New Freeman Study Shows Marketers are Getting Serious About Data
Data has never been such a big focus for corporate marketers, according to The Freeman Data Benchmark Study, a new report by brand experience company, Freeman. In fact, data plays a critical role in all aspects of corporate marketing, the study shows, from developing successful marketing strategies and campaigns to deciding where to allocate budgets and best reach target audiences.
Released earlier this month and produced in partnership with Chief Marketer, the report examines how brands are leveraging data across the entire marketing mix, demonstrating that data is becoming a top priority for leading corporate marketers and playing a significant role in helping them secure budgets, set strategy, make decisions and impact ROI.
Comprising input compiled from more than 650 leading marketing executives from many of the world’s largest companies, the study provides an in-depth look at the rise of data and how
brand and event marketers using event data to inform their approach, justify their investments, drive leads, increase brand awareness and connect with their customers.
“Data is becoming the fuel that powers the marketing mix – it powers the insights that drive critical decision-making at all junctions in both marketing and throughout an organization,” explained Ken Holsinger, vice president of data and analytics solutions for Freeman.
He continued, “With The Freeman Data Benchmark Study, we were able to dive deep into how some of the world’s most successful companies are leveraging data across their marketing mix, as well as which different marketing channels are being used as data funnels. The findings from the study provide key insights to help corporate marketers better understand how to put their data to work to drive business results and strategy, and also serves as a great benchmark to gauge where your company is at in the data journey.”
According to the study, two-thirds of corporate marketers from large companies surveyed said they plan on increasing their dedicated spending on data and analytics next year. In addition, the report found that:
- 89 percent of marketers use data to make strategic decisions
- 98 percent of marketers use data to secure budgets
- More than 70 percent of marketers leverage data to impact wider marketing and business goals
When surveyed for this study, CMOs and marketing vice presidents agreed that everything comes down to ROI, with 44 percent indicating that total sales over a product/service’s life cycle was their top metric (representing the highest percentage among choices).
Rounding out the top five most important metrics to senior marketing executives were leads, sales from partners, brand awareness and digital marketing impact.
Of all marketing channels, events and experiential marketing stand out as effective sectors for data collection, generation and influence, with survey respondents indicating that events provide a “wider and deeper” range of data and metrics than other channels, demonstrating that event data not only informs event strategy and planning but also can add value and insight to wider marketing purposes and campaigns.
The study found that:
- Nearly nine out of 10 companies use event marketing data to inform wider marketing strategies and tactical decision-making
- Approximately 70 percent of brands integrate their event data with their corporate marketing databases and CRM platforms
- More than 60 percent of companies also use their event data as part of their business intelligence and product development efforts
According to Skip Cox, senior vice president of research and measurement for Freeman, data needs to be an underlying, fundamental component of any marketing strategy.
“We’ve seen corporate and event marketers alike put an increased emphasis on data lately, collecting, analyzing, leveraging and activating it to improve their strategy and operations,” Cox said.
He continued, “For event marketers, the actionable insights derived from data analytics empower them to not only drive results, justify event and marketing budgets, and improve overall attendee quality and event experiences, but to bring those insights back to the larger marketing strategies. Data is a tool and if your organization is not using it, you’re missing out on reaching and exceeding your potential.”
To view The Freeman Data Benchmark Study, go HERE.