A new study conducted by Forrester Consulting and commissioned by Oracle has found brands are struggling to create a unified view of customers.
The November 2019 study, “Getting Customer Data Management Right,” which includes insights from 337 marketing and advertising professionals in North America and Europe, found brands want to unify customer data but face significant challenges in bringing different data types together.
Brands Want to Centralise Customer Data
As consumers expect more and more personalised experiences, the ability to effectively leverage customer data is shifting from a “nice-to-have” to table stakes:
- 75 per cent of marketing and advertising professionals believe the ability to “improve the experience of our customers” is a critical or important objective when it comes to the use of customer engagement data.
- 69 per cent believe it is important to create a unified customer profile across channels and devices.
- 64 per cent stated that they adopted a CDP to develop a single source of truth so they could understand customers better.
Unified Customer Profiles Lead to Better Business Results
Brands that effectively leverage unified customer profiles are more likely to experience revenue growth, increased profitability and higher customer lifetime values:
- Brands that use CDPs effectively are 2.5 times more likely to increase customer lifetime value.
- When asked about the benefits of unified data management, the top two benefits were increased specific functional effectiveness (e.g., advertising, marketing, or sales) and increased channel effectiveness (e.g., email, mobile, web, social media).
The Marketing and Advertising Opportunity
While marketing and advertising professionals understand the critical role unified customer profiles play in personalising the customer experience, the majority of brands are not able to effectively use a wide variety of data types:
- 71 per cent of marketing and advertising professionals say a unified customer profile is important or critical to personalisation.
- Only 11 per cent of brands can effectively use a wide variety of data types in a unified customer profile to personalise experiences, provide a consistent experience across channels, and generally improve customer lifetime value and other business outcomes.
- 69 per cent expect to increase CDP investments at their organization over the next two years.
Locked down Victorians who don’t currently have an Optus Sport subscription will have complimentary access to Optus Sport from this weekend to enjoy the UEFA Champions League tournament plus access to premium health and fitness content through the Optus Sport app. UEFA Champions League – the world’s premier continental football tournament – kicks off at […]
Torrens University Australia has launched ‘Career Crush’ via VCCP Sydney and Lash, to help match students with a career they’ll love. Career Crush is an online quiz that determines prospective students’ personal strengths, passions and aspirations to match them with the careers and courses they’re most compatible with. One of the toughest decisions young people […]
Pedestrian Group has partnered with Nine subsidiary Mi9 New Zealand to offer NZ brands the opportunity to partner with the likes of Business Insider Australia, Pedestrian.tv and Gizmodo Australia. Next month, Mi9 New Zealand will be representing Pedestrian Group in the NZ market, offering clients the opportunity to work with leading youth publications including Lifehacker […]
ViacomCBS Networks International (VCNI), a division of ViacomCBS, is launching a premium streaming service internationally, appealing to audiences of all ages. The new SVOD service will start its international roll-out early in 2021, offering exclusive premieres of all new SHOWTIME series, including Halo and American Rust. CBS All Access originals will also premiere exclusively on the new service, such […]
As part of a larger project to refine their brand with partner branding agency Re, Optus have engaged experimental creative studio FutureDeluxe to explore how the iconic ‘Yes’ brand mark behaves in a sophisticated 3D environment. FutureDeluxe have produced a series of 8x idents and a number of static key visuals which will be used […]