Data promise outpaces reality as marketers struggle with financial proof

New report of client-side senior marketers by eConsultancy and Tealium finds fewer than 20 per cent have a strong capbility to view and use data from their marketing channel applications

The promise of data is outpacing the reality for marketers as many continue to struggle to achieve a unified data-driven marketing approach that can be linked to financial outcomes, a new report claims.

The Path to Unified Marketing report, which was produced by eConsultancy in association with tag management vendor, Tealium, found less than 20 per cent of client-side marketers surveyed have a strong capability in viewing and using data from their marketing channel applications.

Top obstacles for achieving unified marketing vision included a lack of data tools and proficiency in using them, as well as obtaining sufficient budget to ‘do things right’. Nearly three quarters of respondents, for example, said they experienced data fragmentation, with over half suffering from ‘blind spots’ in the data related to specific applications and/or processes.

In addition, the report found the top strategic priority for marketers from a pre-defined list of seven focus areas was proving the value of marketing activities with financial outcomes. This was closely followed by achieving a single view of the customer and marketing data. Third on the list was advanced marketing automation efforts.

Related: Report: Accountability key to marketing's influence in business

Across the board, the average rating respondents gave their organisation for their ability to turn data into useful information or action was 4.6 out of 10. The report is based on surveys of 313 senior marketers during April and May.

“Technology has moved marketing past the point where volume is the principle challenge,” the report authors stated. “Processing speeds and cheap storage mean that we can store all the data we want, but haven’t solved the problem of marketing that data easy to use.”

In an indication of the desire to get on top of the data integration challenge, the majority of respondents said they either have a plan to consolidate data or are already doing this.

Not surprisingly, organisations with more sophisticated unification initiatives were found to be better at using data to associate marketing with financial results, as well as turning data into insights and actions. They also have an edge in terms of getting management buy-in, and predicting the timetables and budgets for projects.

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

Signup to CMO’s new email newsletter to receive your weekly dose of targeted content for the modern marketing chief.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

5 things every business can do to drive brand loyalty

If you’re in any customer-centric role, you’ll likely be familiar with the Net Promoter Score (NPS) – one of the most popular tools for brands to measure their customer sentiment.

Catherine Anderson

Chief customer officer, Powershop Australia

What the modern gig economy is doing to customer experience

Most marketing theory was established in the context of stable employment relationships. From front-line staff to marketing strategists and brand managers, employees generally enjoyed job security with classic benefits such as superannuation plans, stable income streams, employment rights, training, sabbaticals and long-service leave.

Dr Chris Baumann

Associate professor, Macquarie University

The new data hierarchy

We are all digital lab rats spewing treasure troves of personal data wherever we go.

Gerry Murray

Research director, marketing and sales technology services, IDC

Thank you! That was useful to know.

Belia Adam

Why your best social marketing brand tool could be hiding in plain sight

Read more

Because you are missing the point of the term "disruption"

Sean

Uber for the truckies: How one Aussie startup is disrupting the freight industry

Read more

Absolutely agree with this ... Facebook doesn't care what adds they show. You report an add for fake news/scam and it just remains "open...

Quasi Carbon

Unilever CMO threatens Facebook, Google with digital advertising boycott

Read more

How to create Pinball game in 4 minshttps://youtu.be/S1bsp7del3M

Alex Atmavan

Rethinking gamification in marketing

Read more

True Local - one of the least credible review sites on the entire internet.

MyNameIsStomp

Former Virgin Mobile CMO and CEO joins oOh! as first customer chief

Read more

Latest Podcast

More podcasts

Sign in