64.2% of Marketers Challenged by Lack of Personalization Budget and Resources
As marketers focus on personalizing the customer experience, new research suggests that many continue to face challenges in this area. Furthermore, dissatisfaction with personalization results and efforts is growing.
MoEngage and ClickZ recently partnered to publish the “Future of Marketing: Why Personalization Matters” report, and statistics indicated that most respondents (64.2%) are being challenged by a lack of budget and resources when it comes to personalization. This is followed by a lack of visibility and unactionable data (41.5%), and an inability to move quickly and create personalized campaigns (40.6%). As a result, only 8.5% of respondents said they were satisfied with their marketing team’s personalization results and efforts.
Most marketers (42.1%) claimed unactionable data is holding them back from personalizing the customer experience. However, about 70% of respondents claimed that they are at least moderately satisfied with the quality of their organization’s data.
Identifying Marketers’ Customer Engagement Challenges
As marketers point to unactionable data as a key personalization issue, previous research has indicated that a lack of real-time analytics is also hindering customer engagement efforts.
MoEngage conducted “The State of Insights-led Engagement Report 2022,” and data suggested that most marketers (33.9%) claim that a lack of real-time analytics is proving to be their top customer engagement challenge. A lack of understanding around which channels are most effective and when (18.6%), as well as inactionable data (16.8%) continue to be problems as well.
Most marketers (23.1%) are using a customer relationship management platform to address these pain points, while 20.9% leverage a multichannel customer engagement platform. However, the researchers behind the report believe there is an opportunity for marketers to do a deeper dive into customer insights.