Marketers struggle with the data flow
Marketers are struggling to come to terms with Big Data and today’s digital tools, according to the Marketing Measurement In Transition Study conducted by Columbia Business School’s Center On Global Brand Leadership and the New York American Marketing Association.
Researchers found 29% of the marketing executives questioned reporting that their marketing departments have ‘too little or no customer/consumer data’, and when data is collected, it is often not appropriate to real-time decision making. Close to 40% say that their data is collected ‘too infrequently or not real-time enough’.
In addition, marketers today are still much less likely to collect new forms of digital info like customer mobile device data (19% gather it), and social media data (35%), than they are to collect traditional customer survey data on demographics (74%) and usage (60%).
The survey also found that new digital tools are among the least likely to be measured for ROI despite their profusion of data. Only 14% of social networking users are tying them to financial metrics, and only 17% of those using mobile ads are doing so. By contrast, 41% of email marketers measure their results with financial metrics.
And as the number of marketing tools expands, the challenge of measuring and comparing them grows – 60% of companies report that comparing the effectiveness of marketing across their different digital media is ‘a major challenge’.
Almost one third of respondents say they believe that simply measuring the audience you have reached is ‘marketing ROI’, while 57% are not basing their marketing budgets on any ROI analysis, and 28% are doing it on gut instincts.
However, marketers are under pressure – 70% say that their marketing efforts are under greater scrutiny than in the past.