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01 February 2022
Pandemic complicates decision making for senior marketers
Managing the marketing function
Two thirds (65%) of marketing leaders claim they are sometimes forced to make business-critical decisions without adequate data or information and four in ten (39%) say that, even with the data they need, they don’t feel confident interpreting and using it to make informed decisions.
Why it matters
A third of marketing leaders (34%) admit to frequently making wrong decisions, while more than half (57%) live in fear of doing so – this at a time when budgets have been cut and the pressure is on to justify every penny of marketing spend. It’s likely that many will revert to the sort of tried and tested executions that may not be criticised but which will have a less positive impact on the business.
As part of a wider European report, ‘Better Decisions in the age of unpredictability’, enterprise customer data platform Treasure Data analysed the views of 441 senior marketing leaders in the UK and found that:
Seven in ten (71%) marketing leaders feel under more pressure to make the right decisions quickly and 60% report that decision making is now more complicated than ever before.
Two thirds (63%) agree marketing decisions are dependent on the quality of data, but more than half (56%) believe their business doesn’t truly harness its power.
Further, half (48%) also report that the amount of data their team has to interpret and action has risen.
Two thirds (64%) think a more cohesive understanding of the data available would help them do their job more effectively.
“The inability of marketers to make effective, informed decisions with confidence and speed has tangible impact across the entirety of the business” – Andrew Stephenson, director of marketing EMEA at Treasure Data.