To spot sudden, disruptive changes in customer and market behaviour, modern marketers need high-velocity data marketing, according to a new report by the Chief Marketing Officer (CMO) Council and GfK.
The report further states that these data systems need to be agile and adaptable with the ability to acquire real-time, relevant data signals and close the gap between data, insights and action.
The new research examines the high-velocity data marketing maturity curve, including critical capabilities today, plans for the next 12 months and gaps between top performers (i.e., marketing leaders who are most confident in their data/analytics/insights systems to win and retain customers) and bottom performers.
Key findings for Asia Pacific from the survey of over 300 marketing leaders globally uncover that, only 1 in 4 marketers are very confident in their data systems to win and retain customers.
As per the report, budget to improve MarTech; systems that connect data silos; talent to move from data collection to action are the factors that holds the marketers back.
The report says that while 85 pc of marketers say direct access to customer data is critical to gain competitive advantage, only 9 pc of marketers say customer data is highly accessible
The barriers to data access include, insufficient technology, lack of data process, data control lies elsewhere.
The report says that once the marketers have the data, gather actionable insights is slow and only 18 pc of marketers say they can move quickly from data gathering to actionable insights.
“CMOs around the world have entered a new era of high-velocity data marketing,” said Donovan Neale-May, Executive Director of the CMO Council. “Many need to get better at extracting relevant data signals across channels, generating actionable insights, making insights available in real time, and going deeper and more granular with customer insights.”
According to Gonzalo Garcia Villanueva, CMO of GfK, “The CMOs need to take on the mantle of a purpose-driven evangelist — using data to help meet the desires of consumers who insist that their brands need to be as human as they are. By bringing the art of intuition and creativity to the science of data — at the speed of today’s decision-making — CMOs can and should become catalysts for healthier, more compassionate brands that deliver sustainable growth.”
