The amount of data now available to businesses, and particularly marketing professionals, is unprecedented. But as the rate of information influx continues to increase, many are, according to research, becoming ‘data blind’.
Data blindness is where marketers become overloaded with data, causing them to become hyper focused on short-term results, neglecting more sustainable, long-term key performance indicators (KPIs).
This leads to a cycle of forever chasing short-term success, which can ultimately prove damaging to long-term results, the metrics for which can be harder to pin-point when primarily working with real-time analytics.
For marketers, it is a significant problem. According to research conducted by cloud-based operating system provider Domo in partnership with Censuswide, 78% of senior marketers around the world admit to this behaviour, focusing on short-term results at the expense of long-term strategy.
“Despite having more data about the customer journey than ever before, marketing leaders have more pressure from the business and more challenges in keeping up,” said Josh James, founder and CEO of Domo.
Can data spending combat the data blind issue?
While so many marketers struggling with the data blind phenomenon, spending on data analytics continues to surge.
According to Domo, 70% of large enterprises plan to spend at least 20% of their budget for the next 12 months on data management and analytics. For 23%, it is even higher, at up to 40%.
For businesses, then, it is important to focus on purchasing tools that reduce a short-term mindset and instead better contribute towards long-term growth – something that requires a key change in thinking for much of the industry.
“Today’s hyperkinetic business environment calls for marketers to have a new modus operandi, helping them balance marketing’s strategic and operational needs, while creating customer value across all marketing activity and clearly communicating it to the bottom line,” said James.
“More intelligent use of data is central to a new approach to marketing. The result will be a marketing organisation that creates customer value, increases transparency around results and enables marketers to focus on strategy and execution.”