Data silos hampering efforts to gather actionable insights
Marketers' quest for quick access to actionable insights is being hindered by an inability to tap into the data they hold, according to a new study, which points the blame squarely on data management issues.
The study, carried out by ClickZ in partnership with Fospha, found that nearly 40% of survey respondents say that their company analyses less than 20% of the consumer data available to them.
Despite finding that businesses are using on average of seven separate technologies to extract insights from their data, just 33% of them believe that their current measurement solutions perform accurate attribution of all media and data.
To combat this, some 43% say they are “likely” or “very likely” to invest in a new marketing measurement technology in the next 12 months.
But it is not all doom and gloom; nearly a third (32.5%) of businesses do have a clear view of the lifetime value of their customers.
Sam Carter, CEO of Fospha, commented on the report: “There’s a huge amount of positive momentum around customer lifetime value and incrementality. For the first time, advances in data science and machine learning mean that what can be done is meeting expectations.
"However, the biggest barrier to entry remains the same: data silos are the enemy of marketing measurement. Overcoming this data management barrier is no longer just strategically important - it’s an imperative.”