forbesbigdatareport

Marketers Still Struggle to Harness Power of Big Data [Study]

  |  November 12, 2013   |  Comments

A recent big data report by Rocket Fuel reveals that although big data can translate consumer behavior into increased sales, it is not used sufficiently by marketers and advertisers.

Ninety-two percent of companies who always sufficiently use data said they have met or exceeded their goals, according to a recent big data report by Rocket Fuel.

Big data is paying off in big ways for companies able to harness its potential. Seventy-five percent of respondents who use big data to drive more than half of their marketing strategies said that they are able to monetize their audience, according to the report.

Likewise, the same percentage responded that they are making the right media buys, compared to 50 percent of those who use big data in less than half of their programs.

bigdata1

Meanwhile, organizations that use big data to drive more than half of their marketing initiative are better able to pinpoint areas where their marketing initiatives are a waste of money, the report says.

Nevertheless, most advertising agencies and other companies are only tapping into part of big data's potential.

Nearly half of respondents said that they are unable to monetize their audience sufficiently. Other key audience insights included:

  • More than 4 in 10 respondents cannot figure out who likes their products.
  • 45 percent are unable to determine why their clients like their products. 
  • Merely 45 percent of organizations surveyed responded that they are able to pinpoint the right audience most of the time.

bigdata3

These shortcomings in using big data may come from a misconception that advertisers and marketers believe they are using big data enough while they are not, says the report. Only one third of the advertising agencies surveyed use big data to drive more than half of their marketing initiatives. Even fewer non-agency companies (nearly 10 percent) do so.

This suggests that both corporate executives and executives at ad agencies fail to recognize what they are missing out on. In fact, a very low percentage of the senior executives surveyed realized main challenges in using big data. These major challlenges include:

  • Lack of understating of big data and its benefits.
  • Lack of technology resources to collect enough information. 
  • Lack of relevant data to analyze consumer behavior.

In addition, the report reveals that 27 percent of advertising agency executives and 24 percent of senior marketers are uncertain how to get the most of the data at hand.

This big data report was based on a Forbes Insights survey and conducted in association with Rocket Fuel, a provider of artificial intelligence advertising solutions. 

ClickZ Live Toronto Twitter Canada MD Kirstine Stewart to Keynote Toronto
ClickZ Live Toronto (May 14-16) is a new event addressing the rapidly changing landscape that digital marketers face. The agenda focuses on customer engagement and attaining maximum ROI through online marketing efforts across paid, owned & earned media. Register now and save!

ABOUT THE AUTHOR

Yuyu Chen

Yuyu Chen is an Editorial Intern at ClickZ. Her work has appeared in Local East Village, New York Daily News and Brooklyn Chamber of Commerce website. Yuyu received her M.A. in Business and Economic Reporting from New York University in May, 2013.

COMMENTSCommenting policy

comments powered by Disqus

Get the ClickZ Marketing newsletter delivered to you. Subscribe today!

COMMENTS

UPCOMING EVENTS

Featured White Papers

ion Interactive Marketing Apps for Landing Pages White Paper

Marketing Apps for Landing Pages White Paper
Marketing apps can elevate a formulaic landing page into a highly interactive user experience. Learn how to turn your static content into exciting marketing apps.

eMarketer: Redefining Mobile-Only Users: Millions Selectively Avoid the Desktop

Redefining 'Mobile-Only' Users: Millions Selectively Avoid the Desktop
A new breed of selective mobile-only consumers has emerged. What are the demos of these users and how and where can marketers reach them?

Jobs

    • Contact Center Professional
      Contact Center Professional (TCC: The Contact Center) - Hunt ValleyLooking to join a workforce that prides themselves on being routine and keeping...
    • Recruitment and Team Building Ambassador
      Recruitment and Team Building Ambassador (Agora Inc.) - BaltimoreAgora, www.agora-inc.com, continues to expand! In order to meet the needs of our...
    • Design and Publishing Specialist
      Design and Publishing Specialist (Bonner and Partners) - BaltimoreIf you’re a hungry self-starter, creative, organized and have an extreme...