A survey has found businesses are still struggling to understand who their ideal customer is despite access to unprecedented amounts of data on customer behaviour.
According to the Getting Customer Data Management Right study commissioned by Oracle, businesses and brands are failing to recognise the importance of customer profiles and are challenged when it comes to understanding their existing data.
75 per cent of those surveyed recognised that improving the experience of customers is an important objective but many lacked the understanding of how to leverage their existing data to provide more personalised experiences.
Yet the study found that businesses and brands that do use customer profiling effectively are 2.5 times more likely to increase their customer lifetime value.
While 71 per cent of marketing and advertising professionals understand the critical role unified customer profiles play in personalising the customer experience, only 11 per cent are able to use their existing data effectively.
“A solid data foundation is the most fundamental ingredient to success in today’s Experience Economy, where consumers expect relevant, timely and consistent experiences,” said Rob Tarkoff, executive vice president and general manager, Oracle CX.
“At Oracle we have been helping customers manage, secure and protect their data assets for more than 40 years, and this unique experience puts us in the perfect position to help brands leverage all their customer data – digital, marketing, sales, service, commerce, financial and supply chain – to make every customer interaction matters.”