Research has shown that marketing professionals are blind to much of the data that provides them with crucial insights to improve marketing ROI. The survey, by AI marketing company Datasine, found that four in every five marketers are wasting approximately a third of their data.
On average less than half of all valuable marketing data is actually used. This is despite marketing professionals universally acknowledging that harnessing customer data more effectively would increase ROI on future campaigns by at least 19%.
Datasine commissioned the survey by Sapio Research among 250 UK marketing professionals to better understand how well data was being used in marketing and what role artificial intelligence (AI) plays in improving marketing performance.
Datasine believes that using data to gain insight is crucial to helping marketers improve the performance of their campaigns and that they should be seeking to use AI to help them generate actionable insights more quickly and accurately.
Chris Loy, CTO & Co-founder at Datasine said: “We think that platform proliferation – where each platform or channel is producing its own set of siloed data – is often to blame for insights being missed by marketers. While many are collecting data and are aware of its value, the data is often siloed, depending on the platform it has been taken from.
Marketers should be looking to combine and assess the data holistically to get a better view of measurement and insight, AI can help them achieve this at the pace needed in a digital marketing environment”.
Despite the majority of marketers harnessing less than three-quarters of their data, many claimed to feel confident in their ability to use it. 84% stated that they successfully use data to strategise and make decisions; 80% that they are able to effectively analyse their data and 78% feel confident in the quality of their data.
Marketers also claim to be confident in their ability to improve context analysis in different aspects of their campaigns, with over three quarters saying they are able to tweak and improve text, placement, image, colour choice, layout and video with ease.
Loy continued: “With such an overwhelming show of confidence, it begs the question of why so many marketers are not able to apply the full goldmine of data that they are sitting on. AI can be driving force to harnessing data and successfully applying data to future campaigns, but often marketers are taking analysis offline to make critical decisions, rather than using learnings as an intuitive part of the AI-driven process.”
According to the research, the majority of respondent’s mirror Loy’s view, as 90% consider AI to be valuable in terms of improving campaign performance, while 48% claim that it is crucial in this aspect. However, many seem hesitant to act on this, with just 31% planning to implement AI in the next 12 months.
While it is clear there is a desire within the industry for marketers to fully access the value of their data, it seems that there is still work to be done when it comes to maximising the full potential that data can bring.