Are you keeping pace with your competition?
NEW YORK, October 13, 2021 – According to research by MMA Global, the association dedicated to architecting the future of marketing for CMOs, more than 63% of companies are not satisfied with their internal data capabilities and are unsure how to prepare for the rapid changes in the ecosystem, partly because they don’t have an objective way to benchmark these capabilities in relation to where the industry is moving.
Acknowledging this need, the MMA has created a quantified Data Maturity Tool that allows companies to assess their maturity level across over 20 important dimensions at both an industry and sector level. With input from over 100 CMOs and senior marketing leaders across major industries, the framework covers the entire spectrum of capabilities needed to maximize the value of data in the organization and drive marketing growth while minimizing risk related to the application of data.
Norman de Greve, Chief Marketing Office of CVS Health, after reviewing the tool said: "It is impossible to overstate the importance of data in the delivery of superior experiences, service and product recommendations for customers today. The MMA's Data Maturity Tool allows a CMO to benchmark their data leverage model against their industry and data leaders across all of marketing. In so doing, a CMO can identify initiatives and priorities to become a leader in this critical area. I understand the MMA has ambitious plans to further refine the tool and improve the utility."
MMA CEO, Greg Stuart, shared: "We believe our Data in Marketing Think Tank (DATT) Data Maturity Assessment tool to be the first of its kind. It will allow marketers to have a level of benchmarking with their industry peers on where their organization is in the journey to better leverage data to orchestrate superior customer experiences, which our MOSTT research into marketing org validates is the most power marketing strategy today. This is very much a beta tool, and our intention is to continue to develop the tool and also enrich it with input from additional marketers, and their Chief Digital Officer counterparts. "
MMA plans to debut the tool at their DATT Unplugged virtual event later today, Oct 13 (learn more about the free event here.) DATT Unplugged is in its second year as a one-day event that brings together brand marketers, data and privacy experts and other thought leaders to discuss and help define the future of data in marketing to assist marketers on their own, individual data journeys.
According to Stuart, DATT Unplugged is part of the broader Data in Marketing Think Tank announced in June this year with a mission to: Power marketers with the best understanding of the evolving data landscape, building winning data strategies, and building data-centric organizations to drive better business outcomes and customer experiences. This work was led by MMA’s Vas Bakopoulos, SVP of Global Insights. Vas has been responsible for much of MMA’s work in Marketing Attribution and Cross Marketing Effectiveness (SMoX) as well as MMA’s neuroscience research in advertising cognition (First Second Strategy).
Additional resources that are available to marketers include:
company typologies when it comes to data maturity
Disconnect: Comparative analysis of how consumers and marketers approach personal data.
"MMA’s other Think Tanks have proven that the winning marketing strategy is customer experience, and getting data right is the foundation to the future success of marketing. It is our intent to continue to develop resources and, in cases like the Data Maturity Assessment, tools that marketers can use today to help them in their journey to fully leveraging the data opportunities in front of them. This is part of the tremendous insight and support MMA provides to CMOs and marketers in so many areas to help them figure out and accelerate into the future of marketing" said Stuart.
About the MMA:
Composed of over 800 member companies globally and 15 regional offices, the MMA is the only marketing trade association that brings together the full ecosystem of marketers, martech and media companies working collaboratively to architect the future of marketing, while relentlessly delivering growth today. Led by CMOs, the MMAhelps marketers lead the imperative for marketing change – in ways that enable future breakthroughs while optimizing current activities. The MMA is committed to science and questioning and believes that creating marketing impact is steeped in constructively challenging the status quo encouraging business leaders to aggressively adopt proven, peer-driven and scientific best practices, without compromise. The MMA invests millions of dollars in rigorous research to enable marketers with unassailable truth and actionable tools. By enlightening, empowering and enabling marketers, the MMA shapes future success, while also propelling business growth.
View the Tool