|By Business Wire||
|January 13, 2014 09:08 AM EST||
The CMO Club, a membership organization exclusively for senior marketing executives for peer based learning and professional and personal growth, and Visual IQ, the leading cross channel marketing attribution software provider, today released a new study, "Building Bridges to the Promised Land: Big Data, Attribution & Omni-Channel." The study, based on findings from a survey of leading CMOs and heads of marketing in various industries, suggest that the vast majority of marketers (85 percent) are either not measuring their cross channel marketing performance at all, or are using antiquated methods, such as last click, which interferes with their ability to deploy omni-channel marketing strategies. The full report, which also provides best practices and actionable insights for leveraging Big Data for improved attribution and omni-channel success, is now available for free download.
Omni-channel marketing refers to a strategy where brands create a personalized, contextually relevant experience for each customer, across both online and offline channels, as well as across devices leveraging Big Data. CMOs have expressed confusion and uncertainty around aligning and integrating Big Data, marketing attribution, and omni-channel measurement and optimization in today’s increasingly complex marketing ecosystem.
The findings of this study support the fact that implementing an omni-channel strategy is challenging, and found there are two distinct elements missing from many programs. The first is an inability to harness Big Data, which is key to any omni-channel marketing strategy and that respondents shared as the highest priority over the next 12 months. Even mid-size marketing organizations today can generate more than 100 million marketing touchpoints per month, and to inform an omni-channel marketing strategy effectively, marketers must compare performance from every touchpoint. The second element is the implementation of advanced cross channel attribution, which only 5 percent of respondents are currently utilizing.
Other key findings of the report include:
- Marketers don't have confidence in their current measurement capabilities – most respondents (70 percent) rated their ability to assess the impact of one channel on another as "Fair" or "Poor"
- Mobile commerce/mobile advertising remains a priority for 2014 – in addition to harnessing Big Data, mobile commerce and mobile advertising are considered "Very Important" or “Slightly Important" to more than two-thirds of all respondents
- CMOs agree on omni-channel obstacles – when it comes to implementing an omni-channel strategy, 85 percent of survey respondents feel their efforts are thwarted by both availability of or access to data and lack of tools or technology, while 82 percent of respondents felt an inability to measure cross channel performance was standing in their way
"I talk to hundreds of CMOs each year, and one of the challenges I've heard expressed over and over again is leveraging data in an effective and actionable way," said Pete Krainik, founder and CEO, The CMO Club. "The results of this study clearly support the notion that marketers must make the management of Big Data a top priority in order to benefit from omni-channel marketing."
"Consumers have come to expect a personalized experience, both online and offline," said Manu Mathew, co-founder and CEO of Visual IQ. "While the results of this study make it clear some work needs to be done for marketers to achieve omni-channel success, the good news is that there are currently marketing attribution solutions available to guide marketers down that road."
To view the study’s complete findings or learn more about its methodology, download "Building Bridges to the Promised Land: Big Data, Attribution & Omni-Channel" here.
About The CMO Club
The CMO Club -- for Senior Marketing Executives only -- is a 700+ membership organization designed to connect members for peer based learning, and inspire professional and personal growth. The unique purpose of The CMO Club is to bring Heads of Marketing together in an environment of openness and collaboration that enables them to excel at what they do and solve their biggest CMO challenges. Tailored exclusively for the benefit of senior marketing executives, The CMO Club hosts dinners and events, shares reports and research from marketing industry leaders, and leverages the first online engaged CMO community network.
About Visual IQ
Visual IQ produces the world’s most powerful cross channel marketing attribution software products. As a pioneer in the space, the company has been offering products since 2006. Its SaaS-based IQ Intelligence Suite reveals cross channel performance insights hidden deep within companies’ marketing data, providing actionable recommendations and optimized media plans to improve marketing effectiveness. These recommendations enable marketers and agencies to adjust their advertising strategies and tactics to significantly increase marketing ROI across their entire marketing mix – both online and offline. The functionality behind these products combines a powerful, user-friendly interface with multi-dimensional fractional attribution science and predictive analytics that clearly and accurately show marketers where opportunities exist for improvement.
Visual IQ was named a leader in both interactive attribution and cross channel attribution by a leading market research firm in 2012, a finalist in the Best Sales & Marketing Intelligence Software category of the 2013 and 2014 CODiE Awards, and a finalist in the Most Influential Agency/Vendor category of the 2013 Digital Analytics Association Excellence Awards. The company is a member of the Advertising Technology, Data, Public Policy and CFO Councils of the IAB, as well as on the Standards Committee of the Digital Analytics Association.