Are marketers fully tapping the value of data-driven digital marketing to drive sales? New research indicates that most enterprise organizations are not.
According to the DataXu-commissioned 2012 Digital Marketing 2.0 Study, enterprise organizations have embraced digital marketing, and consider it to be a valuable channel to provide customer insights and drive sales. In fact, the study indicates that 75% of enterprise decision makers believe that leveraging their digital marketing data will help their companies dramatically improve their business. At the same time though, enterprise organizations report that they are not fully capitalizing on the data generated by their digital marketing initiatives to drive sales. The study shows they are not able to mine true customer insights from their digital and offline data because they lack the tools and talent necessary to get the job done.
What’s the potential business impact of this shortcoming? Failing to fully capitalize on the data they heavily invest in capturing not only diminishes enterprise organization’s ROI, but also put them at a competitive disadvantage. In short, it opens the door for competitors to gain market share. In fact, this issue has the power to shake-up the competitive landscape. Companies that master the ability to manage their digital marketing data and truly extract value from it will win. Those that don’t will fall behind. And the gap between the two will only widen as more and more budget dollars migrate to digital.
Other interesting findings from the study include:
- 82% of respondents believe digital marketing has the potential to provide better customer behavior insights than any other type of marketing
- 20% of respondents report that increased measurability was a key driver in the rise of digital marketing, but that one of the top reasons digital marketing doesn’t receive more budget is that the effectiveness of it is too hard to measure.
- More than 75% of respondents believe that customer data generated by digital marketing can dramatically improve their commercial success.
- More than 50% report that their organization struggles to analyze the large amounts of digital marketing data already being generated. In addition, organizations struggle to make real-time decisions and to pull insights from the large data sets created by digital marketing.
- Respondents report they lack the information to confidently tell leadership which digital marketing efforts have the highest return.
The following infographic illustrates some of the findings. What do you think about this issue?
The white paper concerning the study can be downloaded here.