Millward Brown Digital has launched Getting Digital Right 2015, its second annual look at the state of digital marketing. The study, based on input from more than 400 marketers spanning brands, media companies and agencies, showed an industry still struggling to come to terms with the effective use of “Big Data.” This was among four key findings that emerged from the study:
1. Despite the industry importance placed on Big Data, only 14% of marketers expressed confidence in their organization’s ability to use the data available to them. Most surprisingly, this represented a 25 point drop from the Getting Digital Right 2014 study where 39% of respondents expressed confidence in their company’s ability to use Big Data effectively.
2. Consumer behavior-based research is still the preferred research tool with 67% penetration among marketers. With nearly 70% of marketers expecting their behavioral insights needs to continue to grow over the next three years, the study showed that behavioral research will continue to be marketers’ focus. Audience measurement followed just behind with 61% of marketers utilizing that type of research to gain a better understanding of how and where to reach their targets.
3. Mobile, Social and Digital investments remain dependent on demonstrated ROI – 80% of marketers would increase media allocation for mobile and digital marketing channels, and 74% would increase on Social, if ROI tracking for those channels improved. Further, 50% indicate that demonstrating ROI is a top criterion for determining media budget allocations, and many feel ROI tracking needs significant of improvement. In addition, Mobile and Social channels continue to see increased adoption, growing 4% and 2% in usage, respectively, since 2014.
4. When it comes to designing an ideal media allocation, only 50% of agency and media marketers, and only 25% of brand marketers are confident in their current media mix. Over 50% of marketers ranked the ability to reach target audiences as a key factor in determining media budget allocation, and given the previously-mentioned need for further consumer behavior research and audience measurement, it’s perhaps not surprising that marketers are actively trying to find the optimal media mix.
“To an extent, marketers are still catching up to the speed at which digital has evolved. They continue to explore how to truly understand a dynamic consumer, how to create a best-in-class marketing research program, what an optimal media allocation looks like, and how to better measure and enhance total marketing ROI,” says Stephen DiMarco, President, Millward Brown Digital. “As far as digital has come over the past few years, this study shows that we still have quite a ways to go.”