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Data insights play key role in business growth

By Vera Ye | October 23, 2015, Friday | Online Edition

Data-based insights and analytics play a key role in driving customer-centric business growth, a report by marketing consultancy Millward Brown Vermeer showed.

Seventy-four percent of companies that over-perform on revenue growth create customer experiences based on data-driven insights, compared with 30 percent among under-performing companies, according to the Insights2020 report released today.

Based on interviews with 325 senior marketing and insights leaders and surveys of more than 10,000 practitioners across 60 markets worldwide, the study was focused on differences between over-performing and under-performing companies in terms of revenue growth.

“Customer-centricity is a strategy to deliver business value against customer needs,” said Benoit Garbe, managing director of Millward Brown Vermeer and Insights2020 global program leader in Asia, “Companies that out-perform their peers on revenue growth do so by over-performing on key drivers of customer-centricity.”

The survey identified a number of key drivers including purpose, touch point consistency, collaboration with customers and experimentation.

According to the findings, 83 percent of revenue growth over-performers link everything the company does to its brand purpose, as opposed to only 31 percent among underperformers.

Moreover, 62 percent of over-performers leverage insights and analytics to drive consistency across all customer touch-points while only 26 percent of underperformers do so.

Millward Brown Vermeer is planning to release further results of the Insights2020 survey in early 2016, which will provide roadmap for companies to reach customer-centricity.

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