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EIU: Consumer understanding depends on data understanding
It should come as no surprise, but new data out from Lyris and The Economist Intelligence Unit (EIU) underlines the fact that when brands don't understand marketing data they also don't understand their consumer base. That that challenge has pushed upwards of 70% of consumers to distrust the 'personalized' marketing campaigns brands work so hard to develop.
"We have entered a new era of digital marketing that requires a smarter and more agile approach to engaging with and influencing today's consumer," said Alex Lustberg, CMO of dLyris. "Yet The EIU report, sponsored by Lyris, found several important gaps between what marketers think their customer's value, and what they really care about. By combining these insights with data-driven best practices, marketing executives will be able to eliminate these gaps and positively impact every stage of the purchasing journey."
Some interesting findings include:
• 45% of marketing execs surveyed say they 'don't have the capacity' to properly analyze big data
• Only one-quarter (24%) 'always use' data to create 'actionable insights'
• Only one-quarter unify data collected from different sources into a central database
• 50% say they don't have the budget to properly manage collected data
As for the consumer standpoint, the survey reveals that between one-third and one-half of consumers feel email is the 'most important channel' for pre- and post-purchase decisions. This is an indicator that brands may need to rethink the current logic of point more ad dollars toward websites and instead put more of the focus on email.
More findings from the consumer standpoint:
• Consumers report social and mobile have the 'least influence' on their purchase decisions
• 63% of consumers say personalization doesn't work to engage them
• 49% of consumers are concerned about their online privacy
- Tapjoy reveals mobile habits of traveling consumers
- Product reviews on Facebook more trusted, influential than on other social media
- Mobile privacy and brand safety remain top challenges for UK media agencies
- Dispop proves the value of custom display ad creative
- Top 5 elements brands should test
- How to reduce the bounce
- Poor in-store service pushes festive shoppers online
- Why brands need more than CPM based metrics
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