Inspiring Lasting Customer Loyalty

Do you understand your customers or do you just think you do? 

New research out from Talend, a provider of open source integration software products, indicates that companies apparently have a longer way to go than they might think in terms of using the wealth of data on customer behavior and purchasing choices at their disposal to actually meet consumer expectations. 

While 88 percent of IT leaders believe their organization truly understands its customers, for example, only 61 percent of consumers feel companies understand their needs. Quite a disparity. 

“While the majority of companies recognize the importance of data in driving company strategy, many are just scratching the surface when it comes to understanding the dramatic impact customer-360 initiatives can have on increasing their ‘share of wallet’ and inspiring lasting customer loyalty,” said Ashley Stirrup, Talend's chief marketing officer. 

The survey essentially suggests there is still room for organizations to use data more effectively to better understand and address customer needs. The rewards for improvement may be compelling – industry research suggests businesses are losing $62 billion per year through poor customer service.