Indeed, a significant proportion of marketers believe that harnessing complex data sets has become a critical success factor.
While comfort with data is crucial, marketers feel that their organizations don’t yet have the requisite talent. Asked the 3 biggest obstacles to their organization adopting a more effective digital marketing strategy, 45% pointed to a lack of capacity for analyzing big data. That was the second most commonly cited hindrance after inadequate budgets for digital marketing and database management (50%).
Still, respondents seem to be frequently engaging in a range of data analytics activities. At least 6 in 10 claim to “always” or “often”:
- integrate different types of consumer from different sources into a centralized database (73%);
- analyze consumer preferences revealed through online and offline behaviors (60%);
- use predictive analytics to anticipate consumer behaviors (62%); and
- use the findings of data analysis to develop actionable insights for the overall marketing strategy (64%).
About the Data: The survey was conducted in March 2013 among 257 executives from 6 industries.