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Yet only 12% of businesses are equipped for it. In terms of personalised communication to prospects and customers, there’s a wide gap between current capability and the capability required at the many of the world’s largest organisations, according to a new report.
To generate future growth, three-quarters of businesses with revenues over US$250m are reliant on personalised communication with their prospects and customers. Yet just 12% of those same businesses are currently able to harness the data to do so, according to the research, conducted and released by Econsultancy, Epsilon and Conversant.
Further, it appears that developing the capability for true personalised communication is an emerging battleground in the fight for competitive advantage.
Surveying 220 senior executives with responsibilities in brand and business marketing, the report highlights that 70% firmly believe that their competitors are focussing on acquiring the capability to communicate with their customers and prospects as individuals.
Of four key organisational capabilities needed for true personalisation, only between 10% and 14% of executives highlight existing strong capability. Yet at least 74% of the senior executives feel each one is paramount to future growth.
Figure: Digital priorities versus current capability
Source: Customer Recognition: How Marketing is Failing at its Top Priority
Worryingly, it appears that many are deluded to this lack of capability at their organisation.
“Over 40% of large organisations report having a system for data unification in place,” says the report. “But when that number is reverse-engineered based on the integration of specific sources such as CRM, channel data and behavioural data, the number with a true single customer view (SCV) drops to only 12%."
But achieving an SCV is only part of the battle in delivering true 1:1 communication en masse. Marketers need the technology that enables them to use the data from the SCV to target their audience as individuals.
"Unfortunately, there’s little room for half measures in today’s digital markets,” continues the report "If we are to provide an individualised customer experience, then dynamic content delivery is essential. Regardless of channel or device, customers should get content that makes sense for them, that makes their experience more pleasant and efficient."
Download the full report for free to get the full picture of why, and how organisations are racing to build their capability in 1:1 personalisation.
