The ability to mine value from marketing data is critical to achieving competitive advantage. But as data from social media, mobile content, CRM and other sources continues to increase in volume, extracting that value is becoming increasingly difficult.
Today there is a growing disconnect between what marketers need from their data and what they can acquire, according to new research by Domo: 87% of marketers surveyed said they rely on data to do their job well, but only 45% said they have sufficient access to the data they need to function effectively.
The 2013 Data-Driven Marketing Survey polled 301 marketers ― including managers, directors and senior executives ― across a range of industries. Results showed that 54% of respondents are compensated by marketing ROI, yet many cannot quantify the effectiveness of their marketing campaigns. For example, only 37% of marketers know the ROI of their social media initiatives, and just 51% said they can measure the ROI of their search engine optimization campaigns.
As many as 83% of respondents stressed the importance of real-time marketing data, but only 37% said they can access the data they need in real-time.
Marketers acknowledged the need to bring all their data together in one central location: 89% said it is important to see marketing data from all disparate sources in a single dashboard, yet only 19% reported having that ability today.
To access a complete copy of the 2013 Data-Driven Marketing Survey, click here.