Fast Facts: CMOs may be drowning in data

A biannual CMO survey shows spending is moving towards data, but hiring is again a priority.

Investment in analytics capabilities looks ready to jump over the next three years, according to a CMO survey conducted by the American Marketing Association. However, staffing remains a concern as only a small percentage of marketers report having sufficient talent in place to deal with their data.

Among the 350 top brand marketers polled by the AMA in August (in association with Deloitte and the Fuqua School of Business), respondents said the average analytics investment at their companies was 5.5% of total marketing budget.

However, respondents projected that percentage would reach 18.1% by 2020. Those in the consumer services market showed the most likelihood to invest in data-crunching tech at 56%, followed by the financial sector at 24% and transportation at 22%.

More respondents also reported using analytics in their decision making in the August study, increasing to 37.5% from 31.6% in February.

However, only 1.9% of those polled said they have “the right talent” to make use of their analytics capabilities. That’s down from 3.4% from August 2013.

The survey also projects an increase in hiring among marketing departments. While only 3.7% of respondents in the February survey said they expected hiring over the next year, that number has since jumped to 6.4% – its highest level since August 2015.