Research reveals accessible data, self-serve insights and advanced analytics are key to success for high performing companies.
The finding comes from the 2018 Data Culture Report, an industry report on the challenges marketers face in operationalising data to improve the customer experience.
Key findings include:
- Over 75% of high performing brands have in-house analytics and insights.
- Low performing brands are more likely to outsource marketing to an agency.
- 60% of high performers use external data to enrich their customer understanding.
- Nearly all brands are investing in data as a strategic priority.
60% of high performers use external data to enrich their customer understanding
Lexer Data Culture Report, 2018
Lexer President, David Chinn said companies extracting value from data were characterised by the accessibility of their data and the ability to perform advanced analytics and resource effectively.
Top performing companies were much more likely to have a single customer view, analytics teams in-house, a larger data set and license external data.
David Chinn, Lexer President, USA
Five ways to transform how data is used in your business
- Unify raw data sources from multiple sources in a single customer view
- Distill unified data into easy to understand customer profiles
- Enrich customer data with external data sources for deeper insight
- Nominate data champions to promote data projects as a core business interest
- Provide tools that make data accessible and actionable for business users