Wasted up-sell and cross-sell opportunities flagged as the greatest cost of sloppy data management
Uncover the insights and advice of 62 APAC CX professionals on the state of customer data management and how to drive for optimized data management
Well managed customer data is essential for successfully targeted marketing. Organizations that neglect this will be more prone to costly mistakes.
Data management and marketing service provider, Epsilon, collaborated with CX Network on the ‘report to assess the current state and the road ahead for in APAC, using insight from 62 CX experts local to the region.
Customer data management maturity
The report asked the APAC professionals to rate the maturity of customer data management practices in their organizations based on four levels: stationary, crawling, walking or running. Results suggested that the majority of organizations are well on their way to advanced data management practices but very few have achieved ‘running’ status.
Findings show that the vast majority, 59 per cent, of organizations were just ‘walking’ with regard to customer data management and have not yet reached ‘running’ status. When discussing data management practices in their own organizations the least advanced groups flagged an appreciation for data management practices, but admitted they haven’t really started improvement works yet. While the most advanced felt that they are a data-driven company and the whole business was born and bred on data insight.
Readers have the opportunity to identify their own customer data management category and access targeted advice and recommendations.
Read more: Access the advice and analytics of APAC CX professionals in the Customer Data Management report.
Pain points for poor data management
Primary consequences of poor data management varied across each of the maturity groups. The least advanced (stationary) highlighted ‘wasted marketing spend’ as a top pain point while the most advanced (running) noted ‘limiting analytics capabilities’ as their top challenge for customer data management.
In analyzing these pain points the report provides visibility on their impact, which can range from missed opportunities to boost customer lifetime value through to poor visibility for customer purchase behaviours, before offering some valuable tips on the management of these pain points.
Rewards from improving customer data management
This breakdown uncovered a disparity between the most advanced group, who listed ‘reaching the right customer with personalized/tailored content’ as a top benefit, and the least advanced, who believed ‘more efficient marketing spend’ was the top benefit of better data management.
The analysis of these benefits reveals some interesting observations, including the increased traction that organizations are experiencing as a result of improved analytics capabilities through good customer data management as well as the importance of emotional connections for boosting customer brand loyalty.
The road ahead
After exploring the current investment priorities for CX teams in the APAC region, the report offers a look at the road ahead for APAC brands by providing an overview of the top CX initiatives scheduled for the next 12 months.
Access the advice and analytics of APAC CX professionals in the Customer Data Management report.