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There’s no denying that consumers are demanding more tailored experiences when interacting with companies than ever before. Based on recent research, professionals are collecting data through analytics in an effort to respond appropriately.
The May 2014 study by Econsultancy in association with Lynchpin found that, thanks to the rise of data-driven marketing, analytics were a hot topic among digital business professionals worldwide, many of whom were using them to improve personalization efforts. In fact, personalization and targeting were the second most popular requirements for analytics related to understanding the customer, cited by 53% of respondents. Tracking behavior across devices and channels, which can aid in personalization further down the road, ranked first.
Analytics may help, but based on June 2014 polling by Experian Data Quality, data issues were still among the main challenges of personalization. While gaining insight quickly enough was the top hurdle to executing personalization, cited by 40% of US data management professionals, having enough data ranked a close second, at 39%. Inaccurate data rounded out the top three challenges.
Those who can master the art of personalization stand to see improvement across a handful of processes. Customer prioritization and cross-sell/upsell offers were the top processes improved by personalization, cited by 69% and 63% of respondents to the Experian survey, respectively. Relevancy and loyalty offers (58%), brand integrity (51%) and efficiency in internal routing (49%) also saw enhancements thanks to personalization efforts.
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