January 15, 2013
Conversational marketing technology provider Neolane, Inc. announced the results of its survey conducted in Q3 2012 with The Direct Marketing Association (DMA). The survey of more than 250 respondents, spanning mid-level and executive-level marketers in a wide range of industries, revealed that many are struggling with managing Big Data and must implement changes to make better use of their customer information.
Overall, many are ill-equipped to handle the influx of growing data and are behind in planning for tremendous growth. Sixty percent of those surveyed noted that they do not currently have or are unsure if their company has a specific strategy for handling the challenges of Big Data. More than half of respondents indicated that they are augmenting their marketing team and investing in new technology to handle the influx of customer data. Additionally, 81 percent of those surveyed feel that they are either somewhat or not very prepared when it comes to the new rules and regulations of marketing data governance.
Analyst firms agree that Big Data is going to change how organizations will spend their IT budgets as this growth will create new opportunities that they need to address.
According to an October 2012 Gartner press release titled “Gartner Says Big Data Creates Big Jobs: 4.4 Million IT Jobs Globally to Support Big Data By 2015,” worldwide IT spending is forecast to surpass $3.7 trillion in 2013, a 3.8 percent increase from 2012, with Big Data at the forefront of this spending.
Marketers Embrace SoLoMo
Although marketers are struggling with managing Big Data and meeting new regulations, the survey indicates that they are embracing SoLoMo marketing strategies that help generate new data:
“It is clear that our increasingly data-driven world is reshaping how marketers engage consumers,” said Linda A. Woolley, DMA’s acting president and CEO. “However, it is also clear that when it comes to the new rules and regulations of marketing data governance – most organizations simply are not prepared. DMA is the one source for the most current information about what is happening on the legislative and regulatory front. We provide advice and counsel to members – and the most effective information and guidance on best practices, data governance and compliance.”
“Our survey shows that marketers are relying more on social media vehicles and location-based information to gain more insight into consumer behavior and drive successful digital marketing campaigns,” said Stephan Dietrich, president, Neolane, Inc. “While some organizations are planning to hire Data Scientists to manage customer data, not all have that luxury. Regardless of resources, all organizations need to consider a marketing technology platform that can both manage and analyze critical data. While having the right people and processes in place is essential, with the right technology marketers can independently derive value from Big Data to drive successful campaigns and immediate ROI.”
For more information on the Neolane and DMA Big Data survey, please view the infographic and “Big Data: Impact on Marketing Organizations” report.