Friday, June 28, 2024

Martech tools lack the ability to handle complex data

Data complexity has become one of the biggest obstacles for marketers to use marketing intelligence technologies effectively. The report suggests that even after using seven platforms, marketers don’t trust the measurement solutions to perform accurate attribution of marketing campaigns.

Data suggests that all the clicks, likes, and purchases create 2.5 quintillion bytes of data every day. While this data comes with an extraordinary potential for a deeper understanding of clients, the sheer volume being produced creates challenges to link the insights into a complete big picture.

According to the report “The State of Marketing, Measurement, Attribution, and Data Management,” conducted by ClickZ and Fospha, one in three marketers cites ‘data complexity’ as one of their biggest challenges.

The study that surveyed 370 marketing professionals had over 30% of respondents say that data complexity leads to difficulty in proving ROI, which is also one of their main challenges.

Marketers believe that fact that businesses collect the data but do not acquire the tools and the talent that is necessary for accurate analysis of the big data. According to Deloitte’s 2018 CMO Survey, a lot of companies will be looking to adopt solutions to solve their data problems in the near future.

CMOS plan to spend double what they do now on data analytics. Marketing analytics spend is expected to increase over 200% over the next three years.

Experts believe that all the spending may not solve the problem completely. While marketing analytics is rising, lack of trained professionals and tools to measure the impact of marketing analytics are the major obstacles to marketing leaders to use marketing analytics within companies.

The State of Marketing, Measurement, Attribution, and Data Management report recorded that businesses, on average, use around seven different technologies to get data insights. The report further mentions that only 33% of marketers feel their current measurement solutions can perform accurate attribution of marketing campaigns.

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With the abundance of data, there comes enormous potential and opportunity. However, it brings with it the burden of the untenable quantity and the vast array of technologies available for creating insights. This flood of opportunities is becoming equally overwhelming for marketers.

Marketing companies are finding it difficult to choose among the horde of attribution tools that are currently available. According to the Martech landscape 2019 report, the ‘martech 5000’ has now become Martech 7,040.

Experts have observed that using multiple tools for extracting insights from data is sometimes resulting in contradictory outcomes. This then makes it impossible for enterprises to form unified, company-wide data strategies.

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Experts hence suggest adopting an independent data analysis platform that can have a huge and immediate impact on businesses that are looking for a better and more unified approach to gain insights from their data.

Independent data analytics platforms can provide clarity, transparency, and better performance analysis. To make the most of their investment in analytics tools, businesses are suggested to invest in marketing automation software that streamlining the strategies based to make informed data-based decisions.

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