While the vast majority of marketers report collecting at least an average amount of data, only 37% say they routinely gain insight from their analytics, per results from a MarketingSherpa study. Consequently, when asked their most important objectives for marketing analytics this year, it’s not surprising that the most commonly cited objectives related to data insights, such as acting on data to improve marketing performance (66%), and combining data from multiple sources to draw correlations and make predictions (39%).
Beyond those leading objectives, slightly more than one-quarter cited a variety of others, including measuring attribution and interactions across channels (28%), improving data hygiene and quality issues (27%), and funding new analytics tools and solutions (27%).
Improving data quality might be a particular area of focus for B2B companies. A recent study from NetProspex found that 64% of B2B companies suffer from “unreliable” marketing data.
Meanwhile, 53% of marketers surveyed by MarketingSherpa plan to increase their investment in marketing analytics this year. That should ease concerns for the 15% who pointed to budget constraints as their greatest challenge to effective use of analytics.
About the Data: The MarketingSherpa report excerpt was sponsored by Paramore. The data is based on a survey of 1,131 marketers conducted in November 2012.