As marketers we operate in an increasingly sophisticated, hyper-connected and omni-channelled environment. Despite this, consumer expectations continue to rise rapidly. They expect flawless experience regardless of the channel they choose and won’t stand for anything mediocre. If a consumer is faced with a poor interaction, business implications range from a loss of sales or worse being publicly shamed on social media, causing a bigger brand perception issue and potentially further revenue loss. As marketers we need to address this.
What is reassuring is that the majority of marketers clearly see the value of understanding what makes their customers click. They see the benefits of understanding this in order to translate that information into delivering a better product or service. According to Experian’s Digital Marketer Report 52% of marketers ranked understanding customer needs, wants and attitudes as their highest priority in 2016. Whilst this is top priority, according to the report marketers also ranked it as their biggest challenge (38%). So why is this?
As marketers we realise it’s this fundamental understanding of our customer that powers all interactions, and ultimately this stems from data. The ability to achieve a single customer view (SCV) is at the forefront of achieving this knowledge. Increasing digitalisation and media fragment present a host of new opportunities for brands, but finding a single customer view is more critical than ever before. Whether your marketing department data is aligned or siloed, you need a single understanding of each customer if you want to deliver intelligent interactions, every time.
However, what happens if that understanding is based on inaccurate data? Customers will continue to have poor experiences and inappropriate business decisions will be made on inaccurate information which could impact operations significantly. When surveyed organisations agreed, 69% of businesses citing they believed inaccurate data is undermining their ability to provide an excellent customer experience and that on average they believed this was reflected in 23% of wasted revenue every year1. The most common cause of this was human error (56%), lack of internal manual resources (31%) and an inadequate data strategy (28%). When we aren’t getting these fundamentals of data quality right it’s no wonder that 81% of marketers reported having challenges with achieve a SCV1.
In order to achieve an SCV, the primary task is to ensure that data is fit for purpose. An SCV and all its benefits will only ever be realisable if it’s built on a robust and reliable foundation. Ensuring that data is accurate, reliable and that your business has the correct data quality measures in place is essential to this.
Experian Data Quality is a global leader in providing data quality software and service to organisations of all sizes. We help our clients to proactive manage the quality of their data through world-class validation, matching, enrichment and profiling capabilities.
What's the main challenge you face when trying to achieve a holistic view of your customers?
1 Experian Global Data Management Research 2016