Although data and analytics systems have proven to be beneficial to marketers, new research indicates that many still lack confidence in them.
The CMO Council recently published “The High-Velocity Data Marketer” report, and statistics indicated that the majority of respondents (44%) are only “moderately” confident in their data, analytics, and insights systems. Just 26% said they were “very” confident,” and only 12% were able to say they were “extremely” confident.
Generally speaking, most top-performing respondents (63%) claimed that their customer data was “fairly accessible,” compared to just 31% of bottom performers. This suggests that improved accessibility may yield more benefits for marketers who attempt to leverage data.
About 73% of respondents said that insufficient tools/technology were their main barrier to data access. Sixty percent cited a lack of data management processes.
Marketers Still Lacking High-Quality Data and Analytics
In some cases, poor data quality can hinder marketing efforts. Specifically, previous research has indicated that many marketers are still unable to harness accurate, validated data at their organizations.
Salesforce released the third edition of its “Marketing Intelligence Report,” and research suggested that only 26% of marketers believe their organization has exceeded expectations in terms of harnessing accurate, validated data. Additionally, just 27% claimed that their company has exceeded expectations when it comes to providing real-time data access.
Only 45% of marketers said that they had an established data preparation process at the time. Furthermore, just 48% had technology in place that was dedicated to analytics.