Data is an invaluable asset in the marketing world, yet a staggering 87% of marketers admit it's their company’s most under-utilized asset, according to Invoca’s 2023 report. This underutilization often stems from challenges that marketing teams face in conducting effective market research.
Without in-house market research capabilities, marketers encounter numerous hurdles, such as prioritizing tasks, managing limited bandwidth, and working within tight budgets. These challenges not only strain resources but also hinder the development and execution of data-driven strategies. Even when marketing teams provide valuable market research, the insights are not always acted upon. Gartner's 2022 report reveals that 26% of marketers find that decision-makers do not review the analytics team's information, and 24% state that decision-makers often reject analytics recommendations or rely on gut instincts.
Buxton's recent research unearthed several other challenges that marketers face. Most marketers report that customer insights are often not fast enough, granular enough, or reflective of all purchase channels and data beyond transactions. This points to the limitations of relying solely on first-party data and underscores the frustrations with traditional market research methods. For instance, outsourcing can be time-consuming, and surveys might introduce bias.
However, alternative market research methods like foot traffic analytics offer a solution. These methods bypass the data transfer process, providing quick and granular customer insights that are crucial for brands. By leveraging such innovative approaches, marketers can overcome the common pitfalls of traditional market research.
To delve deeper into this topic and explore how brands can navigate the complexities of market research, check out the new episode of Analytics Unplugged. This episode sheds light on the various facets of market research.
