Nearly all (90%) of marketers believe individualized marketing is the future, moving “beyond segmentation to true one-to-one personalization in a real-time context,” per a new report from Teradata, a data analytics and marketing firm.
Teradata surveyed over 1,500 marketing and communications executives worldwide in the fall of 2014 for the report, which can be found here. Teradata ran a similar report in 2013 and compared the results of the two studies.
Marketers are closer to the desired “one-to-one personalized” future than ever before, according to the report. Teradata notes that for 78% of companies, data-driven marketing is “embedded or strategic,” an upgrade from the “ad hoc” approach that was prevalent in 2013.
“It seems that while a year ago most of the pieces of the data-driven puzzle were scattered on the table ad hoc, today many more are strategically connecting with other pieces — beginning to show, or at least hint at, the outline of the final image,” the report reads.
Marketers are seeing the benefits of Big Data — but they’ve also taken note of the challenges that come along with it. In 2013, 46% considered data to be the most underutilized asset in marketing organizations, but in 2014 that number jumped to 87%.
In fact, as marketers wade deeper into the sea of Big Data, the obstacles they face change. Three of the top five “obstacles preventing marketing from becoming more data-driven” were all different in Teradata’s 2014 report compared to its 2013 report.
In 2013, marketers cited the lack of a process behind the use of data, inadequate technology, a lack of funding, lack of human talent and skills and a lack of a consensus belief that data-driven marketing is important as their biggest challenges.
In 2014, those obstacles shifted to include data security concerns, a lack of data within certain departments and inadequate CRM databases. Funding and agreement that data-driven marketing is important remain top issues.
Nearly all executives (92%) surveyed agreed that integrating data across teams would lead to more efficiency. That’s backed by the 80% of marketers surveyed that said “silos within marketing prevent them from having a seamless view of the campaign and of the customer across channels.” Within the next decade customer experience would move one notch above to make artificial zones for user where all visualization would be in the form of just-in-time personalized content and delivery systems being driven by augmented reality devices. Don’t miss the personalization bandwagon.