Marketers Seen Over-Reliant On “Hearsay Data” For Local Marketing Insights
by MarketingCharts staff
Senior marketers say they have a formalized process for measuring the success of their local marketing campaigns, while another 37% use one only when the situation calls for it, per results [download page] from a new CMO Council survey. But when it comes to the types of local market data used to impact campaign performance, those same marketers appear to be too reliant on “hearsay data,” finds the study. For example, marketers are twice as likely to gather insights from field and business development teams as they are to examine online voice of customer listening and analysis (57% vs. 29%).
Similarly, marketers rely more on third-party market research about local markets and customer service feedback (each at 49%) than a combination of structured and unstructured customer profile data (31%). And only 6% partner with IT to aggregate data from across the organization.
Over-reliance on “hearsay data” rather than direct feedback and customer profiling can explain why some marketers don’t believe they have the right intelligence to make the appropriate changes to their campaigns. When asked whether they use the insights they gather to shift and adjust national campaigns for greater relevance to local markets, 3 in 10 said they sometimes do, but are limited by the type of intelligence they have at their fingertips.
Moreover, data concerns affect abilities to develop strong cost/benefit models that address both national and local media mix allocation. Just 7% are extremely confident in their ability to do so, believing they have the right data to optimize their mix and return.
About the Data: The CMO Council’s online quantitative audit of 296 senior marketers was conducted between November 2012 and February 2013. 57% of respondents come from companies with more than $500 million in revenues. 41% are from B2B companies, 28% from B2C, and the remainder from hybrid organizations. The largest industry representations are IT (16%), financial services (11%), retail (9%), telecom (9%), and manufacturing (8%).