As marketers look to integrate analytics into their strategies, new research shows that those who do so are more likely to see creative success.
McKinsey recently conducted a survey to determine how the integration of analytics plays a role in successful marketing strategies. On a scale of 1 to 5 (5 being the best), the researchers ranked the data-driven creativity scores of respondents.
Statistics showed that integrators – those who use data and creative processes, and integrate them – ranked an average of 3.52. This placed them above isolators – marketers who use data and creative processes, but without integrating – who ranked 3.16. Idlers came in at the bottom of the pack at 2.93.
The researchers also discovered that integrators generally make better use of data compared to their peers. About 70 percent of integrators use advanced analytics, compared to just 42 percent of isolators and 40 percent of idlers. Nearly 65 percent of integrators use customer journey analytics, compared to 52 percent of idlers and 50 percent of isolators.
Marketers Failing to Leverage the Potential of Analytics
Previous research suggests that marketers still largely struggle with leveraging the full potential of data and analytics.
Forbes Insights and Treasure Data recently published the “Data Versus Goliath: Customer Data Strategies to Disrupt the Disruptors” report, which showed that only 13 percent of businesses express the highest level of confidence that they are taking the necessary steps to make the most of customer data.
Only one-in-five executives consider their companies to be leaders in customer data management, and just one-in-four executives say they are able to fully leverage data that is available to them.