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With Brexit still fresh in memory and potential shifting global economic ties, it makes sense that CEOs in Canada are concerned with the impact those forces may have on their businesses. And according to an April 2016 survey from KPMG, over 90% worry about worldwide economic forces affecting their business.
While customer loyalty may be the highest concern of CEOs in Canada, almost every respondent said they were also concerned with anticipating the changing consumer product landscape.
But one way to keep in touch with an ever-shifting market is via data and analytics. Over 60% of those surveyed said they use such tactics to analyze branding via social media, an increasingly important point of outreach to consumers.
Nearly 60% also said they use data and analytics for more functional purposes—helping with maintenance and services, as well as using input to drive strategy, or, when needed, change such strategies.
A March 2016 report from DWF revealed that UK retail executives tend to invest a significant amount in data analytics in marketing and sales—37% of those surveyed ranked their investment as high, beating out any other area surveyed. While there are differences across the Atlantic, values among executives have stayed relatively similar.
Take, for example, the consumer. Customer experience was also taken into account—about 90% of UK retail executives said they spend a significant amount on data analytics to facilitate a better customer experience. And that circles back to what KPMG found among CEOs in the Canada—it really is about making a better consumer experience.
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