Fueled by the explosive growth of online communications and commerce, marketers now have access to an immense amount of data regarding customers and prospects. Many marketers have recognized that this vast sea of data is a potential source of insights that can be used to improve marketing effectiveness and drive business growth.
As a result, big data, marketing analytics, and data-driven marketing have been among the hottest topics in marketing for the past several years, and many marketers have made - and continue to make - substantial investments in data acquisition and analytics.
Yet despite the abundance of data and the increasing power of analytics technologies, many marketers aren't satisfied with the results they've obtained from their investments in data and analytics. In my last post, I discussed some of the findings in Gartner's Marketing Data and Analytics Survey 2020. Gartner's research found that:
- 54% of senior marketers (CMOs and VPs of marketing) say that marketing analytics has not made the impact on their company that they had expected.
- On average, marketing analytics influences only 54% of marketing decisions.
- Data findings conflict with intended course of action
- Poor data quality
- Analysis does not present a clear recommendation
- Results of analysis are not actionable
- "First, marketing data may result in prioritizing short-term growth ahead of long-term growth."
- "Second, marketers may overly rely on historical, internal data at the expense of forward-looking, external growth opportunities."
- "Third, marketing data may create a preference for more easily measured digital touchpoints at the expense of offline channels."
- "Finally, marketers may rely on available data in lieu of representative or predictive data."