A recent Gartner study found that around 60% of CMOs plan on slashing their marketing analytics by 2023.
The study found that CMOs and marketing VPs were unimpressed by the results-driven by marketing data and analytics investments. Only 54% of marketing decisions have been informed by marketing analytics.
Around 44% of marketers were unable to measure a return on investment in data analytics. Additionally, only a quarter of respondents mentioned skill development as their top priority for the analytics team. Due to these reasons, senior and mid-level marketing management not only have “data silos” but also “perception silos”.
Marketing teams have been forced to spend more time on manual data management and preparation tasks due to multiple silos and different priorities across the management. Marketers also reported a lack of trust in data because of low-quality data, unactionable results and unclear recommendations.
[6 minute read]