More than 7 in 10 executives believe that their reliance on data analytics for decision-making will either increase significantly (24%) or somewhat (47%) over the next 3 years, according to a report from Forbes Insights and Turn. Currently, data-driven marketing is credited by the largest share of respondents with creating competitive advantages in customer loyalty (47%), gaining new customers (43%) and customer satisfaction (42%). The most common changes within marketing campaigns triggered by data analytics are changed targeting strategies (38%), extending or repeating a campaign (36%) and altering a campaign (34%). For data-driven marketing “leaders” – 61% of whom note a measurable increase in ROI from data-driven campaigns – the biggest change triggered by data analytics is extending or repeating a campaign.
About the Data: The survey was fielded in October 2014 and received a total of 331 responses from senior executives. Sixty-four percent of respondents were vice presidents or directors, and 28% were C-level executives or senior vice presidents. Respondents hailed from marketing (26%), and another 26% focused on analytics. Industries represented in the survey included technology (21%), retail (18%), telecommunications (15%) and consumer packaged goods (10%). Other industries included advertising, travel, automotive and banking. Close to half, 48%, came from companies with $1 billion or more in annual revenues, and another 16% had between $500 million and $1 billion in revenues. In terms of size by number of employees, 24% were with companies with more than 50,000 employees, and another 27% represented companies with between 10,000 and 50,000 employees.