Most companies want to deliver hyper-personalized communications. But saying it and doing it are two different things, judging by a new study from customer data platform
Lemnisk.
For one thing, few companies give themselves the highest possible score in utilizing customer data. On a scale of 1-5:
- 1.1 —
13.33%
- 2.2 — 20.00%
- 3.3 — 26.67%
- 4.4 —
33.33%
- 5.5 — 6.67%
And it’s not clear that brands are investing in the necessary technology. While many firms are
considering a customer data platform (CDP), few have installed one.
- Already implemented — 7.14%
- Doing a POC —
7.14%
- Considering — 45.86%
- Not considering — 42.86
Moreover, despite all the talk of integration, few companies store
their data in the optimal location:
- Customer data resides in siloed marketing tools — 29.41%
- Data Lake or Data Warehouse —
11.76%
- CRM — 47.06%
- Real-time marketing database with a 360 view of your customers — 11.76%
Still,
86% seek to hyper target this year, and 80% want real-time actionable customer data. And they are devoting the following percentages of their budgets to technology and
automation:
- 25% of budget — 36%
- 30% of budget — 18%
- 45% of budget —
18%
- Not sure — 27%
In addition, they spend the following on customer retention:
- 10% of
budget — 13%
- 20% of budget — 13%
- 30% of budget — 20%
- 50%
of budget — 20%
- Not sure — 33%
Meanwhile, most feel 1-to-1 personalization is important in their customer journeys. On a
scale of 1-5:
- 1.1 — 0.00%
- 2.2 — 0.00%
- 3.3 — 13.33%
- 4.4
— 40%
- 5.5 — 46.67%
And, they feel AI is important in emerging marketing technologies. Again, on a scale of 1-5:
- 1.1 — 0.00%
- 2.2 — 6.25%
- 3.3 — 37.50%
- 4.4
— 18.75%
- 5.5 — 37.50%
Lemnisk surveyed hundreds of senior marketing professionals in banking, insurance, retail, telecom
and travel & hospitality, in the United States and Europe. Of those polled, they engage with customers via websites, spps, social and in-person.
They use these channels: email,
WhatsApp, push potifications, web and app banners, Facebook and Google Ads. They utilize SMS mainly to communicate loyalty and transactional information.