Discuss Chief Strategy Officer Jim Longo in Quirk’s Media:
As market researchers, we have unlimited access to mountains of big data and endless statistics about our customers’ every move. And because we have this, companies can get the unwarranted sense of knowing customers well. Many brands think they can predict consumers’ next moves. With access to all of this information comes the pressure to make quick, data-driven decisions – especially around the end of the year.
Big data can only describe an issue or validate things people already know. As a result, there is a giant disconnect between how well organizations think they know customers and how well customers think that organizations know them.
According to Bain & Company, a survey of 362 firms found that 80% believed they delivered a “superior experience” to their customers. When customers were asked about their own perceptions, they said just 8% of companies were able to deliver.
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