Nearly two thirds of businesses recognise the competitive advantage of putting their customers at the heart of the business but only 16% currently have a single customer view (SCV) in place, according to new research.
Experian Marketing Services polled 400 UK businesses and 2,000 consumers and found 74% of consumers claimed they would respond positively to personalised marketing communications whilst 44% would request additional marketing information.
The report also found that putting customers was perceived to improve customer service levels (50%), retain customers (41%) and attract new customers (37%).
Over two thirds cited cost savings as a core benefit from SCV, of which 21% thought they would grow wallet share with customers, 33% wanted to increase revenues whilst 20% said it would help them to reduce bad debt, the figures showed.
An overwhelming 85% said the lack of a single customer view had caused business problems including delaying important business decisions (29%), exposing themselves to business risks (17%) and losing opportunities to competitors (22%).
Nigel Wilson from Experian Marketing Services said: “The benefits of a SCV are indisputable, both in terms of costs savings for the business and customer satisfaction, but our research shows that many marketers are still struggling to make effective use of the data that their business holds across multiple-channels.
“Some organisations are already on their way, so the rest need to see SCV as more than just an intangible ideal and instead a key business requirement for the future if they are to avoid being left behind by their competitors.”