Which data capabilities are still out of reach for marketers?
Through a special arrangement, presented here for discussion is a summary of articles from MarketingCharts, which provides up-to-the-minute data and research to marketers.
Fewer than four in 10 marketing leaders are extremely (12 percent) or very (26 percent) confident in their data, analytics and insights systems, according to a study from the CMO Council and GfK. The report outlines the data capabilities that remain “out of reach” for marketers.
Based on a survey of more than 300 marketing leaders across industries and geographies, the report reveals that the data capability most out of reach for marketers is real-time availability of insights, cited by 42 percent of respondents. Real-time marketing is dependent on rapidly accessible data and actionable insights, which many marketers are lacking. To wit, even among the top data marketing performers in the study (dubbed “top performers”), fewer than half described the amount of time it takes to move from data gathering to actionable insights as fast or immediate. Worse still, just seven percent of “bottom performers” could say the same.
Furthermore, only around one in four top performers had real-time access to all relevant points of customer insight and data from across the entire organization as well as external partners and third parties.
Perhaps not surprisingly, when top performers were asked which data capabilities they are improving over the next 12 months, a leading 67 percent said real-time availability of insights.
Other data capabilities top performers are seeking to improve include the extraction of data signals across channels (64 percent), data-driven CX (56 percent) and predictive analytics (50 percent). Predictive analytics was also singled out as “out of reach” by four in 10 respondents.
Meanwhile, with access to data being a key differentiator between top and bottom performers — and one of the hallmarks of being a data-driven organization — the report reveals the main barriers to data access. The leading response overall was insufficient tools/technology, as indicated by almost three-quarters (73 percent) of respondents. The second-biggest obstacle was the lack of data management processes, as noted by six in 10 respondents, with other significant challenges including data control lying elsewhere in the organization and data not being real-time (each at 41 percent of respondents).
- Which Data Capabilities Are Still Out of Reach for Marketers? – MarketingCharts
- Nearly Two-Thirds Of Global Marketers Lack Confidence In Their Data, Analytics, Insights – CMO Council
- The High-Velocity Data Marketer – CMO Council
DISCUSSION QUESTIONS: What’s causing the lag between data gathering and generating actionable insights? Which technologies or processes offer the most promise to elevate data-driven marketing?