A recent research by Korn Ferry shows that senior management in the US is pushing for a more data-driven, analytical culture in their organizations. About 8 in 10 CMOs in the US want their company to increase the use of big data tools and predictive analytics in 2014. While, more than one-quarter expect the use to increase by a minimum of 25%.
On giving 4 options for most effective application for analytics, 39.1% CMOs cited measurement of their business outcomes of creative programs as their top priority while 33.5% (one-third) said that their most effective application was leveraging the consumer data to support intuitive hypothesis.
There are some really interesting research being done to look at the interplay between data and human intuition. Some of these are:
- Fortune Knowledge Group and gyro found out that when it comes to taking business decisions, 61% of US business decision makers believe human insights to precede hard analytics
- Economist Intelligence Unit conducted a survey for Applied Predictive Technologies and discovered that 42% of global business leaders are more likely to have a data-driven approach to making significant management decisions while 10% will rely on intuition
Apart from these analysis, almost one-quarter of respondents believe that personalizing the customer experience has been their most effective approach. It signals that personalization is one of the biggest industry trends today.
8 out of 10 CMOs reported their organization to have increased the spending on content marketing and social media. Moreover, 1 out of 4 CMOs said that are giving 25% share to social media in their overall marketing budget. Duke University's Fuqua School of Business also conducted a CMO survey and revealed that social media on an average occupies 7.4% of marketing budgets. The CMOs have been predicting the figure to go beyond 10% but the data shows the forecast has yet not come true.US CMOs Spending more on Analytics, Content, and Social Media, suggests Study!,