What does Lack of Trust in marketing data mean for the CMOs

    What does Lack of Trust in marketing data mean for the CMOs-01

    With increasing amounts of data available to businesses, spread out across more and more locations, manually wrangling data via spreadsheets is an increasingly time-consuming and resource-heavy process. This in turn has important consequences for the business.

    Earlier this month Adverity unveiled its latest research project, Marketing Analytics State of Play 2022: Challenges and Priorities, examining 964 marketers and marketing data analysts to understand their major challenges, strategic priorities, and pain points.

    Shockingly, the study found that more than a third (34%) of CMOs did not trust their marketing data, this increase to more than 50% of CTOs / CDOs. Meanwhile, a major pain point for both traders and data analysts (42%) is its time to wrangle data manually. While there is not necessarily a direct correlation between manually wrangling data and lack of trust, they are closely linked.

    Also Read: E-commerce Predictions to Watch Out for in 2022

    Crunching Data Manually

    By manually integrating data from multiple sources, businesses are exposed to human error and inefficiency and committed to a workable – or worse, ineffective system. Spending valuable time and wasting human energy on fully automated processes is not good for business and modern marketing cannot wait three weeks for teams to create a report.

    Those who are unable to keep up with evolution or who are unwilling to accept new ways of doing things will eventually be left behind. Getting rid of data disputes is the first step in becoming a data-driven business and, therefore, successful. You can’t manage what you can measure, as the saying goes.

    Advertisers want to view all explicit campaign data, boiled down to simple, easy-to-understand trends. While they do not need to comprehend the complex integration that analysts make, they do need to understand the challenges their analysts face – the largest of all conflicting data.

    Businesses are advised to:

    Explore how best to improve their personalized content and audience-building capabilities as key strategies for overcoming the challenges of cookie deprecation and data privacy laws.

    Ensure that their campaign reporting capabilities are as strong as possible as a key starting point for improving other strategic capabilities.

    Reduce time and effort spent on manual data wrangling. This will save resources and free up time for staff to provide more value, it will also help reduce inaccuracies in the data and reduce the time to value.

    Reduce the gap between marketers and analysts’ approaches and understanding data by introducing shared goals, platforms, processes, and ways of working.

    Also Read: The Pandemic has Transformed Customer Experience for the Better

    Low Trust

    Although 41% of analysts say that low trust on marketing reporting due to data volatility or errors is a major challenge, only 30% of marketers see this as a problem. The devil is in the detail, and the ability of marketers (and CMOs) to devise and execute impactful campaigns won’t be enhanced if their right hand ‘lieutenants’ – data analysts – don’t believe in the accuracy or ‘intelligence’ of their data in the first place.

    The concepts of data accuracy represent one major difference between the two roles. Retailers and analysts are twice as likely to disagree on it than any other challenge they face.

    Where there is no data trust – the foundations of any effective marketing campaign or product – there is no trust in the decisions based on those bases.

    Real-Time Analytics

    The need for increased usability and visibility of data near real-time is one of the biggest challenges. These, combined with a lack of data-driven insights to help drive marketing strategy, make the C-suite seek clear guidance on what actions to take based on accurate and timely data.

    In short, they want to use value from their data. Unfortunately, their analysts are too busy measuring mountains of data and manually compiling a growing number of data sources so they can see the big picture – exploring what the data tells us, to see emerging trends and launch opportunities.

    CMOs continue to rely on their gut feel and experience but have the potential to be better equipped for driving the business forward with better decisions based on better insights.

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