Manual data preparation was the biggest challenge for marketing departments in 2021. What about the actual maturity level of marketing departments when it comes to data literacy? Conducted by Sirkin Research, the study breaks down the results by industry. It is already clear at first glance: Nobody can keep up with the technology sector – but where exactly do the strengths and weaknesses of the individual industries lie?
The strengths of technology and e-commerce companies
The report shows that technology and e-commerce companies have the greatest data competence and no longer rely on manual spreadsheets for their campaign reports, but instead use corresponding BI and analysis tools and make their decisions based on up-to-date, real-time data. While technology providers use a particularly comprehensive range of MarTech solutions, e-commerce retailers focus more on using a BI tool. They value the combination of marketing data with other departmental data and direct real-time access and data visualization. Three quarters of the companies surveyed in the e-commerce sector say they have such a tool, while only 59 percent of technology companies and only 43 percent of media companies use a corresponding solution.
Agencies and finance are in the middle
Both industries say they combine data across departments to make enterprise-wide decisions. The consideration not only of the marketing data, but the combination of marketing and sales data not only improves the basis on which decisions are made, but also helps to be able to evaluate measures more specifically. The survey shows that financial companies are more likely to use BI tools and centralized data, and are also more proficient in data visualization. In contrast, agencies are more able to access real-time reports that are more likely to show the end-to-end performance of marketing campaigns. Furthermore, 53 percent of the agencies surveyed say they use proactive modeling in their analysis, compared to 50 percent of financial firms.
Media and telecommunications companies bring up the rear
On average, companies in the telecommunications and media environment have the lowest data literacy. While media companies show a clear weakness when it comes to data visualization and proactive modelling, telecom companies need to further intensify their efforts on combined marketing data and mapping the end-to-end performance of marketing campaigns.
Data strategies for 2022
The report also shows that companies across all industries are far from satisfied with their current capabilities in terms of reporting and data availability. The creation of a uniform view of marketing performance and the implementation of predictive analytics are among the strategic goals for 2022. Companies from the technology, e-commerce and finance sectors in particular, as well as marketing agencies, agree on this point. The plans for media and telecommunications companies are somewhat different: in 2022, telecommunications companies want to focus primarily on the topic of multi-touch attribution modeling – just like e-commerce companies. Media companies, on the other hand, focus on developing a unified view of marketing performance.