About 8 in 10 US CMOs expect their companies to increase the use of predictive analytics and big data tools this year, with more than one-quarter expecting their use to increase by at least 25%. That’s according to survey data provided by Korn Ferry that supports recent research showing that senior management is pushing for a more data-driven, analytical culture at their organizations. The Korn Ferry survey also looks at the most effective applications for analytics thus far.
Given a choice of 4 options regarding the most effective application for analytics, CMOs were most likely to cite the measurement of business outcomes of creative programs (39.1%), while about one-third reported that their most effective application has been leveraging consumer data to support intuitive hypothesis (33.5%). That’s an interesting result given recent research looking at the interplay between human intuition and data:
Beyond those top two applications of analytics, almost one-quarter of respondents said their most effective has been personalizing the customer experience, a good sign given that personalization is one of the biggest trends in the industry today.
Aside from analytics, CMOs see spending growth in other areas, too. 8 in 10 report that their organization has increased its spend on content marketing and roughly the same figure say their spending on social media has increased from last year. In fact, almost 1 in 4 respondents said that at least 25% of their overall marketing budget this year goes towards social media.
According to the latest CMO Survey from Duke University’s Fuqua School of Business, social media occupies an average 7.4% of marketing budgets. While CMOs have for some time been predicting that figure to rise above 10%, the data shows that they haven’t kept up with those forecasts.
About the Data: The Korn Ferry survey was fielded in June among 215 US marketing executives.
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