NEW YORK, April 6, 2021 /PRNewswire-PRWeb/ -- MMA Global, the association devoted to architecting the future of marketing for CMOs, today published the findings of research that assessed the maturity of consumer data in organizations.
The survey, powered by EY sourced insights from senior U.S. marketing leaders and found that most organizations lack the processes and skills to effectively gather, analyze and execute against consumer data. At the core of those shortcomings, the research revealed most revealed that although most companies have made significant progress in terms of compliance, they still struggle when it comes to breaking down internal silos, activating data and building the right skillset to drive ROI on their data investment.
As marketers attempt to maximize the value of their data in the face of drastic changes across the entire industry, MMA conducted this research to inform a Data Maturity Framework that serves as a roadmap for the future of marketing data. The framework provides marketers with benchmarks for key areas of the industry's evolution, including data and privacy law compliance, cookie-less advertising and meaningful cross-platform consumer engagements.
"For more than a decade, organizations have been in a race to acquire consumer data that would empower efficient marketing and give them an edge over competitors. However, most marketers didn't have the skillset or knowledge to capitalize on that data once it was available. With rapid changes across the entire marketing landscape, simply having data will no longer be enough," said Greg Stuart, CEO and President of MMA Global. "The MMA's core mission is to guide the industry through challenges like the ones we face today, and we produced the Data Maturity Framework to ensure every marketer has a clear understanding of where their data capabilities stand in relation to their peers. The future of marketing has arrived and it's imperative marketers quickly improve their data maturity if they want to drive growth in this new era."
"Given all the changes in the consumer data landscape, this is a critical time for companies to prioritize data maturity and know where they stand," said Janet Balis, EY Americas Customer and Growth Market Leader and CMO Practice Leader. "This new study from the MMA and EY enables CMOs to better socialize the need to advance the data agenda with the support of the full C-Suite to drive marketing success and growth."
Key findings include:
Marketers Don't Fully Understand the Value of Consumer Data
- Only 44 percent of marketers indicated maturity with regards to proving ROI, measurement and attribution
- More than 50 percent of marketers are skeptical about making marketing decisions based on their current state of data
Lack of Data Capabilities Despite Strong Training and Investment
- Less than 30 percent of marketers have reached maturity with regards to data capabilities and skills
- Nearly 70 percent of marketers believe there is enough training available in their organization
Investment in Best-in-Class Data Technology is Important but Not Sufficient to Drive Data Maturity
- Companies investing in specific data orchestration tools (e.g., ID graph) are much more likely to be mature in marketing orchestration and attribution
- Leaders in martech do not outpace the general population at data analysis skills
The full Data Maturity Framework will be revealed and examined by MMA Global SVP of Insights and Research, Vas Bakopoulos, and EY's Americas Customer and Growth Market Leader and CMO Practice Leader, Janet Balis, on April 6th and 7th at the annual MMA Impact Virtual. As the industry prepares for a post-COVID world, this year's program will feature case studies from agile brands that pivoted to build better omnichannel experiences and examine the long-term impact of the crisis on consumer behavior and media. Additionally, marketing leaders will reveal how their brands navigate the intersection of marketing and social activism.
To see the full agenda and register, please visit here.
About the MMA:
Comprised of over 800 member companies globally and 15 regional offices, the MMA is the only marketing trade association that, brings together the full ecosystem of marketers, martech and media companies working collaboratively to architect the future of marketing, while relentlessly delivering growth today. Led by CMOs, the MMA helps marketers lead the imperative for marketing change – in ways that enable future breakthroughs while optimizing current activities. The MMA is committed to science and questioning and believes that creating marketing impact is steeped in constructively challenging the status quo encouraging business leaders to aggressively adopt proven, peer-driven and scientific best practices, without compromise. The MMA invests millions of dollars in rigorous research to enable marketers with unassailable truth and actionable tools. By enlightening, empowering and enabling marketers, the MMA shapes future success, while also propelling business growth.
Members include 1-800-Flowers.com, Adobe, Allstate, Ally Financial, American Family Insurance, AT&T, Bank of America, Campbell's, Chipotle Mexican Grill, Chobani, Choice Hotels, Citi, Clear Channel Outdoor, Cuebiq, CVS Health, Dunkin' Brands, eBay, E*TRADE, Electronic Arts, EY Facebook, Ford, General Motors Company, Google, Hilton Worldwide, IBM Watson, JPMorgan Chase, Kellogg Company, Kroger, LinkedIn, L'Oreal, Marriott International, Match Group, Mastercard, McDonald's, Merck, MillerCoors, Monster, NBCU, Nike, Pandora, Petco, Pfizer, Salesforce, Samsung, Snap Inc., Spotify, Target Inc., The Coca-Cola Company, The Hershey Company, TikTok, T- Mobile, Twitter, Uber, Unilever, Verizon Media Group, Verizon, Visa, Walmart, Waze, Western Union and many more. The MMA's global headquarters are located in New York with regional operations Asia Pacific (APAC), Europe/Middle East/Africa (EMEA) and Latin America (LATAM). For more information, see http://www.mmaglobal.com.
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data, and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
Ryan Ruffing, MMA Global, 508-983-4922, [email protected]
SOURCE MMA Global