Marketers have long realized that analytics are key to understanding customer behavior and marketing performance. The 2017–2018 Gartner CMO Spend Survey found that, of 13 marketing capabilities, marketing analytics gets 9.2% of the total marketing budget—the most of any capability. For this time period, marketing analytics leaps ahead to the No. 1 area of spending, compared with 2016–2017. In that time period, it stood at No. 4, behind website, digital commerce and digital advertising in marketing spend.
This finding proves that CMOs are focusing more than ever on marketing analytics. This data is key to defining customer experience; identifying, understanding and growing customers; and measuring and optimizing marketing performance.
Knowing that budget cuts are ever present on the horizon, CMOs should prepare proactively by building a cost optimization strategy. The study recommends the appointment of a marketing analytics leader on the team who can maximize the analytics investment. CMOs should empower their analytics leaders to project beyond the usual marketing technology guidelines.
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