Brands have a long way to go before they get the maximum benefit from their data, judging by The B2C Perspective on Using Data to Predict Future Performance, a study from Pecan AI, conducted by Ascend2.
Most B2C firms have not deployed predictive analytics with machine learning capabilities. Those surveyed are:
Moreover, it’s not clear that they are going to invest in these capabilities.
Only 6% are significantly increasing their budget for data-driven marketing initiatives in the year to come. Another 38% are planning moderate hikes, while 46% will remain the same and 10% expect decreases.
Despite all that, 72% say they somewhat successful in using data-driven marketing to achieve their goals, but only 17% are very good at it, or best in class. However, a mere 11% admit they are unsuccessful.
They face several hurdles in extracting accurate predictive insights from their data:
Here’s one more challenge. When asked if they have prepared their data-driven strategy to accommodate the loss of third-party cookies, they:
But let’s look at the bright side. According to those surveyed, the chief benefits of data-driven marketing are:
And, these are the areas in which data-driven marketing is most useful:
Ascend2 surveyed 219 marketing professionals. Of these, 12% work in enterprises with more than 500 employees, 14% in firms with 50 to 100 and 74% in companies with fewer than 50.