As marketers discover the benefits of leveraging data to enhance the customer experience, new research indicates that their budgets will increase in this area.
Ascend2 recently published the “Using Data-Driven Marketing to Predict Future Performance” report, and statistics suggested that most marketers (48%) now find data-driven marketing to be most useful for the customer experience/journey mapping. As a result, 40% stated that their budget for data-driven marketing is “increasing moderately” for the year ahead. About 9% claimed that it will be “increasing significantly.”
Within the next 12 months, the majority of marketers (58%) believe that improving the customer experience through data-driven marketing is going to become the most critical to decision-making. This was followed by increased personalization (46%) and improving data tools and integration (33%).
As third-party cookies are phased out, 52% of marketers claim that their data-driven marketing strategy is prepared for the potential impact.
Uncovering the Potential of Marketing Data and Analytics
With more organizations uncovering the potential of data and analytics, previous research has indicated that they are preparing to invest more in this area within the next 36 months.
Deloitte, the American Marketing Association, and the Duke Fuqua School of Business released the Sept. 2022 edition of The CMO Survey, and statistics suggested that marketing analytics spend will rise by 63% in the next three years. At the time of the survey’s publication, respondents claimed they were already dedicating 8.9% of their marketing budget to analytics.
They also stated that they use available or requested marketing analytics on about 48.9% of their projects before making a decision.