Digital budget going down drain over basic data failings

Fresh evidence has emerged that brands are still as clueless as ever about their digital marketing effectiveness with a new study claiming that only just over a third (36%) of marketers are confident their campaigns are targeting the right audience due to a lack of even the most basic data insight.
In a bid to understand how digital marketers are spending and tracking their budget, digital agency Greenlight commissioned a survey of 200 digital marketing professionals. It seems that on top of marketers being unsure whether or not they are targeting the right audience, almost a quarter (23%) are not even tracking campaign spend at all.
Meanwhile one in ten (10%) are not even sure which channels are the most valuable for their campaigns, and even those who do know are not dedicating their budgets to the right channel, with 17% still yet to commit their budgets accordingly.
When it comes to apportioning spend, over a third (35%) of those surveyed spend most of their marketing budget on social media campaigns, even though only 23% of consumers like to be targeted via social.
An even greater concern is that 21% of professionals are dedicating most of their budget to content marketing, when in reality only 3% of consumers like to be communicated through content such as blogs, online advice pieces and sponsored content.
The report claims the main reason for this chaotic approach is that brands are eschewing many of the most basic tools such as data management platforms, awareness metrics, such as site traffic and impressions, and customer acquisition costs. The industry is also struggling to overcome the challenges around multiple data sources and tracking online versus offline spend, with 44% and 35% respectively admitting they are an issue.
Greenlight CEO and co-founder Andreas Pouros said: “It is clear that many in the industry are still struggling. This is down to some marketers not being able to identify their key audience and ensuring they take the next steps to target them through the right channels with the right messaging.
“It may seem daunting, but marketers should make the most of the data they have to hand, and aim to dig a little deeper so their brand gets seen in the right places by the right people. The best campaigns are led by audience insights and by focusing on this, marketers will then, in turn, be able to prove ROI and demonstrate the impact of their campaigns to the broader business.”
He added: “The reality is marketers can’t look at metrics in isolation, as it can lead to a tunnel-view approach to campaigns, which can then restrict the creative element. Ultimately, having an end-to-end understanding of your customer interactions is key to success, and will lead to better personalised campaigns as a result of that full, unique customer understanding.”