Despite the plethora of customer data available to marketers, much of it is not being utilized to effectively provide a consistent experience across channels, according to Forrester.
It has been proven that one way to drive customer engagement and loyalty is to deliver hyper-personalized experiences.
And while it seems as if all the tools are there to do so, few marketers have managed to make it happen.
"We found that while many firms have customer data platforms, their ability to use unified customer profiles to personalize experiences and generally improve customer lifetime value varies widely from firm to firm," reads the report commissioned by Oracle.
The report found that "only 11 percent of firms can effectively use a wide variety of data types in a unified customer profile."
Complexity to implement these customer data platforms was cited as a major barrier by those surveyed, but 39 percent said that their organization does not see the value of such a platform.
But the business case for doing so is clear, with Forrester finding that companies able to successfully use customer data platforms effectively are 2.5 times more likely to have increased customer lifetime values.
Lack of executive support and cost to implement were other reasons cited for not implementing such programs.
But no matter the reason, companies not investing in such technologies are behind the times.