IBM: Marketers suffering data overload

20 Oct

World marketers are getting more consumer data at greater speeds and in greater volumes than ever before. Today’s digitally connected world gets them with large amount of datum with the help of social media such as Facebook and Twitter. The superficial surface of the news may sound great, but in true the amount of data is overwhelming marketers.

Addition to this, 90 percent of real-time data collected is not being used properly, estimates IBM. The collected datum are unfed into databases of documents but it remains lacking systematic organization and seems to be difficult to analyze.

CMOs that took part in  face-to-face interviews for IBM’s study (video) are numbered as 1,700.  The vast majority (80%) , out of them said that they pursue to depend upon traditional market research channels and techniques or sales campaign analysis(68%) to guide marketing strategies. Over a quarter of about 26% track blogs and about 40% track any online communications.

Inspite of being unable to use the overwhelming consumer data, produced by social media, 82% of CMOs said they target to increase their utilization of the channel over the course of the next 3 to 5 years.

IBM exposes that consumers share their experiences widely online, giving them more control and influence over brands. The balance of power has shifted from organizations to their customers and this results in the requirement of new marketing approaches, tools and skills in order to stay competitive in the field.

More than 50% of CMOs consider they are insufficient with their preparation to manage key market forces- from social media to  greater customer collaboration and influence – referring that they will have to make basic changes to traditional methods of brand and product marketing.

IBM marketing executive Marcel Holsheimer says that the future of marketing will be much more of an “automated and software play”. The inclination towards using social media analysis as part of business intelligence is increasing with companies like Radian6 and Sysomos offering dashboards and tools. IBM themselves have spent billions of dollars acquiring data analytics companies in preparation for new demand.

Source: bizreport

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