The wisdom of brands embracing multiple customer data collection points has been brought into question after more than a third (35%) of marketers have confessed that they are collecting more information on their customers than they could ever effectively analyse.
So says a survey, from experience management company Qualtrics, which although only carried out among a relatively small sample of 260 marketers across the UK, reinforces widespread fears over mass data collection.
Many companies have been blindly gathering all they can fr years, just because they can; it seems the ethos of less is more has not quite sunk in among many in the marketing community.
In fact, the study also found that one in ten (11%) believe their collection efforts add no value when it comes to truly understanding their customers.
Qualtrics head of enterprise for Northern Europe Ian McVey said that while all of this data could prove useful in the right context, many marketers simply do not know how to pull out the insights or identify the trends that will truly benefit their marketing approach. They have lots of data, but not necessarily the right data.
He added: “So many analytics platforms churn out dashboards full of data without providing any real meaning or context. These tools are great for filling up vast databases, but they don’t provide the intelligence needed to take this data to the next level and to create real insights.
“Understanding the why behind your customer data is essential. The most successful marketers understand this and they’re layering on a new type of data, called experience data to help make sense of the vast amounts of operational data they have and really get to the heart of what’s driving customer behaviour.”
Marketers claim data deluge is wrecking the day job
Only 2% of firms trust the customer data they hold
Filthy data hampers efforts to slash customer churn
Forget creative, contact data has the biggest impact
Data-driven activity? What’s not to like, say chiefs
Data strategies storm into global marketing teams
60% of our customer data is rubbish, firms admit
To leave a comment please register – it takes less than a minute and is free of charge. You will also get our weekly email update The DM Report (to opt out contact firstname.lastname@example.org). If you are an existing user, please log in. If you have forgotten your log-in details please email email@example.com to get them reset!