Brand marketers have begun to realize there is a chasm between the access to data they need and what's actually available to them -- especially since many receive financial compensation connected to the use of data and results of company campaigns.
Marketers realize that good data isn't just critical to the business, it's vital to their personal success. Some 54% of Domo survey
respondents said they are compensated by marketing return on investments, yet most of them cannot quantify the effectiveness of their various marketing campaigns.
Only 37% know the ROI of their social media initiatives, while just 51% can measure the ROI of their search engine optimization campaigns. Some 87% of brand marketers rely on data to do their job well, but only 45% believe they have sufficient access to the data they need to carry out the task effectively, according to the survey.
About 83% of survey respondents stress the importance of real-time marketing data -- up from 70% in the prior survey -- but only 37% have access to the data they need in real-time.
Many marketers remain overwhelmed with the amount of raw data available to them, but don't know how to sort through the numbers to find the important trends. About 66% of marketers still feel overwhelmed by the volume of data, 59% are frustrated by how long it takes to receive reports, and 50% of marketers said the marketing reports lack important information.
The majority of marketers use some form of analytics to help them make sense of their data, but for the most part, these analytics tools fall short. Some 68% of marketers use Web analytics, but 39% evaluate the numbers collected by their Web analytics platform monthly or less often.
Some 80% see the importance of combining the marketing data from all disparate media sources, yet only 19% report they have the ability to do that today.
The study also calls out the growing importance of real-time email data. About 83% of marketers have email marketing tools, but only 9% evaluate email marketing data daily.