PwC’s 22nd Annual Global CEO survey of 300 CEOs showed that data, specifically data about customer needs, is their most important consideration in 2019. However, less than a third of the CEOs surveyed regard the data they receive on critical or important matters as sufficiently comprehensive. CEOs reported a significant decrease in the “comprehensiveness” of their data – a drop from 21% to 15% over a decade. PwC describes the delta between importance and comprehensiveness as a critical information gap. An especially troubling finding given that customer data is the source of insight into understanding customer needs.
From transactional, demographic, and behavioral data stored in the system of record to the results of ad-hoc surveys, focus groups, social media, and even third-party reports, CEOs have access to an almost unlimited supply of information. But disparate data sources of varying quality and reliability make it very difficult to create and share a unified customer view; the foundation of a customer-centric strategy. The bulk of customer data is collected by technological convenience at multiple touchpoints. It’s siloed, it’s not strategic, and it’s difficult to apply. Insights surfaced from these sources often emerge slowly and not without considerable effort and expense – only exacerbating the information gap. This assertion is validated by the PwC survey. The CEOs identified "lack of analytical talent" (54%), followed by "data siloing" (51%), and "poor data reliability" (50%) as the primary reasons the data they receive is inadequate.
Understanding customer needs is not an end in itself. As the PwC survey shows, more data is not the means. If the ultimate goal is to drive revenue, enhance the customer experience, innovate faster, and make more confident decisions, CEOs must consider repeatable customer engagement models that can rapidly and reliably surface agile insights from the “right” customers. Customers with a bias for their product’s brand or category. Carefully segmented, highly engaged customers who, in the newly minted age of consent, have opted-in to provide meaningful, data-backed feedback at scale. This approach will require the adoption of new technology that amplifies (and exemplifies) a best-in-class customer insights program. It also demands a fundamental shift in the approach to insight gathering built on a foundation of trust, transparency, and security. A combination that customers’ have come to expect from companies that truly want to understand what they need.
At Vision Critical, we help companies transform the ability to drive value from customer insights with a repeatable customer engagement model that builds upon the data already held in the system(s) of record. Built on a foundation of privacy, trust, and transparency, our customer insight platform makes it easy to engage with deeply profiled, highly engaged customers who have opted-in to provide ongoing feedback over time. Learn how Vision Critical can help you uncover rapid, agile insight from the right customers at the right time with less effort and higher ROI.