The IBM CMO study took a look at that very question among many others in 2011. The study comprised more than 1,700 Chief Marketing Officers worldwide in 64 countries and 19 industries.
IBM asked CMOs whether they use each of a long list of sources “to influence strategy decisions.”
Can you guess where market research ranked?
Are you sure?
Market research ranked at the top of a list of 19 sources of information, with 82% indicating they use it.
So yes, for the most part, CMOs use it. That’s the ostensibly good news.
However, there’s bad news as well.
Fully 71% of CMOs report being underprepared for the “data explosion.” In fact, this was the top area in which they felt underprepared, even more than social media, ROI accountability and privacy considerations.
Market researchers, you would do well to think expansively and incorporate diverse data into your analysis. You have an opportunity to deliver on the promise of big data and deliver real value to CMOs.