
Businesses have never had so much data at their disposal but new research from TNS reveals that many are failing to use the information to help them make informed decisions. According to the TNS Marketing Monitor, a survey of over 2,700 marketing professionals across Asia Pacific, the volume and variety of data is obscuring valuable insights and making it harder for businesses to use it to their advantage.
Indian businesses are investing more in data-driven digital platforms and tracking systems to help them understand the challenging online landscape. Much of this data comes into the marketing department, with one in three marketers (37%) now managing real-time data as part of their role.
However, 70% of marketers in India admit that they find it difficult to integrate data from different sources. With so much data available, marketers know they should be able to make decisions in real-time, but many are struggling to integrate traditional and digital measurements.
According to S. Visvanathan, Managing Director, South India & Sri Lanka and Head of Brand & Communications practice, TNS India, many businesses are overwhelmed by the volume of data. “India’s online environment is developing at breakneck speed. As more and more people start connecting to the internet through mobile and accessing digital platforms, the amount of data is set to explode. The key is to understand how to use it effectively now, before the volume becomes unmanageable.â€
Because of the difficulties with real-time data, many marketers are falling back on traditional measurements. According to the survey, sales uplift metrics are still used as the number one way of evaluating the success of marketing campaigns. Despite their importance, these metrics are retrospective and do not empower businesses to track the ongoing reception of campaigns, react to live issues and make the changes that could nudge their marketing activity in a more favourable direction.
In addition, current market research methods are not helping marketers make quick and informed decisions. Analysis is viewed as ‘not actionable enough’ (69%) and ‘too slow’ (73%) to be of use, according to the marketers surveyed across in India.
Nitin Nishandar, Managing Director of Brand & Communications, Asia Pacific, TNS, explains: “The difficulties in extracting valuable insight from data means that marketers have a rear-view mirror approach, only understanding their performance and brand equity weeks or even months afterwards. Real-time data needs to deliver real-time value -otherwise it’s just distracting noise.â€
Some countries are further ahead than others in integrating insights from digital channels. Singapore is leading the way, with 55% of marketers using social media monitoring when making marketing decisions, with Malaysia closely behind at 50% and Indonesia at 43%. Despite having some of the most advanced social media platforms in the world, China is lagging behind, with only one in three (30%) monitoring this data.
Countries using social media monitoring to inform decisions
1. Singapore – 55%
2. Malaysia – 50%
3. Thailand – 46%
4. South Korea – 45%
5. Indonesia – 43%
6. Australia – 43%
7. India – 42%
8. China – 30%
Tapping into digital data has the potential to unlock future opportunities for those businesses that can leverage it. The survey highlighted that two out of three marketers (67%) across Asia are frustrated with the lack of predictive insight provided by traditional market research. New methods are showing that digital data, when integrated correctly, can not only help make real-time decisions, but can also predict brand equity.
Nitin continues: “As the pace of change accelerates across the region, we need to start using data to gaze into the future, not just measure the here and now. Tracking social and search data to form the basis of a predictive spine delivers insight months ahead of survey data or sales figures. This gives marketers the power to anticipate changes to brand equity in time to actually do something about it. In such a volatile environment, having a telescopic view into the future is an invaluable competitive advantage, and one that businesses can’t afford to overlook.â€
-
Reliance Industries tops Fortune India 500 list for second year in a row
December 10, 2020 By Team PITCH -
-
AdLift Wins Creative Mandate for PayU India
June 10, 2020 By pitchteam
-
THE ROAD AHEAD TRADITIONAL MARKETING- “DIGITAL MARKETING”
July 25, 2019 By Anam Khan -
Marketing Herbal, the Lotus Way
July 25, 2019 By Sanstuti Nath -
Archives
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- November 2011
- February 2011
- December 2010
- February 2010
- January 2010
- July 2009
- February 2009
- January 2009
- February 2008
- January 2008
- September 2007
- January 2007
Leave a reply
You must be logged in to post a comment.