Marketers are gathering more customer data, but research suggests that they are not capitalizing on new opportunities with this information in real-time.
The “Empowering the Data-Driven Customer Strategy” report from the CMO Council recently discovered that only 7 percent of marketers say they are always able to deliver real-time, data-driven engagements across their touchpoints with customer data. More than a quarter (28 percent) claim that they can only deliver “a handful” of these types of experiences through their platforms and touchpoints.
“While the customer wants to see real-time responses and reactions to their behaviors, what we are finding is that marketers are still dealing with complex processes and offline data, which is delaying their access to the intelligence they need to create the next best action with a customer,” said Liz Miller, senior vice president of marketing for the CMO Council.
In terms of obstacles, most marketers (54 percent) say that an inadequate budget is holding them back from implementing a data-driven customer strategy. About 43 percent stated that their organization’s failure to fully embrace a customer-centric culture is the primary issue.
Leveraging Marketing Data for Revenue
Previous research conducted by the CMO Council suggests that CMOs are aware of the benefits of utilizing data. In fact, the “CMO Shift to Gaining Business Lift” report showed that almost half of CMOs (44 percent) believe leveraging data appropriately can translate into more revenue.
Specifically, these marketers claim that using data for more effective campaign spend can drive income and improve margin. The same percentage said that embracing new digital advertising and engagement technology may yield similar results.