According to a recent report published by the Economist Intelligence Unit (EIU), marketers cite limited skills in data analysis and a lack of financial resources to be the primary obstacles in driving customer insights. The report claims that the challenge may be due to a disconnect between what marketers focus on in their campaigns and what consumers want to receive.
An article from CMO highlighted the findings of the report, which indicates that 37% of marketing executives cite the inability to interpret customer data as their biggest challenge while 45% point to a lack of sufficient big data analytics capabilities. According to the report, marketers tend to focus more on promotion and product features whereas consumers prefer helpful tips and reviews about a product. The difficulty in interpreting client data makes it challenging to understand consumer behavior insights that could be applied to driving more effective campaigns, reported EIU.
“[The results] may indicate that marketing executives tend to focus on pre-purchase rather than longer-term engagement strategies,” the EIU report authors stated. Although many marketers claim a desire to improve data analysis to reach today’s consumer, the majority are still focused on campaign strategies that were prevelant five years ago such as media planning and buying, production abilities, and campaign implementation.
In order for marketers to apply relevant customer insights that drive successful campaigns, the EIU report believes stronger investment in data interpretation skills and tools will improve how marketers engage with consumers.