57% of marketers feel that they are missing important data points that could provide them with a more comprehensive view of their customer, while another 30% believe that’s possible but they’re not sure what they’re missing, per results [download page] from a new CMO Council survey. The findings align with separate results showing that almost half also of marketers feel that the deluge of data – both structured and unstructured – has highlighted the importance of identifying actionable insights.
The recognition that key insights are being missed also supports recent findings showing that marketers are struggling to develop a holistic view of their customers. For example, a recent report from Acxiom and Loyalty 360 found marketers challenged in leveraging data for loyalty purposes. Earlier survey results indicate that close to half of marketers are having trouble identifying their most loyal customers.
Almost half of respondents to the CMO Council survey believe that data has added complexity to developing customer profiles and intelligence. But data presents opportunities as well as challenges: a leading 52% of respondents said that big data has helped them identify new business opportunities, while 44% feel that big data has added visibility and accountability across all functions who engage and touch the customer.
Still, respondents clearly feel that there is more data out there to leverage than currently being used. Among those who feel that they’re missing data points, 71% would like to add predictive analytics around lifetime value, and a majority also would want to add online customer profiles or user-generated profiles.
Integration of online and offline analytic capabilities, while complex, could enhance marketers’ view of the customer. But only 3% of respondents believe their online and offline capabilities are integrated across all functions. And while 46% believe they’re getting better across the board (while recognizing room for improvement), another 43% say they struggle to integrate online and offline data (23%) or simply do not integrate them at all (20%).
About the Data: The results are derived from an online audit of 237 senior marketers, conducted during the third quarter of 2012 and first quarter of 2013. 40% of respondents come from companies with more than $500 million in revenues, and 56% are headquartered in the US.
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