"It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts." – Sherlock Holmes, from Sir Arthur Conan Doyle’s, “A Scandal in Bohemia”
Anyone who works with customers today knows the importance of complete customer data, or at least of having as much as possible in order to delight them. This is crucial because in today’s ‘experience economy’, fickle and demanding customers can shop, compare prices and switch brands instantly.
The importance of this full customer data view comes out in a new thought leadership paper written by Forrester Consulting titled “Getting Customer Data Management Right.” Forrester surveyed 337 marketing and advertising professionals in North America and Europe who are responsible for customer data, marketing analytics, and marketing/advertising technology.
Forrester notes that CDPs are marketing technologies that centralize customer data from multiple sources and make it available to systems of insight and engagement. Forrester created a Customer Profile Maturity Model that ranks survey recipients into three maturity levels; emerging, scaling and leading. 11% of firms were considered leaders, those that effectively use a CDP. Forrester concludes they are;
Forrester also notes that while leaders in the utilization of customer data platforms are best positioned for success, those that aren’t necessarily leaders absolutely have steps they can take to improve around customer data management. Forrester puts forth some solid recommendations noted in this overview and fully detailed in the complete thought leadership paper that can be downloaded here.
It can be a tough path to Customer Data Management success. Oracle has been helping brands gain value from their data assets for more than 40 years.