Churn Happens as Marketers Don’t Leverage Customer Data and Analytics
Lack of customer data sharing, integration and insight is undermining competitiveness, retention rates, revenue and profitability among global marketers, according to a new study from the Chief Marketing Officer (CMO) Council.
Over 50% of global marketers report that they have fair, little, or no knowledge of the customer demographic, behavioral, psychographic and transactional data. Just 6% say they have excellent knowledge of the customer.
More than 35% of respondents report that the CMO or marketing department (38.9%) has primary responsibility for the customer analytics function but are not leveraging its value. Over 31% of those surveyed do no data mining at all and 63% are only doing moderate levels of data mining for intelligence and insight.
clipped from: www.marketingcharts.com