72% of UK businesses recognise the competitive advantage of using data and insight to put their customers at the heart of their business and are looking at how a single customer view (SCV) would work for their organisation, but only 16% have a true SCV in place.
The study of 400 UK businesses and 2,000 UK consumers by Experian Marketing Services found that 74% of consumers would respond positively to personalised marketing communications while 44% would request additional marketing information.
Describing and SCV as ‘a readily accessible summary of all customer relationships across numerous brands, businesses, products and channels, which in turn enable personalised multi-channel engagement with customers’, it was found that 85% of companies admitted that a lack of SCV had led to business problems, with 18% saying they had likely missed cross- and up-selling opportunities.
Nigel Wilson, managing director for data and analytics at Experian Marketing Services, said: “The benefits of a SCV are indisputable, both in terms of costs savings for the business and customer satisfaction, but our research shows that many marketers are still struggling to make effective use of the data that their business holds across multiple-channels. Some organisations are already on their way, so the rest need to see SCV as more than just an intangible ideal and instead a key business requirement for the future if they are to avoid being left behind by their competitors.
“We are definitely moving in the right direction, but many UK businesses have a long way to go in their data journey, in fully understanding their customers and achieving effective multi-channel communications”.
It was discovered that 11% have no plans to attempt a single customer view at this time, while 29% are currently planning a single customer view strategy.