A 2015 survey of more than 100 advertisers by the Interactive Advertising Bureau and the Winterberry Group found that only 34.8% of respondents in the survey said they have used data to help grow revenues. That’s about half the number that said growing revenues was one of the three most important objectives of using audience data.
A Forrester study also found that only 25% of data and analytics decision makers said their firms’ business intelligence investments have resulted in consumer satisfaction. And a third survey, from Iron Mountain and PwC, found that only 4% of businesses said they could extract full value from the data they have.
SocialCode recently conducted a survey with The CMO Club among 80 CMOs looking at how they used data. In particular, the report found 61% of respondents said they didn’t use digital advertising to identify new customer segments.
If marketers aren’t using data to identify new customer segments, what are they using it for? According to December 2014 research from eConsultancy, the most common uses for data were attribution and calculating lifetime customer value.
Cashing in on Data Capital is coming. What will drive it? The right tools.