Research: Only 12% of CMOs are leveraging data-driven marketing
By Zion Rufus
With CMOs under increased pressure to deliver results and increase ROI, leveraging data-driven marketing has been identified as one of the key ways to deliver successful marketing campaigns.
However, a recent global study of over 1,600 B2C-focused marketing executives surveyed across the automotive, banking, consumer goods, insurance, retail, telecom, and utility industries revealed that CMOs who champion data-driven marketing are currently a minority, with the figure at a mere 12%.
“Digitisation is currently one of the key ways of demonstrating both successes and failures to leadership,” said Thomas Dmoch, Head of Marketing Consulting at Capgemini.
“Therefore, CMOs and their teams need to upskill and use data to showcase their efforts, further driving value for business. The benefits of a shift to data-driven marketing are clear from a marketing campaign perspective, but another factor needs to be appreciated: measurability,” he added.
The survey, conducted by Capgemini showed that while all respondents stated that they use data in some manner, very few indicated that it informed their marketing strategies.
43% of respondents stated that they use data to inform their decisions when launching a new product in the market. Only 40% of the CMOs said that they use data to track the effectiveness of their marketing campaigns, while just under a quarter use data to identify customer needs.
According to Dmoch, the boom in Commerce and the importance of real- time data is significantly changing the role of the CMOs, noting that around three-quarters of CMOs are now responsible for contributing to business growth, while 90% are responsible for business strategy.
He continued: “As CMOs’ responsibilities and goals become more diverse, the marketing department is not equipped with the necessary resources to respond accordingly. Only a few have access to the data, technology and know-how needed to deliver successful marketing campaigns.”
In addition, the research also showed that 54% of CMOs who champion data-driven marketing say the benefits exceed their expectations. The vast majority (93%) are satisfied with the success of their marketing activities. 88% of data-driven marketers optimize the content of their marketing communications using real-time data.
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