Report: Customer values and data-driven insights drive revenue growth

New Insights2020 report on driving customer-centric growth shows over-performing companies for revenue growth link everything to brand purpose, are united around the customer and rely on marketing insights

Companies leading the pack globally for revenue growth have linked are creating customer experiences based on data-driven insight and linking everything they do to brand and customer values, a new study claims.

According to initial findings from the Insights2020 – Driving Customer-Centric Growth, a global marketing leadership study, 74 per cent of over-performing companies based on revenue growth are actively using data to build customer experiences. This contrasted with just 30 per cent of under-performing companies.

The research also showed nearly one-third of over-performers leverage insights and analytics to drive consistency across all customer touchpoints, compared with one-quarter of under-performers.

In addition, 83 per cent of these revenue leaders link everything they do to brand purpose, as opposed to 31 per cent of underperforming companies.

The Insights2020study is being led by Millward Brown Vermeer in partnership with The Advertising Research Foundation (ARF), ESOMAR, LinkedIn, Kantar and Korn Ferry and builds off the back of the even larger Marketing2020 global research program. It is aimed at exploring how customer centricity is achieved and its impact on the bottom line.

The Insights2020 stem from in-depth interviews with 325 senior marketing and insights leaders globally, along with more than 10,000 interviews across 60 markets and supporting LinkedIn data.

Across the board, the gap between over-performing and under-performing companies came back to three major elements of customer-centric growth: Total experience, customer obsession and insights engine.

For example, in a sign of just how important customer focus is on growth, 78 per cent of over-performing companies said customer centricity is fully embraced by all functions within their businesses. Only 12 per cent of under-performing companies could say the same.

When it comes to data insights, 66 per cent of over-performers are working to link their disparate data sources, compared with only one-third of under-performing companies.

Another interesting find was that insights and analytics functions are reporting straight into CEOs in 33 per cent of over-performer companies, but just 13 per cent of under-performers. In addition, customer centricity was a top priority for 91 per cent of leaders in the top tier category, compared with 48 per cent of lower-performing companies.

Operational structures weren’t exempt from the study either. Internal silos and bureaucracy were especially apparent in under-performing organisations, while those over-performing were more likely to be recruiting ‘wholebrain’ people to their organisations (71 per cent versus 42 per cent). KPIs also matter: 45 per cent of over-performers had incentives based around customer outcomes, compared to 24 per cent of under-performers.

“More than a set of activities, customer-centricity is a strategy to deliver business value against customer needs, guided by brand purpose,” said Frank van den Driest, Millward Brown Vermeer’s chief commercial officer and global program leaders for the Insights2020 study.

“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. With a robust and global sample, we are able to quantify the financial opportunity for any business and guide organisations on their journeys to customer-centricity. The connection is clear and it is time to elevate insights and analytics to the boardroom.”

According to Millward Brown Vermeer, the Insights2020 study is focused on developing the strategic framework, practical guidelines, case studies and engagement opportunities to help marketing and insights and analytics leaders.

Read more on customer centricity

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

Conversations over a cuppa with CMO: ABC's Leisa Bacon

In this episode of Conversations over a Cuppa with CMO, ABC's director of audiences, Leisa Bacon, shares how she's navigated the COVID-19 crisis, the milestones and adaptability it's ushered in, and what sustained lessons there are for marketers as we start to recover.

More Videos

Zero proof spiritsUsa since 2011 www.arkaybeverages.com🤪🤟

Sylvie

How this alcohol-free spirits brand rode the health and wellness wave

Read more

okay this a good newsmaybe i gonna try it

kenzopoker1

CMO's top 8 martech stories for the week - 9 July 2020

Read more

Very insightful. Executive leaders can let middle managers decide on the best course of action for the business and once these plans are ...

Abi TCA

CMOs: Let middle managers lead radical innovation

Read more

One failing brand tying up with another failing brand!

Realist

Binge and The Iconic launch Inactivewear clothing line

Read more

I am 56 years old and was diagnosed with Parkinson's disease after four years of decreasing mobility to the point of having family dress ...

Nancy Tunick

The personal digital approach that's helping Vision RT ride out the crisis

Read more

Blog Posts

MYOD Dataset: Building a DAM

In my first article in this MYOD [Make Your Organisation Data-Driven] series, I articulated a one-line approach to successfully injecting data into your organisation’s DNA: Using a Dataset -> Skillset -> Mindset framework. This will take your people and processes on a journey to data actualisation.

Kshira Saagar

Group director of data science, Global Fashion Group

Business quiet? Now is the time to review your owned assets

For businesses and advertiser categories currently experiencing a slowdown in consumer activity, now is the optimal time to get started on projects that have been of high importance, but low urgency.

Olia Krivtchoun

CX discipline leader, Spark Foundry

Bottoms up: Lockdown lessons for an inverted marketing world

The effects of the coronavirus slammed the brakes on retail sales in pubs, clubs and restaurants. Fever-Tree’s Australia GM Andy Gaunt explains what they have learnt from some tricky months of trading

Andy Gaunt

General manager, Fever-Tree Australia and New Zealand

Sign in