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It’s an exciting time to be a marketer. Customers are increasingly engaging online through new innovative formats. Disruptive trends and technology continuously shake up the virtual landscape. And through it all, marketers have been at the forefront of digital transformation, adapting to meet the challenges and opportunities of this new normal.
In this digital-first era, marketing’s responsibility has evolved around two critical roles: the stewards of customer relationships and the engine fueling growth. As we know, 80% of marketers say their organisation leads customer experience initiatives across the business, while 94% of marketers globally view the marketing function as critical for driving growth — up from 87% last year.
“Only 33% of marketers strongly agree they gain insights fast enough for impactful decision-making.”
Concurrently, data has risen in importance strategically. Marketers rely on data to inform and create personalised, trusted customer experiences, and to optimise campaigns and programs for maximum return on investment (ROI). But gathering, untangling, and harnessing the power of data is easier said than done. Only 33% of marketers strongly agree they gain insights fast enough for impactful decision-making. As the quantity and variety of data continues to increase, and rules around privacy take hold, it’s never been more important to get the most out of marketing data.
In our latest marketing research, the third edition of the Marketing Intelligence Report, we surveyed more than 2,500 marketing decision makers around the world to uncover how marketers are using data for growth and customer experiences. Plus, we discover how marketers are adapting to a privacy-focused data ecosystem and the trends shaping cross-channel marketing.
Let’s take a look at the top four key findings.
Today’s marketer has a dual mandate: nurturing customer relationships and growing revenue. This is reflected in how marketers define success. The top four success criteria identified by Australian businesses were:
However, fewer than two in five marketers around the world report that they feel completely successful in evaluating any of these metrics definitively.
When assessing their analytics strategies, marketers emphasise the need to solve this challenge — listing proving impact on growth and customer experience as their top priorities. To get there, marketers are also prioritising the effective use of data in the form of accurate, timely, and consumable insights.
Over the past few years, data privacy regulations — such as GDPR, Apple Mail Privacy Protection, and Google’s deprecation of the third-party cookie — have encouraged marketers to adopt a consumer-first, consent-based approach to data collection. At the same time, marketers are feeling downstream effects in their analytics as popular performance metrics like email opens are now less relevant as privacy policies preventing tracking are implemented. In fact, 87% of marketers in Australia agree that recent data privacy changes have fundamentally changed how they measure marketing performance.
Ever resilient, most marketers are turning to technology to ensure they can continue to measure performance, understand their customers, and provide them with individualised experiences.
“Half of marketers have increased their investment in paid social, mobile marketing, and web experiences — places where customers shop and do business online.”
Regardless of their objectives, marketers need dependable data to demonstrate the value of their programs and drive outcomes. Nearly four in five marketers around the world say data quality is key to driving marketing-led growth and customer experiences.
But not everyone has access to a reliable data foundation nor the ability to unlock it. When asked the top challenges in efficiently evaluating performance, Aussie marketers named the following:
Though marketers are investing in analytics technology, only 51% of marketing teams around the world currently have employees dedicated to analytics, according to the marketing report.
“Only 51% of marketing teams currently have employees dedicated to analytics.”
Without a clear, holistic view of data, it’s hard to give meaning to data-driven marketing efforts. Our marketing report found 97% of marketers in Australia emphasise the importance of having a complete, centralised view of all cross-channel marketing. Yet, 81% still evaluate the performance of their cross-channel marketing in silos, leaving plenty of room for improvement and integration.
Not only do marketers need to integrate data across business units and sources, they also need to share it to generate value, foster team-wide collaboration, and connect marketing to business outcomes. With data unified in one place, marketers are positioned to lead growth in their organisations and engage their customers.
Discover the future of marketing data. Dive deeper into all the trends and insights shaping the digital marketing landscape in the Marketing Intelligence Report.
