Only 43% of those surveyed said that most firms in their sector were able to access and analyse customer data and use it in their promotional materials.

The sector in which customer insight was seen being used the most was hospitality and catering, but in sectors such as retail, healthcare, media and telecoms only about a third of respondents said data was being used for marketing.

KDB’s chief analyst Matt Boot (pictured) said: “The last thing marketers want to be doing at the moment is wasting their budgets on less profitable and loyal consumers. The effective use of customer insight helps them identify the right targets.”

The survey of 1,000 financial directors and financial managers covered regions across the UK, key industry sectors and firms of various sizes.