"The research provides keen insight into the types of data marketers are collecting and how they’re using the data to drive fact-based marketing decisions.” --- Mark Johnson, CEO, Loyalty 360
Cincinnati, OH (PRWEB) January 11, 2012
Turning Customer Data Into Action, a just-released white paper sponsored by TSYS and conducted by Loyalty 360 – The Loyalty Marketer’s Association, found that while the vast majority of brands collect customer data, they face myriad obstacles in using the data to drive strategic change. Marketers that are able to overcome these challenges, however, report that making the data actionable delivers bottom line results.
“Faced with a constantly growing reservoir of customer information, the issue is most often not a lack of data, but rather a lack of actionable insight that can be gleaned from the data that already exists,” says Mark Johnson, CEO of Loyalty 360. “The results of the research provide keen insight into the types of data marketers are collecting, where and how they’re collecting it and challenges they must overcome along the way, and how they’re using the data to drive fact-based marketing decisions.”
In September-October, 2011, 122 marketers across industries were surveyed online. Key findings highlighted in the research include:
- The vast majority (94.3%) of respondents are collecting data on their customers.
- Most respondents collect data with the goal of growing their marketing database (82%) and building marketing campaigns (81%).
- Nearly two-thirds (59.2%) also collect data on their prospects.
- The data-collection sources most often cited include website, point-of-sale, call center and loyalty program.
- Lack of budget (35.4%) and lack of support from other departments (26.8%) most often impede data collection.
- While 68.3% report using the data they collect, limited staff (50.9%) and systems integration issues (49.1%) make using the data effectively more challenging.
- Those that sometimes or never use the data (31.7%) report that limited analytics expertise (73.1%) is the bottleneck.
- Results most often realized by using the data include increased loyalty program participation (58.5%), increased marketing ROI (54.7%), increased number of transactions (52.8%), and increased marketing effectiveness (52.8%).
“Customer data is one of a company’s greatest assets. But, data alone isn't enough; it's what businesses do with the data they collect that helps them grow,” points out Eric Barth, senior director of product management at TSYS. “As our findings show, the key to creating, building and maintaining strong customer relationships often lies in how much you know about your customers and how you use that information to inform more relevant and productive customer interactions. Our TSYS GRS loyalty solution provides the actionable data companies need to understand and influence their customers’ spending habits.”
A complimentary download of Turning Customer Data into Action is available at
About Loyalty 360
Loyalty 360 is an unbiased, market driven, voice-of-the-customer focused clearinghouse and think-tank that is committed to bringing customer loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty 360 gives members the expert insights and guidance they need to better understand loyalty and develop programs that effectively engage their customers and employees and build stronger relationships with them. http://www.Loyalty360.org.
TSYS is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience. TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks. http://www.tsys.com.