451 RESEARCH PATHFINDER REPORT
Customer Experience as the Battleground of the Future
We (Segment) commissioned 451 Research to curate research to detail the rising importance of a single view of the customer in the data-driven experience economy.
Key findings from this in-depth 451 Research Pathfinder Report include:
Current enterprise investment in customer experience software (e.g., sales, CRM, marketing, etc.) has proved incapable of overcoming data silos. This has drastically impeded enterprises’ ability to keep up with changing consumer requirements. Over half of surveyed companies report having over seven separate repositories of customer data dispersed across varying customer experience applications and organizational groups.
Heightened consumer sensitivity surrounding data privacy, alongside emerging compliance requirements, imposes a delicate balance for enterprises seeking to win the data-driven customer experience. Over a quarter of consumer respondents are less trusting of businesses today compared to one year ago, with 80% feeling as if they have little to no control over their personal data. New models of engagement and the implementation of more transparent customer data architectures are required.
Having the systems and processes in place to capture, analyze, understand, and act upon key customer insights will allow businesses to effectively compete in this rapidly evolving market landscape. Data remains a core battleground for winning the customer experience, with over two-thirds of digital transformation leaders prioritizing the creation of a single viewof the customer across disparate data sources.
Context, enabled by a single view of the consumer, is necessary to deliver optimal customer experiences. Nearly 86% of digital transformation market leaders believe that unifying business data to create more contextually relevant customer experiences is important to their customer experience strategy, compared to 67% of digital transformation laggards.
Harnessing the power of customer data is at the heart of digital leaders’ data-driven transformation efforts in the short term. Building a real-time unified view of the customer to improve customer loyalty and retention is the top organizational priority for digital leaders over the next 12 months.