Only 25% of marketers say they have all the data they need to execute on their personalization strategy, according to a new report from marketing researchers Ascend2. Further, only 19% strongly agreed that their technology is up to the job.
The data on data isn’t all bad. Some 49% of marketers agreed “somewhat” they had enough data for personalization efforts. However, 26% disagreed to some extent, according to the survey of 355 marketers.
Why we care. It’s surprising at this late date to see how much of marketing’s digital transformation is still a work in progress. The problems are familiar and aren’t all technological. It doesn’t matter how good your CRM is if you can’t get the data for it. Business units may balk at sharing information because they don’t understand why it’s needed and because controlling it can be used as leverage within an organization.
The tech side may be “suffering” from too much innovation. There were, at last count, nearly 10,000 martech solutions on the market. On the plus side, with that many it’s almost certain one of them does what you need. However, the more you use the more likely you are to encounter integration and/or interoperability issues.
Dig deeper: How bad data can spoil good personalization
Tech is good, could be better. It’s reassuring that 60% of those surveyed agreed somewhat when asked if their marketing technology allows their organization to execute effective personalized experiences. While 21% disagreed with the statement, only 5% did so strongly.
Budget continues to be top of the list as the biggest challenge to executing a successful personalization strategy. Some 43% of marketers cited it, up five percentage points from 2022. Although managing customer expectations is second on the list at 37%, that’s down from 39% last year. Rounding out the top five are: creating/delivering relevant content, 32% in 2023 versus 31% in 2022; tracking customers through the entire journey, 31% / 28%; and having the technology needed to execute, 26% / 21%.
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