Fewer than 4 in 10 marketing leaders are extremely (12%) or very (26%) confident in their data, analytics and insights systems, according to a study [download page] from the CMO Council and GfK. The report outlines the data capabilities that remain “out of reach” for marketers.
Based on a survey of more than 300 marketing leaders across industries and geographies, the report reveals that the data capability most out of reach for marketers today is real-time availability of insights, as cited by 42% of respondents. While real-time marketing is a key element of data-driven marketing, it’s dependent on rapidly accessible data and actionable insights, which many marketers are lacking. To wit, even among the top data marketing performers in the CMO Council and GfK study (dubbed “top performers”), fewer than half described the amount of time it takes to move from data gathering to actionable insights as fast or immediate. Worse still, just 7% of “bottom performers” could say the same.
Furthermore, only around 1 in 4 top performers said they had real-time access to all relevant points of customer insight and data from across the entire organization as well as external partners and third parties.
Perhaps not surprisingly, then, when top performers were asked which data capabilities they are improving over the next 12 months, a leading 2 in 3 (67%) said real-time availability of insights.
Other data capabilities top performers are seeking to improve include the extraction of data signals across channels (64%), data-driven CX (56%) and predictive analytics (50%). This last capability is one that respondents overall also singled out as one that remains out of reach: 4 in 10 said predictive analytics is one of their “data dreams deferred,” as noted by the study’s authors.
Meanwhile, with access to data being a key differentiator between top and bottom performers – and one of the hallmarks of being a data-driven organization – the report reveals the main barriers to data access. The leading response overall was insufficient tools/technology, as indicated by almost three-quarters (73%) of respondents. The second-biggest obstacle was lack of data management processes, as noted by 6 in 10 respondents, with other significant challenges including data control lying elsewhere in the organization and data not being real-time (each at 41% of respondents).
For more, download the study here.