Location-based data can give marketers leverage when it comes to targeting prospects and customers. However, new research shows that there are still several challenges associated with utilizing this type of data.
Cuebiq and 451 Research recently published the “Finding Real Enterprise Value in Location Data” report, and statistics showed that there are many challenges tied to leveraging location-based data, with the majority of marketers (53%) citing concerns about accuracy. This was followed by managing multiple sources of data that don’t always work well (45%) and walled gardens, such as Facebook and Google, making it challenging to analyze results across various media channels (44%).
However, these challenges do not mean that marketers underestimate the power and potential of location-based data. Most respondents (74%) agreed that location information is a key element in understanding why and how customers interact with businesses.
Finding Use for Marketing Data
Data exhaust is a term used to describe information that a business tosses out because it no longer provides value to their core business. Previous research suggests that more marketers are becoming concerned with data exhaust as they look to leverage the statistics they have at their fingertips.
Digital Element conducted the “Digital Data Exhaust Report,” and research suggested that the majority of marketers (39%) are “very concerned” with data exhaust, and 29% were at least “somewhat concerned.”
The majority of respondents (29%) stated that they toss aside up to 25% of their data, while 9% throw away between 50% and 75% of their information.