Only 38% of marketers globally are very confident in their data, analytics and insight systems, according to a new report from The CMO Council. And, while 91% say direct access to customer data is a critical competitive advantage, only 11% say that data is readily accessible to them.
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North American marketers. Most of these numbers are global ones, but the ones specifically from North American marketers are not good. Only 28% say they are very confident in their data systems to win and retain customers. Compare that with Europe where 61% answered yes to this. Just 6% of North American respondents said they have high access to customer data vs. 20% of Europeans. On the issue of being able to move quickly from data to action, it is 8% from our side of the Atlantic versus 36% from theirs. And Europeans have a lot more faith in their systems: 46% say they’re confident the martech they have can adapt to future needs versus 20% in the U.S. and Canada.
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Barriers to data access. Nearly three-quarters (73%) said not having the right tools prevents them from getting the data they need. The lack of proper data management processes was cited by 60% of respondents. Next up, both with 41%: Data control being elsewhere in the organization and the data not being available in real time.
Can’t get the most from their data. The biggest things preventing marketers from maximizing the data they already have? Some 55% said a lack of systems connecting data silos and making it easy to access. The talent shortage is No. 2 on the list, cited by 52% of respondents. Next on the list at 44% was not having the money to improve data systems.
Why we care. Good data is gold, bad data isn’t just useless – it can lead to very big mistakes in planning, allocation and all the other parts of marketing. So why can’t marketing departments get the data they need? This study implies it’s because they are failing to convince their own organizations about what they need. This is understandable. Convincing a customer is comparatively easy: They aren’t competing with you for resources and to move up the career ladder. So maybe it’s time to put together a campaign around the needs of the marketing department.
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About The Author
Constantine von Hoffman is managing editor of MarTech. A veteran journalist, Con has covered business, finance, marketing and tech for CBSNews.com, Brandweek, CMO, and Inc. He has been city editor of the Boston Herald, news producer at NPR, and has written for Harvard Business Review, Boston Magazine, Sierra, and many other publications. He has also been a professional stand-up comedian, given talks at anime and gaming conventions on everything from My Neighbor Totoro to the history of dice and boardgames, and is author of the magical realist novel John Henry the Revelator. He lives in Boston with his wife, Jennifer, and either too many or too few dogs.
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