Majority of marketers can’t calculate the value of their customers

business people

Two thirds of marketers don’t believe they can accurately calculate the value of their customers. That’s according to a new Mythical Beasts of Marketing storybook launched today by international marketing technology brand BlueVenn.

The book, which incorporates research from UK and US marketing professionals, contains a range of stats relating to marketers’ attitudes to tools and the elements of their roles they find most challenging.

Amongst other findings, it highlights that the majority of marketers are unable to create an accurate Single Customer View, making it impossible to ascertain a complete memory for each customer that unites the disparate data their business collects into a single, trustworthy record.

Of those surveyed, 82 per cent felt that they did not have the knowledge or resources needed to bring together multiple data points and to create a truly 360° Single Customer View. In addition to this, less than a third of marketers felt that their brand has managed to accomplish genuinely omnichannel marketing. Given the difficulties in achieving this approach, many marketers are now giving up on the Single Customer View entirely, with 1 in 10 listing it as one of their “mythical beasts”.

Commenting on this finding, Anthony Botibol, Marketing Director at BlueVenn said, “More than ever, marketers have the data available to them to effectively track their customers throughout the sales cycle and truly understand what makes them tick. Unfortunately, our research suggests that most marketers either don’t have the tools, the time, or simply the skills necessary to access and utilise the data available to them.

“The result is a generation of marketers who often give up before they start on strategies such as omnichannel marketing and the Single Customer View, when the tools to achieve them are readily-available. Marketing departments can often shy away from what they see as complex data analysis tasks, however with the right software and data analytics programs the complexity, in reality, is actually no more than learning an email marketing tool or CRM platform. With the right systems in place there’s no reason why the Single Customer View needs to be a mythical beast.”