Yesterday, we discussed what the majority of companies want out of their customer behavior data now and in the future. Today, we’ll discuss survey results from the SMS Research 2020 Retail & CPG Customer Behavior Survey.
85% of respondents think that customer behavior data is only as helpful as a user’s ability to interpret or use it. A lot of business intelligence tools aren’t written in natural language or for a business user, which requires a data analyst to set up dashboards and interpret the data. And, 71% of organizations have more data than they know what to do with.
Companies collect 100s of dimensions of data per customer. If I was collecting all that data, and unable to analyze it, am I really getting the total value from all my data? In fact, only 34% of respondents think their company is leveraging customer data and analytics as effectively as it could be.
“There is not a lot of analysis, just a lot of data. We use garbage software to track customer data.”
Again, what is the hold up for not getting more value out of my company data?
Over half of the respondents think that onboarding a new technology is too much of a hassle. When was the last time my company decided to bring on a tool? How long did it take to get value from that integration and how many hours did it take to obtain that value? Time to value is a real issue for retailers and CPG firms. Plus, technology platforms change frequently and over 64% of respondents said that the frequency of change with a tool is problematic.
Stay tuned for tomorrow’s insight where we discuss if better customer behavior data is really a priority or not.
Read more survey results here.