The large sums of money going into insights and analytics come with equally high expectations. Eighty-one percent of marketing leaders expect data to influence the majority of their decisions by 2020. To meet that goal, insights and analytics programs need to supply marketing leaders with reliable intelligence.
On that score, there’s still room to grow. For 66% of organizations, current data and analytics maturity hovers at a 3 or below on the Gartner 5-point Marketing Analytics Maturity Model.
Nudging that score to a 4 or above — indicating mature marketing analytics capabilities — requires the kind of ongoing and sustained budget support companies seem to be making, as indicated by the 2019 – 2020 survey numbers.
Marketers continue, at least for now, to invest in the foundations of their analytics programs. There are indications that those investments are showing returns. Although in-house teams continue to spend significant time on basic data tasks such as data management, integration and formatting, there has been a marked increase in the past year in more advanced activities and skill development. This points to a gradual maturing of data capabilities to meet the goals of driving marketing strategy execution.
Learn more about how and where CMOs are investing in the complimentary Annual CMO Spend Survey 2019-2020 research by Ewan McIntyre and Anna Maria Virzi.