How customer data multiplies the impact of your CX strategy

Katrina Wong on November 10th 2020

Customer experience (CX) continues to be the battleground for companies to differentiate their offering and position in the market. In fact, according to Forbes, “89% of companies in the last few years compete primarily on the basis of customer experience, up from just 36% back in 2010”. 

Today, every company needs to be a customer experience company. But what does that mean and what steps are companies taking to deliver on this vision?

According to Aberdeen, eight out of ten large businesses struggle with using data to achieve their CX goals. And yet, our digital world and growing personalization expectations from our customers means that data is the key ingredient for all modern CX programs

Large companies are racing to correct fragmented views of customer interactions, connect legacy data silos, and adopt the relevant technology and people skills needed to tap into their customer data in more meaningful ways. They are racing to meet the moment.

That is why 53% of companies have already invested in customer data platforms to solve this challenge, with another 34% intending to do so by the end of 2022. Aberdeen Research found that companies that use a CDP see better year over year revenue growth, higher average customer spend, and greater customer satisfaction rates versus those that do not. 

You can preview the ROI findings here. But these results require companies to successfully adopt 3 core building blocks and 8 best practices that help maximize their ability to unify CX insights for superior results. 

To learn more about these building blocks and best practices, read the full research report here.  

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