NEW YORK, Aug 15, 2018 / PRNewswire / – The conclusion comes from the 2018 Data Culture Study, an industry report on the challenges marketers face in operationalizing data to improve the customer experience. The report, released by Customer Data Platform, Lexer, found that top performing brands use data much more often.
The main findings include:
- More than 75% of the best performing brands have internal analytics and information.
- Poor performing brands are more likely to outsource their marketing to an agency.
- 60% of top performers use external data to enrich their customer understanding.
- Almost all brands invest in data as a strategic priority.
President Lexer, David chinn Said companies that extract value from data are characterized by the accessibility of their data and the ability to efficiently perform advanced analysis and resources.
âTop performing companies were much more likely to have a single customer view, in-house analytics teams, a larger dataset, and externally licensed data,â he said.
“We have also found that the top 3 channels for top performing brands through personalization are email, paid social media, and sites.”
While many companies believe they are failing to capitalize on the full potential of their data, Chinn said 80% are investing in customer data projects in 2018.
âImplementing a customer data platform is one way to ensure that business users can access and use the data,â he said.
For companies looking to accelerate their data culture, Chinn said success depends on:
- Unify raw and disparate data into a single customer view
- Distill unified data into easy and actionable customer profiles
- Enrich customer data with external data sources for better understanding
- Empower data champions to promote projects as a primary business interest
- Provide tools that make data accessible and actionable for business users
To obtain a copy of the report, contact [emailÂ protected] or download it from the link below.
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Top performers use data up to 104% more often
The best email, social, and website channels for top performers
% of high performing companies that answered yes to “Does your organization use channel data to target customers?” ”
75% of top performing brands use data to personalize onsite