According to research, less than 20% of brands have a single customer view- ie. the ability to unify all sources of customer data to pinpoint your customers down to a singular, rich human profile.
So what do high performers do that others don’t? Here are some key insights into what gives high performing brands their X-Factor, and how you can accelerate your own journey to data rockstardom.
Accessible data key to success
Our study finds 75% of high performing brands have in-house analytics and insights.
We’ve found organisations with dedicated data specialists are often compensating for messy data that is poorly structured and in disparate systems.
If brands clean up their data, in a Customer Data Platform for example, there’s a reduced reliance on data specialists. Having cleansed data enables self-service and data specialists can spend their time solving much more valuable problems.
Self-serve insight a crucial capability
Categorically, high performers have brought the ability to self-serve insights, allowing key business users the opportunity to pull their own insights.
By contrast, low performing brands more likely to outsource this capability by using an agency for marketing. The role of agencies is shifting to be much more specialised or when a brand is trying something new to the organisation.
Either way, it’s essential the team are empowered to use their data universe, turning it into value every day, rather than sitting idle in a data lake.
High performers heavily invested in advanced analytics
Low performing brands are not performing advanced analytics. High performing brands are heavily invested in advanced analytics to improve marketing and business decision making.
Implementing advanced analytics requires the right tools, people and data quality. To realise the value of advanced analytics, brands need strategic—not merely technological—solutions.
What do data rockstars do that others don’t?
The Lexer Data Culture study also finds the top 3 key channels high performing brands are using data to win with personalisation are email, paid social and site.
Download the report now and to find out more about what high performers are doing to succeed in the pursuit for customer data-nirvana.