Nearly 74 percent of companies that over perform on revenue growth create customer experiences based on data driven insights, with only 30 percent of under performing companies reporting the same, according to initial findings from Insights2020 – Driving Customer Centric Growth.
The study, led by Millward Brown Vermeer in partnership with The Advertising Research Foundation (ARF), ESOMAR, LinkedIn, Kantar and Korn Ferry, builds on the findings of Marketing2020 and is focused on aligning insights and analytics strategy, structure and capability to drive business growth.
“I am particularly excited about practical application opportunities highlighted by the initial findings. These findings offer every CMO and Insights and Analytics leader a clear list of focus areas and I look forward to building on our initial learning as we share and explore the findings with the industry,” commented Keith Weed, Chief Marketing and Communications Officer, Unilever, and chair of the Insights2020 advisory board.
The Insights2020 initiative examines the drivers of customer-centricity and how being a customer-focused company impacts business performance. “More than a set of activities, customer-centricity is a strategy to deliver business value against customer needs, guided by brand purpose. Building on the findings from Marketing2020, Insights2020 found that companies that out-perform their peers on revenue growth do so by over-performing on key drivers of customer-centricity,” shared Frank van den Driest, Chief Commercial Officer, Millward Brown Vermeer and Insights2020 global program leader.
The research revealed a number of striking differences between over- and under-performing organizations:
- 83 percent of revenue growth over-performers link everything the company does to its brand purpose, as opposed to only 31 percent among revenue growth under-performers.
- 62 percent of over-performers leverage insights and analytics to drive consistency across all customer touch-points, only 26 percent of under-performers do.
- In 78 percent of over-performing companies, customer-centricity is fully embraced by all functions whereas this is only true in 12 percent of the under-performing companies.
- 66 percent of all over-performers are working to link their disparate data sources, compared with only 33 percent of under-performing companies doing so.
- The Insights and Analytics function reports straight into the CEO in 33 percent of over-performer companies; this is true for only 13 percent of the under-performers.
“Our industry and clients’ businesses are in a period of significant transformation. These findings present an opportunity for the research industry to increase our impact and play a pivotal role in driving customer centricity and business growth,” added Laurent Flores, President, ESOMAR.