across multiple platforms in a consistent and integrated way.

So what's a brand to do? To create authentic, customer-centric communication that adapts and reacts in real time, organisations must first establish context of external offline factors. These include events relating to the environment, politics or economics. These must then be used to inform conversations with customers.

Some brands have already begun to adopt this strategy. Currently, brands are monitoring: financial market movements (55%), Government policy (48%), major political events (34%), retail price wars (33%), consumer injustice (27%), weather (26%) and major attacks on the public (23%).

Organisations that are able to react to events or trends as they happen can be a real part of the conversation. This could be a real chance to humanise a company and let the audience know where your company stands on the important issues of the day.

As the report indicates, the industry is in need of data experts. If you have the skills, why not find out what jobs are already waiting for you by signing up to Stopgap's job alerts today?

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