The quest for customer engagement has left marketers with mountains of data, bloated martech stacks and distraught customers. With trust, privacy, and choice now driving buying decisions, marketers must re-evaluate if they are customer-centric. To win, serve, and retain customers, organisations must embrace the right data practices.
A Forrester Consulting study commissioned by Epsilon, Publicis and Adobe, examined marketers’ priorities and challenges in enabling customer data platforms (CDPs) and the broader data value chain to understand the current approach, mindset, and existing data practices. The study surveyed 250 decision-makers ranging from senior managers to C-level executives across Australia, Singapore, New Zealand, India and United Arab Emirates from the BFSI, Hospitality & Tourism, and Retail industries.
The study yielded three major findings: data management issues stifle the success of CDPs, firms plan to increase investment in CDPs and first-party data is mostly or significantly combined across online and offline sources and linked to customer records for sales and marketing teams.
This research also found that access to multiple data sources drives a shift in the APAC marketing landscape. Nearly 67 percent of marketing leaders and 54 percent of technology leaders agree that building a single view of the customer is vital to shape products and capabilities. Results show that mature markets (Australia and Singapore) are moving away from established marketing techniques and are more focused on using multiple data sources for segmented targeting.
Further, continuing with “business as usual” sabotages marketing functions and companies need to adjust the responsibilities and competencies to make it customer centric, the research suggests.
Findings of this survey demonstrated that firms prioritise insight-driven capabilities but fail to measure impact. They harness and implement actionable digital insights strategically and at scale to drive growth, mitigate risk, and create differentiating customer experiences, products, and services. Respondents indicated that creating a seamless customer experience was the main goal, they struggled to convert insights to action due to disjointed systems and data silos.
Companies must strategically use and link first- party data to build robust customer profiles, such as individual identity, and underpin purchase expectations for future experiences, showed the research. Additionally, this study showed, first-party data is crucial as it helps marketers connect with customers.
The survey concluded that lack of data maturity prevents companies from delivering timely and contextually relevant customer experiences but, to remain competitive, companies must adopt a holistic data-driven approach and use the resulting insights to optimise customer service experiences.
Watch BE+ with Ambi Parameswaran: In conversation with industry leaders like Jasneet Bachal, Pawan Sarda, Siddhesh Joglekar