Top Challenges Holding Marketers Back From Adopting Data Driven MarketingResults of a recent Teradata survey show that most companies are well aware of big data’s potential value and the challenges that go hand-in-hand with it.
On the value side:
More than seven out of ten (72 percent) of those surveyed see the need to gain control over the exponentially growing volumes of data in their organizations. In addition, 75 percent mentioned the new and better possibilities for data analysis arising from such technologies, and nearly two-thirds (66 percent) already have identified the value of so-called polystructured data from different sources, such as social media, sensors or weblogs.
But, what is the top challenge?
No, it’s not a lack of resources. (In fact, earlier this year, the CMO Council reported that marketing budgets are on the upswing.)
Interestingly, our research found that the most troublesome big data challenge facing companies today is insufficient technical and analytical know-how. As I wrote about in a previous blog post, it seems that, at least for now, there just aren’t enough data scientists to go around.
How is your company faring in this regard? Are you able to find the talent you need to propel your organization forward in our big data economy? And what if we move beyond the issue of data scientists? What other big data challenges are keeping you up at night?
When I talk to marketers, I hear that marketing organizations are struggling with:
- A tactical vs. strategic approach to markets and marketing. Companies that still view marketing as mostly an “arts and crafts” function have trouble implementing data-driven marketing. Marketers simply must become less tactical and more strategic, embracing an approach that uses data and gleans valuable insights from the information contained in it.
- Manual marketing management. If your internal creative go-to-market processes are manual, they’re not only impeding you from engaging in relevant conversations with your customers; they’re also hurting you in the boardroom. The C-suite now demands greater accountability from marketing, and CMOs and their teams must use an integrated suite of marketing applications, one that can help collect, manage and report on the business of marketing while connecting to broader enterprise systems (like service and sales) to show value and a closed loop- view of marketing.
- Silos of interactions across channels. When marketers – and other employees –manage information across multiple siloed systems, it’s difficult to get everyone on the same page and achieve buy-in for more integrated solutions.
- Difficulty in communicating marketing value. We all know that today’s marketers are expected to deliver a higher degree of performance and metric-driven discipline than ever before. Unfortunately, though, many are falling short. CMOs must embrace this new laser focus on accountability, transparency, customer acquisition and retention . . . and they have to “prove it” in the C-suite. Then, they need to implement the new technology required to harness big data, integrate operations and produce even more credible, tangible metrics.
What’s holding back your organization from adopting a data-driven marketing approach? As you’ve undoubtedly heard before, the first step in solving a problem is identifying the problem itself. Now that marketers recognize the value of big data, it’s time to start hurdling the challenges and working toward implementing big data marketing solutions.
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