Nearly two-thirds (64%) of UK and US marketers agree it’s their role to collect customer data, but not actually analyze it on a daily basis, and a recent report by BlueVenn indicates a vacuum exists between the need for data analysis and the burden of data on the more creative aspects of a marketer's role.
The report found 57% of UK and US marketers still don’t use data to form accurate views of their customers and that although B2C and B2B marketers are developing some analytic skills, the sheer volume of data and limited time has created a discord among marketers.
With just over half (51%) of UK and US marketers feeling they spend too much time analyzing data in their day-to-day roles, there is too little time left to spend on more creative aspects of their work. Additionally, the study found 90% of marketers claim to understand the data their company collects, but 90% agree that without the right skills, effective data analysis is impossible.
“With the overwhelming flood of big data, marketers are struggling to keep on top of their role,” said Anthony Botibol, marketing director at BlueVenn. “While marketers are developing their analytic skills in 2017, and feeling quietly confident about their abilities, the sheer volume of the data and the little time they have to spend on analysis, means that marketers are perfecting neither their creative marketing campaigns or their data analysis, leaving them in this deadlock."
Interestingly, 93% of marketers said they are either confident or very confident in their own ability to analyze complex customer data. However, despite this confidence, marketers feel the overwhelming data volumes they face are creating a distraction from other aspects of their roles with automated analysis tools presenting the only practical way to deal with it.
Further, the report suggests privacy is an area of some complexity for marketers with 81% saying they only collect data which is strictly necessary while 61% of consumers from the report note they would give up some privacy for better products and services.
Marketers are also not embracing personalization as much as they could, the report suggests.
Currently, 39% of marketers don’t use data to achieve full personalization of website and email content with four out of five (83%) consumers agreeing they dislike spam emails and 63% noting they like some form of personalization.
The report notes that in particular 64% of consumers do not want emails from the government or public sector, 62% dislike communication from telecoms and internet providers and 61% do not want to hear from media providers.
The report also revealed 52% of consumers said they would be most upset of marketers knew of their browsing history, smart home data (56%) and private social media data (56%). With 87% of marketers surveyed saying they need the right tools to be effective at data analysis, 70% say marketers are working in companies that believe there are not enough investments in tools for managing and analyzing data.