BlueVenn’s latest report says, 64% marketers know it’s their role to collect data, but not analyze
As part of a remarkable report compiled by the leading provider of customer analytics and omnichannel customer journey solutions – BlueVenn, a majority of the marketers in the US and the UK agree that customer data is key to delivering high-quality personalization. However, their belief that analyzing customer data is not part of their responsibility is what makes this report so distinct.
BlueVenn released its latest report, titled “Data Deadlock”, to analyze how the US and UK-based marketers are using data in 2017 and to predict future trends that align with consumer thinking.
Here are SIX mind-numbing insights from the Data Deadlock report by BlueVenn.
Marketers Think They Can Handle Big Data “Tsunami”, But Not Analyze
Acknowledging the expanding blitzkrieg of consumer data deluging marketers from every channel, respondents to Data Deadlock survey assume confidence in their ability to analyze data like never before! Though overwhelmed by data avalanche, most marketers (46%) feel they show appropriate diligence in handling more data with due adherence to customer consent.
Data Analysis Takes Creativity out of their Game
51% of the marketers are at a deadlock with the analysis of consumer data, stating that analyzing data takes more time than marketing efforts. The gap in combining creativity with data science is evidently affecting consumer satisfaction. 57% consumers state that they are not targeted effectively, highlighting marketers’ failure to build targeted campaigns using data.
The findings suggest a clash between the need for data analysis to be performed on increasingly enormous amounts of marketing data and the more creative aspects of marketers’ roles.
Struggle with Analyzing Data Accurately Impacts Achieving Full Marketing Skillsets
Audience data analytics is indeed the crux of every marketing and sales campaign today. However, the report finds that marketers have differential approach towards identifying and resolving difficulties in analyzing data related to –
- traditional advertising
- social media
- PR and search engine optimization
All the above were listed as the most difficult to quantify.
Want us to be Analysts? Give us the Tools to do it!
Around 60% of the respondents still feel their companies don’t invest enough in providing them with appropriate tools and platforms to collect, process, manage and analyze data. Interestingly, there is a sizeable population of marketers who use as many as 6-8 analytics platform to do the same!
Despite the confidence in analyzing data, marketers feel that the overwhelming data volumes they face are creating a significant distraction from other aspects of their role with automated analysis tools presenting the only practical way to deal with it.
The report, however, doesn’t speak about the tools marketers are using to analyze data, except about mentioning Customer Data Platforms (CDPs).
The majority of marketers believe their primary value lies outside of data analysis —
– 39% of marketers don’t use data to achieve full personalization of website and email content
– 72% are using some form of basic personalization
– 58% of US marketers still think that their company doesn’t invest enough in the right platforms and tools to successfully manage and analyze customer data
Adding Analytics and Predictive Tools into martech stack could help marketers to approach data science more passionately in the future.
Personalization and Location-Based Marketing Top Trends to Relieve Data Deadlock
Close to 40% marketers are expected to embrace real-time personalization using analytics technology. App-Based Marketing, Predictive Analytics, and AI/Virtual Assistants also find a place among top trends for next five years.
92% Marketers Agree Customer Privacy is Vital
It is a proven fact today that majority of the customers are ready to bargain their private data in exchange for personalized experiences and convenience. The report quotes this customer population at 61% that were surveyed in recent times. The stunning point in this part of the report is about the trust placed by customers on the marketers.
While 92% marketers agree customer privacy is pivotal during data collection, there exists a visible gap when it comes to using data “strictly” for campaigns.
Data Deluge will Haunt Marketers Unless Enterprises Invest in Technologies
Commenting on these findings, Anthony Botibol, Marketing Director at BlueVenn said, “With the overwhelming flood of big data, marketers are struggling to keep on top of their role. Marketers are developing their analytic skills in 2017 and feeling quietly confident about their abilities. However, the sheer volume of the data and the little time they have to spend on analysis means that marketers are perfecting neither their creative marketing campaigns or their data analysis, leaving them in this ‘deadlock’.
Botibol adds, “Our report sheds light on where marketers are struggling, where they are going wrong, how the data deluge is making them feel and how consumers feel about marketers’ use of their data. These insights should help both marketers and our industry address these issues via technological innovations, greater education, and by taking a more thoughtful approach to breaking the data deadlock.”
Data Deadlock: The Survey Background
The Data Deadlock report examined incorporates research from 2,116 UK and US consumers, as well as 602 B2C marketers (300 from the UK and 302 from the US). Its findings suggest a sense of discord amongst marketers, despite 93% of marketers agreeing to showcase that they are either ‘confident’ or ‘very confident’ in their own ability to analyze complex customer data.