There are times when marketing is exciting, fast-paced and glamorous: planning new product launches, international travel to grand locations, brainstorming creative new campaigns; or unleashing exciting, boundary-pushing content out into the world. Beneath this glitzy sheen of marketing, though, is a driving force that may be surprising to those who are not in the industry. Data. And it’s giving marketers sleepless nights.
The problem isn’t getting hold of it. Far from it. Businesses now have mountains of data; not just from their online activities and apps but also the Internet of Things, meaning we can collect data from everything to phones and children’s toys to appliances, cars and more. According to our own research, over 40% of marketers regularly have to digest 21 or more sources of data!
Instead, problems arise from storing data, accessing it, processing it and using it.
Up until recently, data stayed firmly in the hands of IT. While this approach works for some (after all, marketers already have plenty of other things to keep them busy), for many others this caused problems. Namely, with ownership, access and a lack of agility to rapidly take action on what the data told them. Marketing people wanted marketing data.
Now, marketers are increasingly getting that wish. However, as Spider-Man famously learned: with great power comes great responsibility.
There is a reason that data scientists are so desirable and can command such high salaries – unearthing insightful nuggets of information from vast data repositories isn’t easy. Moreover, if we’re being completely honest, it is rare for a marketer to have the same level of data wrangling capabilities. We’ve found that 29.6% of marketers believe that data analytics is one of the most important skills that organizations wish to improve over the next two years.
Even though thousands of MarTech vendors have stepped up to help with the management of this data and making it actionable for their campaigns, marketers still face a mountain to climb. With 30% of marketers saying they now spend over half of every day analyzing data, the struggle (as the kids say) is real.
To look deeper into the current state of how marketers use data, and their feelings about the solutions that the MarTech industry can offer them, BlueVenn conducted some insightful research earlier this year.
In the Myths of Marketing report, we investigate several areas across the current state of data marketing, including:
- How many organizations claim to have already taken control of their marketing data?
- Do marketers have a unified view of their customers?
- Do they have the skills and knowledge to make the best use of MarTech solutions?
This final point raises reveals several other areas of discussion, including how well aligned marketers are with the currently available marketing technology. What solutions do they feel can help them overcome the obstacles they face? Which do they believe are more myth than reality? Finally, are the challenges analyzing and using data more of a problem with a lack of skills – or is it up to MarTech companies to create tools better designed for the majority of users?
The Myths of Marketing Survey delves deeper into the results of our survey of 202 B2C marketers.
As marketers take on an increasing amount of responsibilities previously reserved for data scientists, there are many obstacles they need to face and overcome in their quest for more effective, efficient marketing.
For a detailed breakdown of the statistics and our thoughts on what this means for marketing and marketers, download the report for free.