"It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts." – Sherlock Holmes, from Sir Arthur Conan Doyle’s, “A Scandal in Bohemia”
Anyone who works with customers today knows the importance of complete customer data, or at least of having as much as possible in order to delight them. This is crucial because in today’s ‘experience economy’, fickle and demanding customers can shop, compare prices and switch brands instantly.
The importance of this full customer data view comes out in a new thought leadership paper written by Forrester Consulting titled “Getting Customer Data Management Right.” Forrester surveyed 337 marketing and advertising professionals in North America and Europe who are responsible for customer data, marketing analytics, and marketing/advertising technology.
Key Findings
- Most firms have a version of a customer data platform (CDP) but don’t use it to its fullest capabilities.
- Marketers have an opportunity to improve their organizations customer data practices.
- Firms with better unified customer profiles experience better business results.
Forrester notes that CDPs are marketing technologies that centralize customer data from multiple sources and make it available to systems of insight and engagement. Forrester created a Customer Profile Maturity Model that ranks survey recipients into three maturity levels; emerging, scaling and leading. 11% of firms were considered leaders, those that effectively use a CDP. Forrester concludes they are;
- 7.9 times more likely to see a revenue increase of more than 10% year to year compared to emerging firms.
- 2.6 times more likely than emerging companies to see increased business results, such as profitability, as a result of their unified data management.
- 2.5 times more likely to enjoy benefits like increased customer lifetime values.
Forrester also notes that while leaders in the utilization of customer data platforms are best positioned for success, those that aren’t necessarily leaders absolutely have steps they can take to improve around customer data management. Forrester puts forth some solid recommendations noted in this overview and fully detailed in the complete thought leadership paper that can be downloaded here.
It can be a tough path to Customer Data Management success. Oracle has been helping brands gain value from their data assets for more than 40 years.
Read about Oracle CX Cloud's newest offering called CX Unity, a Customer Intelligence Platform...
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