Improving customer intelligence management practices empowers organizations to profitably define, identify and respond to high value customers and has become the top motivator for 74 percent of best in class in creating a corporate culture of customer-centricity according to Aberdeen's new benchmark report, "Customer Intelligence: Converting Data to Profits."
According to the report, companies that exemplify "best in class" practices attained greater than 20 percent annual improvement in gross revenues, customer acquisition and retention rates. Moreover, leaders have proactively begun to address their need to improve the management, analysis and application of customer intelligence in several critical areas:
- Leaders plan to extend or integrate their CRM systems with other customer intelligence tools for increased visibility and better data analysis capabilities;
- Best-in-class companies utilize both operational BI and predictive analytics to better understand and respond to high value customers;
- Leaders are more likely to use customer data integration and data quality solutions to incorporate data captured from multiple sources prior to analysis.
- 50 percent of best-in-class selectively out-source to third-party service providers to augment internal capabilities and processes.
Aberdeen's "Customer Intelligence: Converting Data to Profits" survey was launched with support from CMO Magazine, DM Review, DH Soft, Experian, Siebel Systems and XX Software. The study reveals that leaders share similar approaches and processes:
- Establishment of cross-functional teams and ownership processes to align IT with line of business users
- Take a long term approach to growth in defining customer value by lifetime value models
- Centralize management of customer intelligence at the corporate level.
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