Marketing in the driver’s seat: Using analytics to create customer value.
Marketers have more data at their fingertips than ever before, giving them insight into every step of the customer journey. According to this Harvard Business Review report, using data to improve the customer experience is key to creating a competitive advantage in today’s market.
Using Analytics to create customer value.
Companies that shine go beyond analytics and measurement; they build insights they can use. Their approaches vary widely, but all of them use their insights to build truly relevant customer experiences. They’re there when consumers are looking for them, and they’re useful in compelling ways that their less analytics-savvy competitors simply can’t replicate. In this paper, the Harvard Business Review finds:
- In some cases, companies that have captured the full customer journey by integrating multiple sources of data are generating up to 8.5X higher shareholder value.
- While any company can use data to optimize costs or sell more products, real differentiation comes from understanding new information about customers and orienting that business around those insights.
- In 2015, 60% of companies said that organizational silos were the greatest barrier to improving customer experience. Successful companies are finding ways to organize around customer needs, creating nimble teams with the customer experience at the center.