By Daniel Hunter
Starved of trustworthy customer intelligence, leaders of the UK’s SMEs are relying on gut instinct to make crucial decisions, according to a new report issued today (Tuesday).
The report, The Democratisation of Insight, by online survey platform SurveyMonkey reveals that most SME leaders (90%) believe powerful customer insight is the preserve of big brands with equally big research budgets.
More than one-third (36%) of SME bosses complained that their business lacks the customer data required to make timely decisions, and four-fifths (81%) of leaders would like to access customer insight more regularly but complained it’s too expensive and too time-consuming to gather.
As a result, almost three-quarters (72%) of SME leaders said that many decisions are made on gut instinct alone in their business in the absence of access to fast, reliable customer insight. When asked about their own behaviour, half (50%) of bosses admitted they rely either mostly or completely on instinct alone when making business decisions. Barely one-in-ten (10%) rely mostly or solely on data.
Dave Goldberg, CEO of SurveyMonkey, said: “It’s not surprising that with all the data available today, business decision makers still rely on gut. This is because it’s hard to get quality, actionable data as fast as the speed of business.”
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