According to a recently released report by the Aberdeen Group, proper analysis and control of relevant customer information is a key factor in achieving success in marketing.
The study, entitled “Predictive Analytics – Driving Sales with Customer Insights,” indicates that marketing companies and organizations that perform well have a significantly higher chance of obtaining access to their customers’ data. Surveyed parties were categorized into best-in-class, or those belonging to the 20% based on performance; middle class, with a 50% performance in the industry, and laggard, with an industry performance of 30%.
The report shows that 77% of those belonging in the top 20% of best-in-class organizations keep records of all their customer transactions. Meanwhile, only 58 % of respondents belonging to the other 2 categories have access to customer data.
Even more impressive is the fact that 64% of the top-performing organizations have access to data on the behavior of their customers, with the rest of the respondents only amounting to 53%.
While most organizations may not think much of the potential customer data they can glean from past transactions, Aberdeen points out that going through this information can help in creating sales-productive activities such as enhancing customer value, organizing market segments and more.
Best-in-class respondents were also shown to make more use of dedicated teams to find out more on customer insights. Enform believes this is due to the fact that top performing organizations have more data to manipulate and get a return of investment from and it only goes to show the potential in listening to your target markets.
The challenge of the digital age of marketing is not in acquiring data but creating useful information out of data.