Twice a year the Duke University Fuqua School of Business releases its CMO Survey. If you are not familiar with it, I suggest you check it out as it provides a biannual glimpse into the mind of the CMO on a varying number of topics.
Their most recent release included the statistic that CMOs plan to increase their spending on Marketing Analytics by 66% over the course of the next 3 years.
Seeing how ours is a data-driven world and analytics surely plays a huge role this is a positive sign indeed as is the fact that the percentage of decisions using marketing analytics is up from the last edition of the survey - 31% in August 2015 to 35% in February 2016.
What is not a positive sign, however, is the following:
So why the dichotomy between increased budget and the number of decisions made based on analytics vs. the degree in which analytics is used when it comes to overall company performance? Part of the answer may be in the B2C and B2B breakdown. You notice in the chart above the two B2C numbers are higher than the mean whereas the two B2B numbers either match (Services) or are lower (Product).
Are B2B marketers less comfortable using analytics for whatever reason? Do they not have faith in the technologies they use to provide accurate metrics as opposed to their B2C counterparts?
The right technology or platform of course can make all the difference. But knowing which ones to use to match your specific needs is the key.
That's why it's imperative you download The CMO Solution Guide to Leveraging New Technology and Marketing Platforms. You will learn directly from your fellow CMOs as to how they decide which technology and platform they use.