Analyzing customer data could be the key to business success

If a business is to grow and thrive, it needs to collect and analyze consumer data across channels.

(Image credit: Image source: Shutterstock/alexskopje)


If a business is to grow and thrive, it needs to collect and analyze consumer data effectively. This is the conclusion of a new report from BlueVenn, which suggests organizations that are skilled at this practice are more likely to significantly exceed their business goals. Polling 235 organizations for the report, BlueVenn found that businesses that collate and analyze customer data have grown by 16 percent in the last year on average and are also twice as likely to see a strong ROI. With almost all organizations agreeing that strong data harvesting and management capabilities give them a competitive advantage, it’s no wonder that customer data platforms (CDP) are thriving.

Compared to last year, there has been a 24 percent increase in the proportion of companies using a CDP (51 percent to 63 percent). But less than one in ten (9 percent) have engineered a seamless customer experience across both offline and online channels.

The report hints that the C-suite isn’t invested enough in customer experience, with less than one in five (17 percent) businesses boasting a dedicated CX team and ownership at executive level. “The path to omnichannel maturity is anything but straightforward. As this omnichannel maturity report shows, it will be some time before all organizations realize their omnichannel utopia,” said Steve Klin, CEO of BlueVenn. “Companies are definitely getting better at mapping customer journeys, but only nine percent are delivering seamless experiences across both their online and offline channels. This failing will continue to obstruct many marketers from realizing their goal of omnichannel excellence, and means that marketing systems and processes remain fragmented and channel-focused.”


Source: paper.li