New research suggests data has become the biggest drain on resources for modern marketers
LONDON — Today’s marketers spend up to 80% of their time analyzing and interpreting data. That’s according to the Mythical Beasts of Marketing “storybook” report from international marketing technology brand BlueVenn.
The report, which incorporates research from over 200 UK and U.S. marketers, reveals the attitudes and challenges faced in today’s data-centric marketing landscape. Amongst the key findings, the report revealed that 99.5% of marketers are now attempting to analyze their customer data, yet nearly one in five do not have the appropriate in-house tools needed to undertake this task fully.
This lack of effective technology now means that one third of marketers spend more than half of their time (over 50%) analyzing and managing data. The result of this resource drain is that over a quarter (27%) of marketers are now passing data analysis over to the IT department which creates delays in their ability to get targeted campaigns out in a timely fashion. A further six per cent are turning to external data management agencies, devoting additional marketing budget and inertia to a task, which – with the right tools – could be conducted in-house.
Commenting on these findings, Anthony Botibol, Marketing Director at BlueVenn said, “With the advancements in big data, marketers have more opportunity than ever before to understand their audiences, increase sales, and ultimately develop a more enjoyable customer experience. While the data is there to achieve this, too few marketers have the knowledge or tools needed to turn their data into useful information. The result is that modern marketers are either spending far too much time trying to analyse their own data, or are needlessly dependent on IT, outsourced agencies and data analysis firms.
“Given the correct tools, there is no reason why 1 in 10 marketers should still be spending over 80% of their time just analysing data. This is a vital marketing skillset which can, and should, be achieved in-house.”