Tag Archives: data-driven

CMOs Will Outspend CIOs on Technology by 2017

How do today’s marketers truly view their ability to harness and leverage big data to produce measurable results?

That’s the question posed by the team at Teradata. And the answer may be found by diving into the extensive new Teradata Data-Driven Marketing Survey 2013.

The global results offer an in-depth look at some key issues, including marketers’ perceptions of how their companies use data to guide marketing decisions, perceived barriers to using data to drive marketing, and where marketers’ expect their organizations to place data-driven priorities over the next couple of years.

How marketers profit from technology in a multi-channel world

Teradata Corporation (NYSE: TDC) has released the results of its pan-European marketing study, “The Data Driven Marketing Survey 2013, Europe”. The study reveals that a shift to digital channels and the increasing importance of data have led to a “class structure” in marketing technology investments among companies using these solutions. Telco and IT companies invest almost 20% of their marketing budget on improving their marketing infrastructure, whilst retail (17%) and finance (13%) are close followers. Overall, however, 50% of marketing departments across all industries surveyed spend less than 5% to improve their marketing with technology investments.

In creating the report, Teradata eCircle surveyed more than 1,100 marketing professionals ranging from CMOs and key decision makers to marketing managers and technology users, from 19 European countries and across nine major industries, to uncover the challenges and trends in data-driven marketing adoption by European businesses and how marketers use technology to master them.

The study shows that despite the current, uncertain economic climate, the shift to digital is significant. Marketers still plan to increase their spending in digital channels, especially in social media (79%), mobile marketing (79%) and online display advertising (70%) within the next 12 months. What’s more, the first seven channels marketers plan to invest in are digital, with call centers being the first non-digital investment priority in 8th place.

The research also highlighted marketers’ desire to embrace data, citing it as a key driver of marketing success, with data-driven marketers more than twice as satisfied with their marketing programs than their counterparts who are not basing their decisions on data.

With two-thirds of marketers claiming a lack of simple metrics and the short-term view of their marketing departments as their biggest obstacles to success, the findings provide an eye-opening insight into the struggles facing the modern multi-channel marketer. In fact, the single biggest challenge facing marketers in 2013 was revealed to be the pressure to increase revenue.

Out of the more than 50% of marketers utilizing seven or more channels, the research also found that only 33% currently have Campaign Management technology to monitor their activity, whilst a mere 17% use a Marketing Resource Management solution. Notably only 10% use both.

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Brand Owners Rely on Hard Data, Not Instinct

Brand owners are increasingly relying on hard data rather than instinct or experience to make strategic decisions, a poll of executives has shown. Of the 600 senior managers surveyed by Capgemini, a consultancy, for the report, two-thirds said they believed they worked for a ‘data-driven’ company. A similar total (65%) said the proportion of corporate decisions taken on the basis of ‘hard analytic information’ was rising.

By contrast, a clear majority (54%) said that decisions taken due to a manager’s personal intuition or prior experience were ‘suspect’. The strong support for data also came despite almost half (42%) of respondents agreeing that data analysis made decision-making slower, and 67% expressing concern about the accuracy of the data they used as a basis for their decisions. Just over half (51%) also complained about the lack of qualified data analysts available to corporations.

According to an earlier report by Gartner,

Business executives and IT managers are increasingly referring to information as one of their organization’s most critical and strategic corporate assets. Certainly there is a sharp rise in enterprises leveraging information as a performance fuel, competitive weaponry and a relationship adhesive.’ Read More…