Using Data to Build Trust With Your Customers

If you are like me you are always looking for ways to build trust with your customers.

A recent report from EY and Forbes Insights advises marketers to harness their data to do just that.

The report is entitled, Building Trusted Relationships Through Analytics and Experience. also has a great summary article about the report.

The report reveals that companies are realizing that their ultimate goal is building relationships and trust with customers. They also know they need to leverage real-time data and analytics to be predictive, to know what customers want even before they do.

Key insights include:

  • 91% of CMOs feel that building trusted customer relationships is a significant focus of their departments’ strategic and competitive vision. 87% of CMOs say their strategic vision includes the customer experience, and they recognize that they need to embrace the latest data and analytics technologies in order to build credibility and long-term relationships with customers.
  • Most CMOs struggle to understand where trust is eroded with customers, and only half are able to address negative experiences at the customer touch point. Less than a third (30%) say with full confidence that their department or company has a full grasp of where in the customer life cycle the trust is breaking down. Yet 38% of respondents strongly agree that they are leveraging analytics to understand where trust is being eroded in the experience life cycle.
  • Over the next two years, 81% of CMOs say that data and analytics will be an important tool with which to build and measure trust. And almost three-quarters (73%) of marketers say they use analytics to check if the brand promise is being kept throughout the customer’s interaction with the company.
  • Most executives (51%) believe that there is a significant opportunity in the use of analytics for customer insight and in expanding the use of external data sources. Just 37% say they have the capability to use analytics to tailor communications and outreach to the customer. This is a low number considering that many marketing executives see personalization as the next big trend in marketing.
  • Marketers at the executive level are collaborating more across various business units to manage and improve the customer experience. Sixty-seven percent of survey respondents agreed or strongly agreed that the customer experience requires collaboration outside of marketing. By having a better grasp of data and analytics, marketers may be able to take more control of the customer experience.