The way in which businesses collect customer data must evolve alongside the ever-changing marketplace, it has been suggested.
According to Dave Frankland, vice-president and principal analyst at Forrester Research, marketing professionals should think differently about the methods that they use to capture customer data.
The news may encourage a number of companies to think about improving their data quality and data management processes, with client information also helping to drive future business growth
Speaking to btobonline.com, he noted that what organizations do with client information should also evolve.
Mr Frankland said that customer intelligence can be used to improve customer service, enhance product development and transform business operations and strategy.
"It's similar to understanding the difference between acquisition marketing and retention marketing," he told the news provider. "The truism that everyone ignores is that it's more expensive to acquire customers than to retain one.
"But finding out what you know about existing customers can also help you in your acquisition efforts."
Posted by Paul Newman
