A 2020 CMO spend survey by Gartner says that 76% of marketing leaders used data and analytics to make critical marketing decisions.
Even though “top-line” marketing saw reduced spending, 32% of CMOs rated market research and competitive insights and marketing analytics as the most valued marketing capabilities. While digital commerce is valued by CMOs across the board, it ranks just below marketing analytics among B2B service firms.
Although 76% of marketing leaders used data and analytics to make key decisions, most marketing companies reported struggling with data capability progress. Combining volume and value metrics can help marketers gather the required insights on consumer engagement and loyalty and enhance their data capabilities.
The report suggests that CMOs should prioritise analytical activities like automation tools based on its ROIs. The report surveyed 340 marketing decision-makers across North America and the UK.
[3 minute read]