34% of CMOs are skeptical about their marketing statistics.According to Adverity, a marketing data analytics platform, more than a third of CMOs do not trust their marketing data.
marketing statistics
Furthermore, when it comes to believing their data, there is a growing gap between data analysts and marketers.
Almost one-third of marketers do not trust the data provided to them to inform campaigns. This figure jumps to 41% among their data analyst peers, providing a new challenge for the C-suite responsible with generating marketing results. However, the leadership gap widens, with 51 percent of CTOs and chief data officers lacking trust in data, compared to 34 percent of CMOs.
Adverity commissioned the new 'Marketing Analytics State of Play 2022: Issues and Priorities' report, which polled 964 marketers and data analysts across the UK, US, and Germany to determine the major strategic challenges and priorities for marketers and data analysts in 2022.
Such a trust disparity, which grows wider with seniority, should be cause for concern in business.
Teams are failing to communicate mistrust, leading in important strategic decisions on spending, budget allocation, and campaign optimization being made without accuracy or confidence, potentially resulting in massive amounts of marketing budget being misused or wasted.
The time spent manually wrangling data is one of the most likely sources of skepticism in marketing data and the number one problem reported by both marketers and data analysts (42 percent). At the C-level, this figure rises to 54%.
"Modern marketing can't afford to wait three weeks for someone to comb through a spreadsheet," said Harriet Durnford-Smith, CMO at Adverity. By manually manipulating data, organizations not only expose themselves to human error and inefficiency, but they also commit to a reactive strategy.
"Those who are unable to keep up with the evolution or are unwilling to embrace new ways of functioning will be left behind." The first step toward becoming a data-driven firm is to stop manually wrangling data."
As marketing spend recovers to pre-pandemic levels and marketers are required to justify the Return on Investment (ROI) of their initiatives, being able to demonstrate the business impact of marketing becomes increasingly important. However, 38 percent of data and marketing professionals say one of their biggest issues is the inability to assess ROI on marketing expenditure. This, when combined with a lack of faith in data, can generate substantial challenges for businesses.
Looking ahead to 2022, 65 percent of marketers and data analysts say audience building and targeting, along with tailored content delivery, will be their top strategic priorities. This is predictable given the growing worry about third-party cookie deprecation and the increasing stringency of privacy legislation. Content will have to work harder in the future for firms to acquire access to customers' zero and first-party data. Developing a customized and transparent value offer is a critical method for doing this.
Businesses, on the other hand, must invest in campaign reporting skills. Respondents who already have good campaign reporting skills are three times more likely to be skilled at audience development, targeting, and delivering personalized content/customer experiences.
Businesses who already have good campaign reporting are three times more willing to invest in it than those that say they need to improve. That is, the gap between individuals who gain better insights from their reports and those who do not is expanding.
Post a Comment