4 in 10 marketers report that their company has a specific strategy for handling the challenges of big data, according to survey results from Neolane and the Direct Marketing Association. 37% say they don’t have a strategy in place, while the remaining 23% are unsure. The “Big Data Report” reveals that marketers perceive the main challenge of the mounting volume of data to be its analysis, and are less concerned with how they’ll put the data to use.
Notably, when asked the biggest benefits of being able to access and interpret big data, only 6% respondents that they were unsure because they are still trying to understand big data. Survey results released in August 2012 indicated that a much larger proportion of businesses (42%) were unfamiliar with big data analytics.
- When it comes to leveraging data such as social media profiles, social media transactions, and location-based information, marketers are most often doing so for online campaigns. The proportions using such data for offline and mobile campaigns are smaller, and relatively equal, leading the researchers to conclude that mobile’s potential is being left untapped.
- 4 in 10 marketers said that IT and marketing work together on customer outreach. The remainder were unsure (39%) or said these teams don’t work together (21%).
- 53% of marketers said that analysis and mining of big data was a challenge in dealing with an increase in data. 28% see a challenge in using the data for marketing purposes, and 17% perceive issues with storage and access to the data.
- 57% of respondents said the biggest benefit of being able to access and interpret big data is to drive greater campaign conversion rates through greater insight. Gaining a better insights into customer behavior was the next most-cited benefit (34%).
- Half of the marketers surveyed said the skill set composition of their marketing department is changing to handle the influx of customer data.
- 56% say their marketing team is not very prepared for the new rules and regulations of marketing data governance.
About the Data: The data is based on a survey conducted in Q3 2012 by Neolane and the Direct Marketing Association (DMA) of 254 mid-level and executive-level marketers in a wide range of industries.