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BizReport : Advertising archives : April 12, 2017

Study: Nearly half of execs say they don't understand customers

When it comes to understanding what customers want, whether in retail or another vertical, sales professionals are at a loss. That, according to new Altify data, which found that 42% of sales pros say their marketing functions 'do not understand' their customer base.

by Kristina Knight

That finding is part of Altify's new 2017 Business Performance Benchmark Study, which also revealed that most sales pros (83%) also believe the customer is more in charge of their buying process than ever before.

"Sales has always been about the customer, and every business that is growing in today's subscription economy needs to be laser-focused on customer retention," said the study's author, Donal Daly, executive chairman of Altify. "Companies that worry about selling the right solution to their customers and care deeply about the value they deliver - before, during and after the deals close - are the ones who are achieving sustained differential advantage and leading their markets."

Researchers also found:

• 65% of organizations have a sales process that is aligned with the customer buying process
• 33% say they 'can't uncover' the business needs of their customers effectively
• 87% expect their business performance to improve this year
• 48% believe digital transformation will disrupt business this year
• 70% believe diversity policies help their organization

Most of those surveyed say customer retention is their leading strategy for 2017.

Tags: advertising, Altify, customer analysis, customer data, ecommerce

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