Analyzing customer data is paramount for businesses today. A total of 38% give that responsibility to their CEOs. The competitive advantage provided by basing business decisions on customer behavior has led businesses to adjust budgets accordingly for data and analytics solutions. But even with increased budgets, a disconnect between marketers' perceptions of customer relationships and how those customers feel seems to exist.
A total of 81% of companies believed they had complete views of their customers across touchpoints and devices, according to a recent study by IBM and eConsultancy.
Unfortunately, 63% of consumers disagreed, insisting their favorite retailers don't understand them. An increased analytics budget doesn't equate to knowing more about your customers. For that, you need to connect the dots between customer touchpoints and analyze the full customer journey.
The marketer's challenge to understand customers
Why are marketers, despite the wealth of information at their fingertips, struggling to understand their audiences?
The problem partially stems from the numerous promotional platforms and reporting tools marketers rely on. Promoting the brand through various channels can make it difficult to understand what's working for whom, not to mention to fully understand customers across channels, platforms, and devices.
Another factor is other departments within the organization, such as sales and e-commerce, that also affect the buyer journey.
If you don't know how other departments affect your customers' decisions to make purchases, then you can't claim to have a holistic view.
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