The 2018 Data Culture Report shows that well over 75 percent of high-performing brands are using data and analytics to extract insights for growth.
An increasing number of high-performing brands are using data to improve their understanding of their company’s customer base and using what they learn to strengthen their business, a major report found.
The 2018 Data Culture Report by customer data platform, Lexer, found that over 75 percent of high-performing brands have in-house analytics and insights. This compares to low-performing brands who were found to be more likely to outsource their marketing to another agency. Beyond that, up to 60 percent of high-performing brands use external data to help enrich their customer understanding.
Additionally, David Chinn, president of Lexer said, “Top performing companies were much more likely to have a single customer view, analytics teams in-house, a larger data set and license external data.”
He went on to say that “Implementing a Customer Data Platform is one way to ensure that business users can access and utilize data.” And, some channels won out over others in terms of personalization. Chinn said, “We also found the top 3 channels for high performing brands winning with personalization are email, paid social and site.”
Other key findings highlight the importance that data analytics has for top brands, with up to 80 percent of companies stating they are investing in customer data projects this year because they think they are failing to capitalize on the full potential of their customer data. This means that almost every major brand is aiming to invest in data as a strategic priority.
According to Lexer.io, there are 5 ways to transform how data is used in business:
- Unify raw data sources from multiple sources in a single customer view
- Distill unified data into easy to understand customer profiles
- Enrich customer data with external data sources for deeper insight
- Nominate data champions to promote data projects as a core business interest
- Provide tools that make data accessible and actionable for business users
For the full report, “How to Build a Data Loving Culture,” visit this link.
