Talend Survey Finds Waning Brand Loyalty Despite Enterprise Customer-360 Initiatives
Only 61 Percent of Consumers Feel Companies Understand their Needs
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An international consumer and IT business survey conducted by Researchscape on behalf of Talend, uncovers a startling gap between customer needs, and the reality of what organizations are currently providing. According to the findings, despite the wealth of data companies have about customer behavior and purchasing choices, many organizations still have a long way to go in terms of effectively using this data to better meet consumer expectations. (Graphic: Business Wire)
Sixty-three percent of IT respondents indicated that using data to better understand customers is a top business priority for 2017, with 80 percent of companies ranking it at an eight or above on a 10-point scale. Due to the strategic nature of customer-360 initiatives, many are being led by C-Level executives: CEOs or COOs hold this responsibility at nearly half of participating companies (42% combined), followed by CIOs and CTOs (39% combined). Today’s IT organizations also recognize the importance of putting customer data in the hands of more employees, with 80 percent of surveyed companies indicating they’re making customer data accessible across multiple business units.
“Our survey shows most consumers are data driven, with 57 percent
reporting they rely on data to inform buying decisions,” said
Approximately 80 percent of IT respondents indicated their budgets have grown over the past five years. Under increasing pressure to improve the customer experience, many have invested that budget in a range of customer relationship management tools, including:
- Live chat (66%)
- Data visualization (60%)
- Speech recognition (52%)
- Retargeting tools (58%)
Despite the seemingly heavy investment by IT in customer support tools, many businesses still do not systematically track basic customer feedback. Fifty percent or less of the surveyed companies are deploying elementary barometers of customer satisfaction, such as:
- Online reviews (used by only 36% of respondents)
- Social media sentiment (utilized by only 43%); and
- Past purchase or communication preferences (employed by only 50% combined).
The consumer survey showed that online reviews have become the new word of mouth for many, with 40 percent indicating these forums have the greatest impact on large purchases—almost twice the weight of friend and family recommendations. Additionally, fifty-seven percent of respondents listed “having a negative review unaddressed while continuing to receive offers for similar products” as the top reason they would ‘break up’ with a brand. Other reasons cited by consumers for ‘breaking up’ with a company include:
- If the company falls victim to a data breach (53%)
- Not providing live/real-time customer service support (42%)
Overall, Talend’s survey suggests there is still room for organizations
to use data more effectively to better understand and address customer
needs. The rewards for improvement may be compelling – industry research
suggests businesses are losing
For more detailed information on further results of the Talend consumer and IT business survey, visit https://info.talend.com/datadividesurvey.html.
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To better understand how companies and consumers use data and interact
with each other, Talend commissioned
On the IT side, the titles represented were IT managers (55%),
developers (18%), and CIOs (16%). Many worked within the tech industry
(41%), while a few were in finance and insurance (11%), and retail (7%).
Half worked at large organizations with 501-5,000 employees (49%) and
most frequently had annual sales of