Develop Deep Understanding Of Customers To Meet Customer Experience And Marketing Goals With CDP.
The Region Is At The Cusp Of Leveraging Data Strategies And Insight For Action And Outcomes. Are You Ready?
The quest for customer engagement has left marketers with mountains of data, bloated martech stacks, and distraught customers. With trust, privacy, and choice now driving buying decisions, marketers must reevaluate if they are customer-centric. To win, serve, and retain customers, organizations must embrace
the right data practices. The time to talk insights from data is long gone; organizations must now look for actions that are driven by data insight. Mature countries like Australia and Singapore point the way.
Forrester Consulting was commissioned to examine marketers’ priorities and challenges in enabling customer data platforms (CDPs) and the broader data value chain and to understand the current approach, mindset, and existing data practices.
Access To Multiple Data Sources Drives A Shift In APAC Marketing Landscape
Every day, demanding customers, unforeseen competition, and disruptive new technologies hammer home that we have entered the age of the customer, where traditional marketing techniques don’t work. Our study results show that mature markets (Australia and Singapore) are moving away from established marketing techniques and are more focused on using multiple data sources for segmented targeting. Why? It helps firms to build a comprehensive understanding of customer preference for targeted outreach.
Furthermore, 67% of marketing leaders and 54% of technology leaders agree that building a single view of customer is vital to shape products and capabilities. It also reflects a baseline understanding between marketing and IT functions on the customer engagement approaches.
In our study, we asked about the key strategies leaders will prioritize to execute on marketing objectives for their organizations:
Three in five said they will invest in marketing automation tools and partner with digital advertising agencies. This will help organizations maximize data value and existing resources and deliver better customer experience. Therefore, hiring additional marketing staff is a low priority for most organizations.
One in two said they will increase use of first-party data and invest in CDPs. Organizations understand that CDPs offer the capability to centralize disparate data and simplify complex orchestration processes.
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