Marketers have faced challenges with collecting, managing, and applying data for well over two decades. Firms have been building massive Customer Relationship Management (CRM) databases and loading up warehouses with transactional, demographic, and behavioral data. The real challenge in today’s market isn’t getting data. There is, in fact, an abundance of information on customers and the list of data sources is truly endless. The real challenge is identifying the most meaningful data points and deciding exactly how to effectively apply information to improve return on marketing investment, increase customer loyalty, and enhance customer engagement.

According to a 2013 report by Domo, there is a growing disconnect between what marketers want and need from their data and what they are actually getting. Upon surveying 301 marketers (including managers, directors, and senior executives) across a range of industries, Domo found that 87% of respondents rely on data to do their jobs well, yet only 45% believe that they have sufficient access to the data they need to function effectively. In addition, 66% of marketers report that they feel overwhelmed by the volume of data they have to handle, 59% are frustrated by how long it takes to receive reports, and 50% state that the marketing reports they receive lack key information.

InfoTrends’ study entitled Understanding Vertical Markets: Enterprise Communication Requirements surveyed over 1,000 enterprise executives. When asked about the top data challenges that they faced related to executing personalized campaigns, respondents highlighted tracking responses, understanding response drivers, and analyzing and mining data.