Given the challenge of personalization for loyalty marketers, at this stage, it seems like there would be significant progress made in this critical area.
Not so, according to a new study conducted by Forrester Consulting on behalf of DataStax.
“The Evolution to Real-Time Customer Experience” study highlights the key role data platforms play in driving customer experiences. To meet consumer’s needs in real-time, organizations need a data platform that allows them to capture, assess, and use individual customer behavior in real time.
The problem with this, though, is that 5 percent of organizations are currently unable to make sense of customer data and struggle to gain real-time insights from this data. Nearly 90 percent of companies believe that they would see notable improvements in their CX if they implemented an integrated CX data platform, the study notes. Organizations must prepare for the next evolution of personalization, which relies on individualization instead of segmentation.
DataStax conducted a series of CX Executive Forums and roundtables around the U.S. and Europe featuring Forrester analysts to explore the urgency and changing nature of market expectations surrounding CX.
“We live in a right-now economy, and deriving real-time insights and acting on customer data has never been more important for organizations to succeed,” said Billy Bosworth, CEO at DataStax. “We believe the results of this study reaffirm the concerns we’ve heard from our customers–that there is an immediate need to provide truly individualized customer experiences. By offering a complete CX data platform, DataStax provides critical technology to power the CX movement.”
The survey revealed some eye-opening findings related to CX initiatives:
CX decisions are not driven by real-time data. To engage customers in the moment, companies require data systems that provide insights in real time. However, 95 percent are unable to make sense of customer data and struggle to gain real-time insights from it. Companies are hindered from serving customers in their immediate context, ultimately hurting their business results.
Customer experience is not truly personalized. Today’s personalization efforts are haphazard. Companies rely on segmentation, use single data points, or provide no value when personalizing experiences, thus not doing so effectively. Companies need to make investments not in systems of engagement but in systems of insight because a 360-degree view of the customer is a requirement to provide truly personalized experiences.
CX data platforms are an imperative in the age of the customer. Most companies are investing in technology to improve their CX. Almost 90 percent of CX decision-makers believe they would see notable improvements in their CX as a result of implementing an integrated CX data platform. Those who have already implemented a CX data platform are more likely to have a successful CX strategy and effective personalization efforts. To provide truly personalized experiences, companies need a 360-degree view of the customer; 89 percent are investing in tools and technology to improve their CX initiatives.