Individualised customer insight is among the most important ways cited by marketers to develop the accuracy and personalisation of their campaigns, according to a study conducted by Forbes Insights for big data analytics provider Teradata, which examined the trends surrounding data-driven marketing adoption and enterprise business value.
The 'Teradata 2015 Global Data-Driven Marketing Survey' was a sequel to the earlier 'Teradata Marketing Applications' survey in 2013, and revealed dramatic shifts in how companies and marketers are deriving business value from data, integrated marketing platforms, and customer-centric data-driven marketing strategies.
Some 90% of the marketers surveyed said that making marketing individualised is a key priority, and that they want to move beyond segmentation toward true one-to-one personalisation in a real-time context.
In addition, faster and more accurate decisions are key benefits of using data for nearly two-thirds of respondents. Some 38% said their biggest challenge is improving customer acquisition and retention. Marketers' second-biggest challenge is proving support of corporate objectives (29%) and meeting regulatory compliance was third (26%).
The report observed that integrated marketing platforms are capable of delivering the individual insights and omni-channel experience that marketers are looking for. In fact, marketers reported having more than doubled their use of data-driven marketing over the previous 18 months, with 78% of marketers using data systematically by 2015, compared to only 36% in 2013.
Data-driven marketing was cited by most marketers as the best means to gain individualised insights, and many said they still struggle with individualising offers and communication. Only 50% said they routinely apply data to engage consumers, while 44% admitted a lack of consistency in omni-channel marketing. Meanwhile, 80% said that silos within the marketing function prevented them from knowing how campaigns were performing across different channels.
Some 43% of marketers said they have strategic control over their company's customer data (up from 34% in 2013), and 83% said they take an omni-channel approach to reaching customers.
Interestingly, 84% agreed that turning marketing and IT into strategic partners is vital to marketing success, and 92% agreed that integrating data across teams could improve customer service as well.
"The future of marketing is all about meeting the expectations of the individual consumer," concluded Darryl McDonald, president for Teradata Marketing Applications. "Today, more than anything else, marketers want access to trustworthy, individualised insights based on credible data, so the expectations of every customer can be known, respected and met on a personal level."