Data and analytics look set to be an increasingly valuable resource for marketers, a new survey has revealed.
Research carried out by EY and Forbes Media in the US found that more than eight in ten chief marketing officers believe it will become a much bigger part of brands’ efforts to build and measure trust. Figures also showed that nearly three-quarters of marketers are already using analytics to check if they are adhering to their brand values when they deal with customers.
Bruce Rogers, Chief Insights Officer at Forbes Media, hailed the fact that many marketers are recognising the significance of data and analytics to “inspire confidence with customers and to personalise the relationship. More importantly, executives know there is room for improvement in their use of analytics,” he commented. “They need to remember that the data they acquire via the customer is a privilege, and use that approach to build trust.”
However, the study indicated that many organisations are still failing to make the most of this resource. Indeed, only 37 per cent of those polled said communications and outreach activity is tailored in line with insights garnered from analytics.
This is despite the fact that 91 per cent have building trusted customer relationships at the heart of their department’s strategic and competitive vision.
Some 87 per cent of marketers said the customer experience is part of their strategic vision and that insights from data and analytics can help build long-term connections and credibility among customers.
This could be particularly important as brands do not always understand where and how trust with certain customers has been damaged or lost. In fact, just half said they feel able to deal with negative experiences at the touchpoint where they occur. Furthermore, only one in three believe they fully understand the point in the customer life cycle at which trust is deteriorating.
But almost four in ten respondents strongly agreed with the suggestion that they use analytics to find out where trust is being eroded. This suggests that this approach could become more widespread as brands seek to maintain strong relationships with their consumer base.
Woody Driggs, Global Advisory Leader at EY’s Customer Practice, commented: “Companies understand that building relationships and trust are the ultimate goal. Consumers have become more sophisticated. Their expectations are higher, they want a personalised experience and they want two-way communication. Companies need to leverage real-time data and analytics to enable them to be forward-looking and predictive, to know what the customer wants even before they do.”
Posted by Robin McCrink