Why most marketers today are “data controllers”

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Today's marketers have a wide range of data that they can analyze to gain insights about their messaging, campaigns, and target markets. Too much data can quickly turn into a burden. According to new data from marketing platform SOCi, shared exclusively: forbes, 41% of marketers spend at least half their time preparing data for use in campaigns and analytics. And more than a third of his girlfriends say they spend 25% to 50% of their time on that task. SOCi CMO Monica Ho said in a written statement that this was a “red flag.”

“This shows that there is a huge efficiency gap in our industry, with marketers becoming data controllers,” she said.

If it takes a lot of work to prepare the data before it can be analyzed, it becomes more difficult to take action on insights.— both considering the amount of time available to do it and how much mental energy marketers have to expend on it. More than half say data integration is their biggest challenge, with 34% saying it's integrating structured and unstructured data, and 27% saying it's integrating data from different platforms and tools. says. Cleaning and formatting data used for analysis was the biggest challenge for his 22% of respondents, and 15% said the sheer amount of data.

So what should marketers do with this large amount of dirty data? SOCi writes in the study that these issues hinder the ability of new AI platforms to perform deep analysis.This could be an indicator that marketers need to invest in other AI tools.. While cleaning and integrating data is certainly tedious, most of the work involved is a relatively simple task. Paste items into spreadsheets, search for keywords in code, change fonts, reformat numbers, and more with the AI ​​platform. AI advocates talk about how this technology can enhance the workplace by making employees more efficient and freeing up time for more creative work. However, if marketers spend too much time preparing data for detailed analysis by AI, the efficiency gains can be effectively undone.

on the news

TikTok is used by millions of Americans every day and has become a prominent messaging channel for brands and influencers, but what's behind the Chinese-owned social media platform is less than optimal. is well known. forbesAlexandra Levin reports: Sensitive advertising data mishandled by TikTok and its Chinese parent company ByteDance. Levine's report found that competitive intelligence about advertisers, from small businesses to international giants, is weak and easily accessible to employees in both the United States and China. ByteDance employees had extensive access to advertisers' financial contracts and tax information, data from pixels placed on ads to collect customer information, and creative assets. People in the network's advertising department say the network operates on a money-at-all-costs mentality, with executives using rivals' creatives to encourage more investment in the platform. They say they are promoting questionable tactics, including targeting and sharing campaign investments. Neither TikTok nor some advertisers responded. forbes magazine Request for comments.

Social media

In less than a month, shares of Truth Social's parent company, Trump Media & Technology Group, are in freefall, down more than 60% from their all-time high. Still, that didn't stop former President Donald Trump from celebrating with a lavish party at his Mar-a-Lago club and announcing a new streaming platform. The platform delivers content not only on the Truth Social app, but also on dedicated streaming apps for mobile phones, tablets, and home TVs.. The company said the content will include “news networks, religious channels, and family-friendly content such as movies and documentaries.” and other content has been canceled, is at risk of cancellation, or is being suppressed. ” Release date and other details have not been announced. The announcement itself did nothing for the Trump media. The stock fell another 14% during the day on Tuesday.

Another big change may be on the way for X. In his post, owner Elon Musk hinted at his social network, previously known as Twitter. May start charging a small fee for access for new users. The fees don't do much to boost networks' coffers, but are intended to control bot postings on their sites, which social networks have begun cracking down on this month. The social network last year began testing a similar “Not A Bot” program in New Zealand and the Philippines, charging new and unverified users $1 a year for basic features. The results of that test have not been made public, but it's worth noting that bots are a big problem in the real world, not just on social media. According to his Imperva Bad Bot Report for 2024, bots now account for almost half of all global internet traffic.

artificial intelligence

According to a new report on customer engagement from Twilio, 81% of brands claim to have a deep understanding of their customers, but only 46% of customers say the same about their brands.At least this one statistic shows why Deep engagement, which can be less distracting for marketers when using AI platforms, is essential for today's brands. For our research, Twilio analyzed the customer engagement maturity of several brands and found that only 17% are engagement leaders. 17% of them reported that their efforts increased their average revenue by 123% in the last year. In contrast, “less mature” businesses saw a 30% increase in revenue. According to Twilio, customers love this level of engagement. More than half (55%) say they are willing to pay more for a customized experience, and report that they spend 36% more on these brands. Almost half (48%) say personalization and engagement lead to repeat purchases from a brand. forbes Contributor Daniel Newman says the disconnect between brand understanding and customers is because brands aren't collecting or using the right data to improve the customer experience, and what AI can do. They write that it's likely a combination of customers' unrealistic expectations about what will happen.

deep dive

Selected as one of Forbes Magazine's 50 Entrepreneurial CMOs

Being a CMO is difficult in today's world of rapidly changing news cycles, constantly changing messages, new platforms to reach customers, new technologies, and economic ups and downs. In Forbes magazine's third annual Entrepreneurial CMO 50 list, Marketing leaders who took risks, challenged the status quo, and influenced the growth and transformation of brands and businesses..

This year's winners include: Veterans of large companies like GE CMO Linda Boff. After 10 years as CMO, Mr. Boff helped lead GE's high-profile transformation as the company was split into three distinct entities: GE Heathcare, GE Vernova, and GE Aerospace. . Boff led GE's acquisition of all advertising space. New York Times' In December 2022, print and most major digital advertising will be split.

Brad Hiranaga, chief brand officer of outdoor clothing and gear brand Cotopaxi, was also recognized.he said forbes he Guide startups on their journey from in-house to entrepreneur, redesign marketing capabilities and culture, and expand into new media channels. He also continues to keep the brand's mission of doing social good at the heart of its messaging.

Other award winners are changed the paradigm of how their industry is perceived. His Lesya Lysyj, Boston Brewery CMO, encouraged the team to try different things. As a result, a man marries his Mountain Dew can hard and marches iced for a man recovering from his Madness surgery. Twisted with his pockets he tees up his branded underwear 'Vassect Mandies'. ” was developed. As a Dry Her January gift to your pregnant partner, give her non-alcoholic Sam Adams Just the Haze. His CMO at Chime, Vineet Mehra, has built the online bank as a digital-first and social media-driven brand, talking like a member of the community and on Instagram where he has amassed nearly 1 million followers. did. Also, United Airlines Chief Advertising Officer Maggie Schmelin helped create her six-minute holiday rom-com, which was promoted on Bumble.

Overall, 76% of marketers on this year's list come from publicly traded companies, 80% of which are headquartered in the United States. The majority (62%) are women and 32% are people of color.

facts and comments

During the regular season, NBA sets attendance record for second consecutive yearannounced the league.

71%: Percentage of regular season games sold out, up from 63% last season

12: A team that sold out all regular season games.

250 million: Number of times the most viewed single play (an improbable alley-oop by the Dallas Mavericks) was viewed on the league's social and digital media platforms.

video

Emma Chamberlain turned YouTube stardom into a creative coffee empire

Strategy + Advice

O.J. Simpson, who passed away last week, was one of them. Iconic advertising figures of the 1970s and 80s, before his ex-wife Nicole Brown Simpson was murdered in 1994. Here are the marketing lessons from his broken brand:

It makes sense for legacy brands to collaborate with creators. Here are some ways big, long-established brands are leveraging creators to their advantage.

quiz

Which authors has BookTok — the reader-centric section of TikTok that's becoming an increasingly powerful force in the publishing world — helped? Become a best-selling author in Q1 2024?

A. Sarah J. Maas

B. Colleen Huber

C. Tom Robbins

D. Kristin Hanna

Please check if your answer is correct here.