Marketers overloaded with data and struggle to use it
The study is based on insights from more than 150 senior marketing executives surveyed primarily across North America and Europe during the fourth quarter of 2015 and was conducted in partnership with Pegasystems, a provider of strategic business applications.
Marketers looking to deliver exceptional customer experiences are increasingly turning to personalization as the key driver to maximize customer value.
But this will require redefining data's value and primary role, moving away from using data as a vehicle to calculate past performance metrics and into a critical tool to uncover new, real-time insights about customer behavior—including how customers react to different trends, news, offers, deals, product promises, promotional prompts, recommendations, social commentary and personalized messages.
While 23 percent of marketers are able to develop predictive insights into broad customer trends, another 20 percent feel they are only able to predict the next best action and struggle to move beyond that first step.
Delivering on brand promises is another area that appears to be lacking for marketers, as two-thirds of respondents revealed their success in this area is hit-or-miss, with 14 percent admitting they were completely missing the mark.
The results indicate that a key contributor to this lack of advancing analytics is a fundamental misalignment of data sources as marketers continue to struggle with aggregation, alignment and analysis of data across disparate sources.
Forty-eight (48) percent indicate that data is collected and analyzed but remains separate and is not well aligned.
Only 3 percent say their current data sources are integrated and totally aligned, delivering a comprehensive 360-degree view of the customer.
One clear challenge is the multitude of channels through which marketers can listen to and engage with customers.
The top sources of insights into customers, prospects and markets include visits to the corporate website (74 percent), sales data and CRM-based customer records (68 percent), and customer satisfaction surveys (57 percent), to provide a partial list. ■