Big data challenge proves key obstacle for marketers

New Economist Intelligence Unit and Lyris report finds big data skills and a lack of financial resources are hindering marketers from driving customer insights

Big data and a lack of financial resources are the biggest obstacles for marketers when it comes to driving customer insights from data, a new US report claims.

According to the latest report <i>Mind the Digital Marketing Gap</i>, produced by the Economist Intelligence Unit (EIU) in partnership with digital marketing software vendor Lyris, 37 per cent of marketing executive surveyed see their difficulty in interpreting big data as the biggest challenge to an effective marketing strategy, while 45 per cent claim to lack sufficient big data analytics capabilities.

In addition, just 24 per cent of marketers said they always use data analysis to develop actionable insights for their overall marketing strategy, although the majority of respondents use data analytics at least some of the time for actionable insights and to personalise consumer communications.

Other key obstacles include a lack of financial resources (43 per cent of respondents); too much emphasis on digital tools and social media; the proliferation of channels; and inadequate human resources (33 per cent apiece).

The EIU and Lyris report was based on two concurrent surveys of 409 consumers and 257 marketing executives across the US and UK.

The report also looked into marketing campaigns objectives today versus five years ago, and found the top two goals remain to expand/diversify the customer case, and enter new markets. However, more emphasis is being placed today on retaining current customers, cultivating influencers and tailoring marketing messages to specific consumer segments.

Marketers also said individualised offers and personalising marketing messages are more important today than they were five years ago.

Another example of how vital data has become is the significant rise in how marketers perceive analytical skills across marketing ranks. The ability to use data analysis to extract predictive findings from big data headed the skills list for nearly 40 per cent of survey respondents. Other skills in demand are the ability to generate insights about the drivers of consumer behaviour through data, knowledge of market segmentation techniques, and understanding best practices in email delivery.

In contrast, skills less valued than they were five years ago include media planning and buying, production abilities, and the ability to implement overall campaign strategy.

The report also highlighted a disconnect between what marketers think digital channels should be delivering, versus what consumers want. For example, while marketers place an emphasis on pricing/promotions and product features, consumers want information on tips about product use and new product referrals.

“This may indicate that marketing executives tend to focus on pre-purchase rather than longer-term engagement strategies,” the EIU report authors stated.

Despite the challenges they face, marketers are generally positive about their company’s position in the market, and claimed to be performing above average or substantially above average to their peers on areas such as competitive differentiation, brand awareness, customer engagement and profitability.

Related marketing trends research

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia

Join the newsletter!

Or
Error: Please check your email address.
Show Comments

Blog Posts

Social purpose: Oxygen for your brand health vitals

If trust is the new currency, then we’re in deep trouble. Here's why.

Carolyn Butler-Madden

Founder and CEO, Sunday Lunch

Customer experience disruption: Healthcare faces a bitter pill

Over the past decade, disruptors such as Amazon, Apple and Australia’s Atlassian have delivered technology enhanced customer experiences, which for the most part, have improved customers’ lives and delivered unparalleled growth. Can they do the same for healthcare?

Alex Allwood

Principal, All Work Together

How can a brand remain human in a digital world?

Some commentators estimate that by 2020, 85 per cent of buyer-seller interactions will happen online through social media and video*. That’s only two years away, and pertinent for any marketer.

James Kyd

Global head of brand strategy and marketing, Xero

https://bit.ly/2qLgzmR Transform your life a proven digital blueprint

Okitoi Steven

How this banking group tackled a digital marketing transformation

Read more

Its great to hear that companies including JCDecaux, oOh!media, Omnicom and Posterscope Australia have all partnered with Seedooh inorder...

Blue Mushroom Infozone Pvt Ltd

Out of home advertising companies strive for greater metrics and transparency

Read more

Much ado about nothingAnother fluff piece around what it could possibly do rather than what it is doing

gve

How AMP is using AI to create effortless ‘experiences’

Read more

is it true that Consumer expectations are also changing as a result. If we trust someone with our data there is also an expectation that ...

Sunita Madan

Society will decide where digital marketing takes us next: Oracle

Read more

This Blog is Very interesting to read and thank you for sharing the valuable information about Machine Learning. The information you prov...

johny blaze

What machine learning has done for the Virgin Velocity program

Read more

Latest Podcast

More podcasts

Sign in