CMOs should work on bolstering their data systems and talent in order to fully realize their data’s potential, as data can help to improve various KPIs, according to a study [download page] from the CMO Council and GfK.
The survey of more than 300 marketing leaders across industries and geographies reveals that respondents see two main challenges holding marketing back from realizing its full data potential. The first, cited by 55% of marketers surveyed, is a lack of systems that connect data silos and boost accessibility. Data access is a key issue and one that separates top- from bottom-performers, such that systems that can connect silos and improve accessibility would be welcomed by marketers.
The next-most cited hindrance to realization of full data potential is talent to move from data aggregation to utilization. This talent gap has been a long-running theme in data-driven marketing, and has also been blamed for the inability to get the most out of marketing technology.
Separately, the survey examines various KPIs that are helped by actionable data insights, led by content response and conversion, as noted by two-thirds (67%) of respondents. Others cited by at least half of respondents include advertising performance metrics (64%), site traffic/path to purchase (56%) and return on marketing investments (50%).
Marketers indicated a variety of reasons for data marketing success. Most common is the ability to balance intuition and intellect, as well as upskilling employees for data use and AI. Other drivers of data marketing success cited by a sizable share of respondents were driving digital transformation, increasing martech investments, and reimagining workflow, journey and function.
For more, download the study here.