Senior marketer network the CMO Council has launched a new report called 'Measuring Marketing in the Moment', with initial findings demonstrating that most marketers lack the necessary data, analytics and real-time systems needed to respond quickly to consumer behavior and intent.
Created in partnership with Catalina, the new study is based on a survey of 150 marketers, as well as in-depth interviews with marketing leaders. The report set out to examine how rapidly changing consumer preferences and behavior are effecting fast-moving consumer goods and retail markets.
Just 3% of marketers in the study believe they are 'exceptionally effective' in turning data and intelligence into marketing action, while 72% admitted it takes them too long to act on insights. As a result, 81% of marketers surveyed said they are 'challenged' to meet consumer expectations for personalized engagement. They also see critical data sources and capabilities - like multi-touch attribution, digital engagement insight, real-time shopper behavior data and automated response capabilities - as major needs to close the gap.
71% said their personalization capabilities were evolving too slowly, held back by an inability to effectively measure results, a lack of the right talent and budget, and an inability to access the necessary data. Only 5% said they are satisfied with their current metrics for measuring campaign effectiveness.
Dave Murray, of the CMO Council, comments: 'Brands and retailers have not yet closed the gap between consumer insight and shopper action and are, therefore, missing opportunities to respond in the moment of consumer need to influence purchase decisions, grow loyalty and improve engagement. Marketers need to gather, understand and respond to buyer intent data and utilize multi-touch attribution and automated capabilities to respond more quickly to the shopper and to optimize their campaigns in-flight'.
Web site: www.cmocouncil.org .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.