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!

Error: Please check your email address.
Show Comments

Blog Posts

The competitive advantage Australian retailers have over Amazon

With all of the hype around Amazon, many online retailers have been trying to understand how they can compete with the American retail giant.

Joel Milligan

Performance manager, Columbus Agency

How to become the customer experience custodian

The number one objective enterprises give for embarking on a digital transformation is to improve customer experiences with new engagement models, according to IDC’s 2017 global study.

Fear not: It's only a robot

Every time I pass through the automated border controls at the Sydney airport I walk away with a feeling of exasperation on the one hand and relief on the other. Exasperation, because the face recognition technology inevitably always fails to recognise me. Relief, because we seem to be safely years away from the Orwellian reality of states controlling every aspect of our lives; something the media is keenly warning us against each day.

Dan Kalinski

CEO, iProspect Australia and New Zealand

And to add after looking at event pictures plus, observing all AU's visible Blonde Bimbos (think Julie Bishop to this Georgie Gardnerare)...

absolutelyconcerned

In pictures: CMO 50 2017: The who's who of Australian marketing leadership

Read more

CMO 50 2017 announcement mentioning "innovation". I checked date and its November not April so its wasn't an April Fools' Joke. Australia...

absolutelyconcerned

In pictures: CMO 50 2017: The who's who of Australian marketing leadership

Read more

I worked at Momentum when the transformation started way back in 2013 (not 2015 as stated in the article). It was a painfully slow and co...

Jay

How Momentum Energy has transformed its entire business to be customer-led

Read more

Another buzzword thoughtlessly latched onto, without any thought for the implications on the organisations that have to lumber through th...

Tired

Rolling out agile marketing at Deakin

Read more

Useful., also don’t miss out on these 5 features of Adobe Experience Cloud - Visit here &gt; http://www.softcrylic.com/b...

Sunil Joseph

Adobe debuts Advertising Cloud, Experience Cloud

Read more

Latest Podcast

More podcasts

Sign in