Key Insights: Real marketing automation scares and CMOs distrust the data “silver bullet”
“Burning” questions from our Marketing Automation Summit and a detailed look at the "silo perception" that's causing CMOs' distrust in data.
“Burning” questions from our Marketing Automation Summit and a detailed look at the "silo perception" that's causing CMOs' distrust in data.
We’re past Halloween but there are still many factors that give CMOs, their fellow senior, and other mid-level marketers the creepy crawlies. This week, we’re addressing them to help you move forward more effectively into the holiday season.
Our recent Marketing Automation Summit on October 22, 2020, saw hundreds of marketers convene over the future scope of marketing automation, the challenges, and possibilities. They were quick to share their fears and concerns with our expert panelists Brian Solis, Dave Dewey, Jon Miller, Rob Towne, and, Oliver Gedeihn. Here’s a list of some questions that give marketers the chills:
There’s more! Our panel of futurists and marketing automation experts were gracious to help out with answers.
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According to Gartner’s recent study, by 2023, 60% of CMOs will slash the size of their marketing analytics departments in half. Why? Because CMOs didn’t see the promised improvements come to fruition. Even though there has been a stable three-year trend of CMOs prioritizing marketing analytics as a key enabler in supporting marketing strategy, what brings this disappointment? Gartner surveyed 400 respondents and these were some key findings:
CMOs and VPs of marketing don’t think data is delivering vs the importance that mid-level marketer groups have been placing on it. Since they are the influencers for many drivers of change across multiple functions, here’s a graph to help you visualize the same.
Hence, the deprioritization. There is a black hole, a perceived gap in the effectiveness of data science, and campaign analysis.
The experience of senior and mid-level marketers are two sides of the veil. Turns out, there aren’t just “data silos” but also “perception silos” between the senior and mid-level. As data and analytics technologies have continued to prove essential and budgets assigned to these continually grow, what creates this contradiction? Midlevel marketers (Directors and Managers) are more likely to report that analytics, in fact, deliver the desired influence.
A closer examination of this daunting disconnect between senior and midlevel marketers shows that the cause of it is mostly due to different priorities at different marketing leadership levels.
Here are some more key findings:
Even though 73% of marketers intend to use more data analytics in their decision making, the current state of trust in their data is very poor. These were the top reported reasons for the lack of trust in data:
Here’s a complete look at all the factors involved.
This week our readers have been most inclined towards the key takeaways of our Marketing Automation Summit, industry key insights, and why second-party data deserves a second look.