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But new research shows two out of three CEOs readily admit current approaches are ineffective and don’t offer a clear view of customers - resulting in missed opportunities.
London, United Kingdom, 25 April 2017 – Boardrooms across Europe unanimously agree that accurate insight across the customer lifecycle is critical to their growth, with the vast majority (81%) firmly positioning it as their top business priority for the year ahead.
But more than two out of three readily admits their current approach to customer experience is ineffective, they’re failing to connect the dots, or get a clear view of consumers. As a result, they face flat-lining or declining revenues simply because they are missing out on opportunities to better serve customers from start to finish.
New research from Experian highlights just how vital accurate customer insight is as it emerged businesses across the globe are now reliant on a combination of data, analytics and technology to ensure they consistently offer the very best customer experience - every time.
A recent commissioned study conducted by Forrester Consulting on behalf of Experian, gauges opinion among nearly 400 CEOs and senior business leaders working right across Europe, the Middle East, and Africa. It reveals the true impact of poor customer experience and customer management on commercial revenue.
The research also highlighted how many CEOs are aware of the pressing need to get to grips with consistently delivering a fast, seamless and reliable customer experience amid predictions traditional business models could be defunct within the next five years as they lose ground to digital-savvy competitors.
Charles Butterworth, Managing Director, Experian, EMEA, says: “Many businesses acknowledge their current approach to customer management is flawed as they continue to retain a siloed approach to analytics, data and insight. With investment often concentrated on consumer acquisition or collections – the beginning and the end of the lifecycle – opportunities are lost as the more lucrative and active customer experience stages are overlooked or completely missed.
“But it’s clear this is not a unique challenge to any one sector – we’re seeing it repeated right across the globe. Many clients are turning to us to unlock more value from their businesses by helping them get to grips with a critical combination of data, analytics and technology, to ensure they always offer the very best customer experience first time - and every time.”
The Forrester report says: "Over 50 per cent of organisations have seen a decrease in profitability per customer. To reverse this trend, organizations are aligning internal processes around customer metrics (40%) and are using customer journey mapping (38%). Combining this knowledge with more sophisticated analytics will allow organisations to maximize the value from their customers.
“Traditional business models are under threat. Digitisation has transformed today’s society, giving enterprises a unique opportunity to collect and process vast amounts of data that they can use to win, serve, and retain customers. Legacy systems do not cut it in today’s world. Organisations need to take a smarter approach and overcome internal barriers to better serve their customers and get products and services to market faster.”
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Notes to Editors
• The research was conducted by Forrester which gauged opinion from 380 CEOs and senior business leaders and functional heads working across Europe, the Middle East, and Africa. It was carried out during August 2016.
Bobbie Ttooulis, Marketing Director EMEA-CSDA - (0203) 042 4356, or (07814) 889288.
Experian is the world’s leading global information services company. At life's big moments – from buying a home or car, to sending a child to college, to growing a business by connecting it with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals take financial control and access financial services, businesses make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,000 people operating across 37 countries and every day we’re investing in new technologies, talented people and innovation to help all of our customers maximize every opportunity. Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Learn more at www.experianplc.com or visit our global content hub at our global news hub for the latest news and insights from the company.
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