Despite all the access to data, marketers still struggle to see beyond their own walls, as few are currently able to leverage data that informs them of actions and behaviors across other partners or even their own retail Web sites.
Even fewer can access competitive intelligence to understand how customers are browsing other products outside of their own brand’s portfolio, according to the CMO Council report Shopper Marketing: The New Rules Of Engagement released Tuesday.
Conductor, a New York-based company, launched a tool that it believes surfaces actionable insight and recommendations about content opportunities, critical site issues, and changes competitors make in campaigns.
Seth Besmertnik, Conductor CEO, calls the tool Insight Stream. It relies on "trained" algorithms that analyze the data to determine the need and where to prioritize events to gain immediate results.
This could mean overall traffic and revenue-based campaigns, such as the launch of a new set of content around a problem customers have. Or it could mean performance in a search engine. It sends an alert through email or on the user's desktop.
The data comes from Web crawling feeds, Google Analytics and Search Console, and Adobe Analytics.
When asked how much data the average company, $1 billion in revenue, collects and uses daily, Besmertnik wrote in an email that "This varies so vastly depending on the business model, from terabytes to petabyte, but all suffer from the same problem which is more data then they know what to do with and a lack of insights from this data.
It turns out that 56% of marketers feel their data is delivering insights on the research, 56% on purchase, 46% on post-purchase, and 47% on ongoing engagement, but only 39% feel their data reveals insights into the discovery stage of the funnel, which is likely where marketers need more insights, especially around outlining customer desires and expectations, according to the study.