\nA newglobal study, \u201cInvest In Customer Insights To Drive Business Growth,\u201d commissioned byTeradata<\/a> (NYSE: TDC<\/a>) and Celebrus<\/a> and conducted by Forrester Consulting, finds that while organizations have ramped up investments in creating high-impact, personalized digital experiences to better win, serve and retain customers, they are struggling to make CX a competitive differentiator for their businesses. This problem is exacerbated by the ongoing challenge to collect, curate, analyze and distribute insights to improve in-the-moment decisioning, making it difficult for them to truly understand their customers and keep up with rapidly changing expectations that have been accelerated by the COVID-19 pandemic.\n<\/p>\n
CX as a Differentiator<\/b><\/p>\n
\nCX leaders are focused on crafting real-time, high-impact digital experiences in order to engage and retain customers. Most seem confident in their ability to create good customer experiences, though there is certainly room for improvement especially around consistency, personalization, and optimization.\n<\/p>\n
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- 85% of decision-makers<\/b> believe digital experiences are the most effective way to reach and engage consumers.\n<\/li>\n
- 66%<\/b> say their organization is focused on providing real-time, in-the-moment customer experiences.\n<\/li>\n
- 65% <\/b>say creating high-impact customer experiences is a priority for their organization.\n<\/li>\n
- \nHowever, only about half of firms (56%)<\/b> say their CX is a differentiator.\n<\/li>\n
- \nAnd the fact that 40%<\/b> of firms currently do not <\/i>have a clear customer experience transformation plan further exacerbates the problem.\n<\/li>\n<\/ul>\n
Data Deprecation<\/b><\/p>\n
\nBusinesses understand that data is critical, but there is an ongoing crisis as firms struggle to capture and operationalize data of sufficient quality to enable their CX objectives, in the context of regulatory pressures. CX leaders are faced with the challenge of figuring out how to curate and understand data across the customer lifecycle.\n<\/p>\n
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- 82% of respondents<\/b> say their organization is constantly trying to capture more types of customer data.\n
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- \nHowever, they are struggling with data at nearly every stage, from collection to analysis to delivery and maintaining regulatory compliance is a persistent challenge.\n<\/li>\n<\/ul>\n<\/li>\n
- 61%<\/b> say capturing and making sense of digital customer data is difficult for them.\n<\/li>\n
- 55%<\/b> admit understanding customers across all touchpoints and lifecycle stages is challenging.\n<\/li>\n<\/ul>\n
\n\u201cThis research confirms what we see every day \u2013 customer insights are critical to business success, but despite companies\u2019 continued investments in CX technologies, they are hindered by complexity, silos, latency and an inability to get critical information to the people who need it most,\u201d said Katrina Conn, Practice Director, Customer Experience & Data Science at Teradata. \u201cIn order to succeed and stay competitive, these organizations need to invest in a data platform that allows them to curate and effectively leverage data analytics across all parts of the customer lifecycle, regardless of where the data resides.\u201d\n<\/p>\n
Inadequacies of Existing Tools<\/b><\/p>\n
\nThe COVID-19 pandemic served as a wake-up call for organizations who now realize their current data collection and CX tools aren\u2019t up to snuff. In times of extraordinary change and demand, the need to get CX right is even greater.\n<\/p>\n
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- More than half (51%)<\/b> of respondents noted that as demand for their capabilities have increased, they\u2019ve struggled to keep up and respond to customer needs.\n<\/li>\n
- \nJust 56% of respondents<\/b> excel at analyzing data into actionable insights.\n<\/li>\n
- \nOnly 57%<\/b> said that their current toolset was effective in orchestrating experiences across all customer touchpoints.\n<\/li>\n
- \nAnd almost half (48%)<\/b> of respondents indicated that their current technology was not very effective in understanding customer behavior clusters and segments at a very granular level.\n<\/li>\n<\/ul>\n
The Opportunity to Deliver Effective, In-The-Moment Personalization<\/b><\/p>\n
\nMoving forward, organizations plan to fill the gaps that exist in their tech ecosystem by adopting solutions that help them better collect and use customer data and focus on improving personalization capabilities.\n<\/p>\n
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- \nPersonalization is a key goal moving forward as firms look to close gaps in their current CX capabilities.\n<\/li>\n
- 60% of decision-makers<\/b> indicate they plan on implementing real-time, individual-level personalization tools within the next 12 months.\n<\/li>\n
- 49%<\/b> plan to implement next-best-experience and real-time decisioning engines in the next 12 months.\n<\/li>\n<\/ul>\n
\n\u201cThis research indicates that in the wake of the COVID-19 pandemic there has been a continued and pronounced shift among organizations towards becoming data-driven businesses capable of responding to individual customer needs at scale,\u201d said Bill Bruno, Deputy CEO at Celebrus. \u201cBut despite their best intentions, these businesses continue to encounter technical and operational challenges in creating truly standout customer experiences. There is tremendous opportunity for these organizations to focus adoption efforts on technology that will help enhance their understanding and ability to execute on customer data, including real-time, hyper-personalization. These changes will pay dividends as these companies see improvements to sales, customer retention, and cost savings.\u201d\n<\/p>\n
Methodology<\/b><\/p>\n
\nTeradata and Celebrus commissioned Forrester Consulting to explore the needs and challenges of Customer Experience decision makers when it comes to personalization across digital. 170 CX business decision makers in the U.S., EMEA and APAC were surveyed for this study.\n<\/p>\n
Webinar <\/b><\/p>\n
\nJoin Teradata, Celebrus and Forrester for the webinar:
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“Invest In Customer Insights To Drive Business Growth”
\n<\/a>
Thursday, June 3, 2021
\n
8:00 AM PDT | 11:00 AM EDT\n<\/p>\n\nThis webinar will highlight the study\u2019s findings and provide recommendations about how closing the gap between data and insights can optimize success for a CX transformation. Experts will cover:\n<\/p>\n
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- \nPrioritizing cross-functional challenges at the technology level.\n<\/li>\n
- \nInvesting in advanced customer analytics solutions to drive business growth.\n<\/li>\n
- \nUnderstanding customer preferences across myriad devices, platforms, and channels.\n<\/li>\n
- \nMaintaining acceptable levels of privacy and keeping up with rapidly changing regulations.\n<\/li>\n<\/ul>\n
About Celebrus<\/i><\/b><\/p>\n
\nCelebrus is a suite of market leading data solutions from D4t4 Solutions plc (AIM:D4t4) which has been solving the most complex data challenges for global enterprises since 1985.\n<\/p>\n
\nThe Celebrus Customer Data Platform (CDP) is a pioneering digital data capture solution which captures, contextualizes and delivers data about how individuals are behaving across a brand’s digital channels including websites, mobile apps, social and streaming media. The tagging-free software streams online behavioral data in real-time, into the client’s chosen enterprise applications for analysis, activation and decisioning. Celebrus CDP has forged a close partnership with Teradata over 10+ years and feeds granular interaction data to 60+ clients on Teradata\u2019s Vantage platform. Celebrus is the platform of choice for data-driven brands for whom customer-centricity is essential to success. These organizations understand the value of getting a complete 100% compliant picture of individual customers across all channels, devices and time.\n<\/p>\n
About Teradata<\/i><\/b><\/p>\n
\nTeradata is the connected multi-cloud data platform for enterprise analytics, solving data challenges from start to scale. We help businesses unlock value by turning data into their greatest asset. See how at Teradata.com<\/a>.\n<\/p>\n
\nThe Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and\/or its affiliates in the U.S. and worldwide.\n<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210526005171\/en\/<\/a><\/span><\/p>\n
- 49%<\/b> plan to implement next-best-experience and real-time decisioning engines in the next 12 months.\n<\/li>\n<\/ul>\n
- \nJust 56% of respondents<\/b> excel at analyzing data into actionable insights.\n<\/li>\n
- 55%<\/b> admit understanding customers across all touchpoints and lifecycle stages is challenging.\n<\/li>\n<\/ul>\n
- 66%<\/b> say their organization is focused on providing real-time, in-the-moment customer experiences.\n<\/li>\n