The finding 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, published by Customer Data Platform, Lexer, has revealed high performing brands use data much more often.
Key findings include:
- Over 75% of high performing brands have in-house analytics and insights.
- Low performing brands are more likely to outsource marketing to an agency.
- 60% of high performers use external data to enrich their customer understanding.
- Nearly all brands are investing in data as a strategic priority.
Lexer President, David Chinn said companies extracting value from data were characterized by the accessibility of their data and the ability to perform advanced analytics and resource effectively.
“Top performing companies were much more likely to have a single customer view, analytics teams in-house, a larger data set and license external data,” he said.
“We also found the top 3 channels for high performing brands winning with personalization are email, paid social and site.”
While many companies feel they are failing to capitalize on the full potential of their data, Chinn said 80% are investing in customer data projects in 2018.
“Implementing a Customer Data Platform is one way to ensure that business users can access and utilize data,” he said.
For companies looking to accelerate their data culture, Chinn said success depends on:
- Unifying raw, disparate data in a single customer view
- Distilling unified data into easy and actionable customer profiles
- Enriching customer data with external data sources for deeper insight
- Empowering data champions to promote projects as a core business interest
- Providing tools that make data accessible and actionable for business users