Only 39% of C-suite executives in the US and Western Europe say their company is making the most out of data generated by prospects or customers, and less than half say their firm communicates with customers and prospects in real time, according to [download page] a survey released in January 2012 by Empirix. Respondents also display different mindsets about how to deal with personal data: 54% say they recognize that their company must foster trust by protecting personal information, but 49% also say that their customers and prospects’ personal information is a key business asset.
According to a study released by IBM in October 2011, the explosion of data occurring in the marketplace (71%) is the leading business trend making global chief marketing offers (CMOs) feel unprepared, ahead of other developing trends such as social media (68%), growth of channel and device choices (65%), shifting consumer demographics (63%) and financial constraints (59%).
Data Seen Best for Responsiveness
When asked to indicate agreement with statements about the use of personal data to meet certain operational objectives, the leading objectives cited by the Empirix survey respondents were to engage the right agent, representative, or resource (52%), and to help the firm better value comments and feedback (51%), with 44% also saying that they use data to respond rapidly to clients and prospects. US respondents, who were more likely than their European counterparts to cite each of these objectives, chose better valuing comments and feedback as their top objective (56% vs. 46%), slightly ahead of engaging the right representative or resource (55% vs. 48%).
American Execs Use Data for Efficiencies
Data from “Enterprises in Denial: Dealing with the Personal Data Deluge” indicates that 56% of the US C-suite executives surveyed use personal data to create new efficiencies, followed by launching new products and services (52%) and fostering or building strong relationships (50%). Among European respondents, driving profitability (44%) is the foremost use, with launching new products and services (43%) and fostering relationships (41%) close behind. Just 38% use data to create new efficiencies.
American executives also appear more likely than Europeans to use data to test new products and services (49% vs. 34%), generate increased revenue (46% vs. 39%), and stimulate demand (37% vs. 29%).
Regional Differences Exist in Restrictions, Too
Among American executives, the leading reason cited for data being rarely used within the organization is privacy laws (45%), followed by a lack of staffing resources (30%) and not having the right technology to capture customer information (24%). By contrast, European respondents were most likely to cite the lack of the right personnel to interpret the data (47%), with only 35% blaming privacy laws.
About the Data: The Empirix and Opus Research survey was conducted by Coleman Parkes Research during Q3 2011, and consisted of interviews with 200 “C-Suite” executives (100 in Western Europe and 100 in the US).