Firms Lack Tools To Understand Their Customers, Study Shows

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.

1 comment about "Firms Lack Tools To Understand Their Customers, Study Shows".
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  1. John Grono from GAP Research, October 15, 2020 at 7:41 p.m.

    I find the premise oddly Utopian.

    The emphasis on immediacy, depth and capturing beahviour patterns accurately places inordinate trust in data.   It might be a revelation, but most consumers don't think and rationalise about brands, choice and consumption as marketers would hope.   Far too many questionnaires are not written in the common parlance but are full of marketing-speak.   But, having been asked their opinion, the respondent generally duly responds often in a haze of confusion.

    But once that data is processed it often goes unchallenged or sense-checked and is taken as gospel.   Data reliance, due to its convenience, speed and sheer volume is now superceding marketing intuition.   The good marketers I've worked with knew their brand intuitively.   They knew what buttons to push and levers to pull.  Yep, they used research and data, but they were more interested in the data that didn't accord - as that may be the next upcoming change or trend.   They used research and data to keep ahead of the curve, rather than use it to try to work out reactionary tactics and be another pack member.

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