While the vast majority of firms understand they must bring marketing intelligence capabilities to bear, they still think of marketing intelligence as a reporting dashboard – a source of information, more than insight and actionable recommendations.
Data management is a foundational capability within marketing intelligence, establishing the quality of the raw materials of marketing decisioning and action. The overall picture emerges that even these table stakes capabilities aren’t being adequately covered today.
Data is still controlled and applied by a select number of specialized, siloed entities within the organization. And, for many firms, the tools they have don’t encourage use in planning: 61% report that the tools take a more backward-looking view than forward looking.
Marketing intelligence initiatives represent a differentiation opportunity today, but are poised to become a requirement in the near future. Just over one third of firms have implemented a marketing intelligence initiative, while the vast majority of firms not currently running a program are in the planning or discussion stages.
Over half of companies in the study have tapped a senior executive within their organization to champion their marketing intelligence initiatives. Interestingly, those senior leaders were 13 percentage points more likely to represent the marketing organization than to sit in an analytics role.
Firms actively running marketing intelligence initiatives were more likely to say they saw improvement in both customer KPIs and business metrics, compared to what those firms who were planning or discussing an initiative told us they were hoping for.