Research reveals that marketers in the ME are more mature than their regional counterparts in their ability to extract relevant data signals across channels
The speed of acquiring real-time, relevant data signals, the speed of generating data insights, and the speed of closing the gap between data and insights; CMOs are now a part of the high-velocity data marketing strategies that companies pursue. It helps them spot any disruptions in market and customer behaviour.
Yet two-thirds of marketers are only moderately confident (or worse) in their data, analytics and insights systems, according to a new report by the Chief Marketing Officer (CMO) Council and GfK. Data systems need to be agile and adaptable with the ability to acquire real-time, relevant data signals and close the gap between data, insights and action.
The research examines the high-velocity data marketing maturity curve, including critical capabilities, plans for the next 12 months, and gaps between top performers and bottom performers.
Only 24 per cent of top data marketing performers say they have real-time access to customer insights gleaned from data across the entire organisation, as well as external partners and third-parties. Worse, a mere two per cent of bottom performers say the same thing. There’s no question that the vast majority of marketing leaders need to improve their speed and focus on relevant data.
Other key findings from a survey of over 300 global marketing leaders uncover:
- 62 per cent of marketers are only moderately confident (or worse) in their data, analytics and insights systems
- 46 per cent say access to relevant customer data is hit or miss or worse
- 39 per cent of top performers say the journey from data gathering to actionable insights is fast or immediate compared to only seven per cent of bottom performers
- 60 per cent of top performers say their data/analytics/insights systems are very agile and adaptable compared to nine per cent of bottom performers
- 30 per cent of top performers use AI pervasively in multiple systems compared to four per cent of bottom performers
“CMOs around the world have entered a new era of high-velocity data marketing,” said Donovan Neale-May, Executive Director of the CMO Council. “Many need to get better at extracting relevant data signals across channels, generating actionable insights, making insights available in real-time, and going deeper and more granular with customer insights.”
There is a significant opportunity for CMOs to climb the high-velocity data marketing maturity curve. Our report looks at emerging, relevant data signals, identifies challenges and regional differences, and recommends actions for achieving high-velocity data marketing.
“CMOs today need to manage hyper-targeted brands and messaging across thousands of potential touchpoints,” said Gonzalo Garcia Villanueva, CMO of GfK. “Mastering this new landscape requires the best dashboards and data – yet our research shows that relatively few CMOs actually have the sophisticated insights and tools they need. Marketing Leaders need to partner with CTOs, Commercial leads, and other key stakeholders to be sure that organisations have the high-velocity data and platforms they need to meet aggressive growth targets. And CMOs are uniquely positioned to curate those insights, informing essential decisions through just the right combination of learnings.”
Marketers in the Middle East and Africa are more mature than their regional counterparts in their ability to extract relevant data signals across channels — yet given the plethora of new digital channels it remains their top priority to continue to improve over the next year.
While they are working on achieving real-time insights, they feel it is still out of reach in the near future. The same goes for predictive analytics, though they are making strides in this arena. Data governance, as in Europe, remains a struggle, particularly as the growth in digital and mobile has brought a surge of new customers — and more data — to the table.
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