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Redwood Shores, Calif.—Nov 18, 2019
Despite all the hype around customer data platforms (CDPs), a new study conducted by Forrester Consulting and commissioned by Oracle found that brands are struggling to create a unified view of customers. The November 2019 study, “Getting Customer Data Management Right,” which includes insights from 337 marketing and advertising professionals in North America and Europe, found that brands want to unify customer data but face significant challenges in bringing different data types together.
As consumers expect more and more personalized experiences, the ability to effectively leverage customer data is shifting from a “nice-to-have” to table stakes:
Brands that effectively leverage unified customer profiles are more likely to experience revenue growth, increased profitability and higher customer lifetime values:
While marketing and advertising professionals understand the critical role unified customer profiles play in personalizing the customer experience, the majority of brands are not able to effectively use a wide variety of data types:
“A solid data foundation is the most fundamental ingredient to success in today’s Experience Economy, where consumers expect relevant, timely and consistent experiences,” said Rob Tarkoff, executive vice president and general manager, Oracle CX. “At Oracle we have been helping customers manage, secure and protect their data assets for more than 40 years, and this unique experience puts us in the perfect position to help brands leverage all their customer data – digital, marketing, sales, service, commerce, financial and supply chain – to make every customer interaction matter.”
Read the full study here.
Forrester Consulting conducted an online survey of 337 professionals in North America and Europe who are responsible for customer data, marketing analytics, or marketing/advertising technology. Survey participants included decision makers director level and above in marketing or advertising roles. Respondents were offered a small incentive as a thank you for time spent on the survey. The study began in August 2019 and was completed in September 2019.
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