REDWOOD SHORES, Calif., Nov. 18,
2019 /PRNewswire/ -- Despite all the hype around customer
data platforms (CDPs), a new study conducted by Forrester
Consulting and commissioned by Oracle found that 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
that brands want to unify customer data but face significant
challenges in bringing different data types together.
Brands Want to Centralize Customer Data
As
consumers expect more and more personalized experiences, the
ability to effectively leverage customer data is shifting from a
"nice-to-have" to table stakes:
- 75% 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% believe it is important to create a unified customer
profile across channels and devices.
- 64% 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 personalizing the customer experience, the
majority of brands are not able to effectively use a wide
variety of data types:
- 71% of marketing and advertising professionals say a
unified customer profile is important or critical to
personalization.
- Only 11% of brands can effectively use a wide variety of data
types in a unified customer profile to personalize experiences,
provide a consistent experience across channels, and generally
improve customer lifetime value and other business outcomes.
- 69% expect to increase CDP investments at their organization
over the next two years.
"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 matter."
Read the full study here.
Methodology
Forrester Consulting conducted an online
survey of 337 professionals in North
America and Europe who are
responsible for customer data, marketing analytics, or
marketing/advertising technology. Survey participants included
decision makers director level and above in marketing or
advertising roles. Respondents were offered a small incentive as a
thank you for time spent on the survey. The study began in
August 2019 and was completed in
September 2019.
About Oracle
The Oracle Cloud offers a
complete suite of integrated applications for Sales,
Service, Marketing, Human Resources, Finance, Supply Chain and
Manufacturing, plus Highly Automated and Secure Generation 2
Infrastructure featuring the Oracle Autonomous Database. For
more information about Oracle (NYSE: ORCL), please visit us
at oracle.com.
Trademarks
Oracle and Java are registered
trademarks of Oracle and/or its affiliates. Other names may be
trademarks of their respective owners.
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SOURCE Oracle