Connecting the Customer Dots Is Vital to Business
Most companies believe they make it a priority to really know their customers, but the perception of many consumers is that businesses don't make the effort to understand them. A recent study conducted by Researchscape on behalf of cloud and big data integration vendor Talend revealed that organizations are making a significant effort to spread customer data throughout their businesses and to ensure that the insight that data provides drives decision making. But the results of the survey, which polled 361 IT leaders and more than 1,000 consumers, indicate that there's a big disconnect between the two groups. "While the majority of companies recognize the importance of data in driving company strategy, many are just scratching the surface when it comes to understanding the dramatic impact customer-360 initiatives can have on increasing their 'share of wallet' and inspiring lasting customer loyalty," said Ashley Stirrup, chief marketing officer of Talend. The findings suggest that there's a lot of room for improvement in understanding and addressing customer needs, and Researchscape cited industry research estimates that businesses are losing $62 billion a year due to poor customer service. We've summarized the findings of the IT leader survey here.