As organizations look for ways to improve customer acquisition and retention, new research indicates that they are now willing to invest more in marketing analytics.
The American Marketing Association, Deloitte, and the Duke Fuqua School of Business recently published the Sept. 2022 edition of The CMO Survey, and statistics suggested that spend on marketing analytics is predicted to increase by 63% within the next three years. As of Sept. 2022, respondents stated that they are dedicating 8.9% of their marketing budget to analytics. This percentage is expected to rise to 14.5% within the next 36 months.
As of Sept. 2022, respondents claim that they use available or requested marketing analytics on 48.9% of projects before making a decision. This is an increase from the 37.7% recorded in Feb. 2020.
The Lack of Consistency in Marketing Data and Analytics
Although more organizations are turning to data and analytics for decision-making purposes, previous research suggests that marketers are still not entirely confident in this information as a whole.
The CMO Council conducted “The High-Velocity Data Marketer” report, and data indicated that most respondents (44%) are only “moderately” confident in their data, analytics, and insights systems. Only 26% were able to say that they were “very” confident,” and just 12% claimed that they are “extremely” confident.
Approximately 73% of respondents say that insufficient tools/technology are their primary challenge when it comes to data and analytics. Meanwhile, 60% cited a lack of data management processes. That being said, most top-performing respondents (63%) stated that their customer data was still “fairly accessible.”