Businesses are lagging when to comes to understanding their customers, according to Product Intelligence Report, a study presented by Amplitude at its Amplify event on Wednesday.
Of the firms polled, 97% say improving the digital experience is a priority. But 38% don’t know where to start, and 71% say they don’t yet understand customer behavior.
In addition, 69% don’t know where to begin in trying to retain customers on their digital platforms.
Moreover, 69% are waiting up to a full week to get responses to even simple data questions. And 59% acknowledge that their product teams can’t get real-time access to behavioral data.
As a result, 77% of product teams rely on best guesses to make some decisions. Only 20% have access to an easy-to-use behavioral data tool.
The study says that firms using product intelligence tools are more likely to see revenue growth, and that C-level buy-in is essential.
“Digital is the defining competitive edge and our research shows a clear connection between business performance and a data-driven understanding of the user experience,” says Spenser Skates, CEO of Amplitude.
For this report, Amplitude surveyed 359 senior executives, including 25% at the C-level, in the UK, the U.S., Canada, India, and Australia.