23% of businesses lack data-centric marketing strategy

In a recent study by CMO Council, 35 percent of marketers admitted that their companies have a data strategy in place, but it is not embraced by the entire team. Furthermore, as many as 23 percent said that no strategy exists at all.

The "Shopper Marketing: The New Rules Of Engagement" study includes insights from 166 senior marketing leaders and 2,100 North American consumers. The surprising results show that while data is abundant, many companies and marketers are not embracing its potential.

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“Marketers admit that reaching that point of real relevance might be harder than expected, primarily because while marketers have developed data strategies within marketing, extending that plan across the organization to gain a more complete view of the customer has proved to be difficult,” said Liz Miller, VP of marketing at the CMO Council. “Many marketers admit that their organization has yet to fully embrace the criticality of data.”

Other findings from the study show that 43 percent of respondents' companies have yet to fully embrace data as a critical operational requirement. Similarly, 43 percent said it was too hard to get the entire organization to agree on a data strategy.

Furthermore, only 13 percent of marketers are getting insights into behaviors on partner retailer sites, missing the opportunity to see a view of the customer beyond their own company walls.

Looking at the consumer portion of the survey, 32 percent of consumers reach out to brands to solve a problem or due to a complaint, while 4 percent want to connect with a specific personality of the brand and 5 percent are reaching out just for fun.

In addition, 47 percent of consumers want savings and rewards based on past purchases. And what prompts them to buy? Coupons topped the list at 71 percent, followed by suggestions from friends, 39 percent.

“This emphasizes the need for CMOs to really champion customer experience and rally the organization around data strategies that can bring the most relevant insights about the customer into a single pane of glass for the entire organization,” Miller said. “The great news here is that customers are ready. Forty-seven percent want coupons, savings, and promotions that are based on their past purchases and experiences with the brand. Sure sounds like a call for personalization.”

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