As marketers begin to leverage more data to increase the efficiency of their strategies, new research suggests that they should be focusing on customer pain points to maintain their retention rate.
Treasure Data recently published its “Better Decisions: A Spotlight on Data Efficiency” report, and statistics indicated that 78% of customers now believe that marketing campaigns should be tailored to their changing priorities as a result of factors, such as cost of living. As a result, most marketers (96%) are now making customer loyalty and media efficiencies — specifically to reduce wasted spend — top objectives in the context of both the rising cost of living and increasing business costs.
However, many are facing obstacles while attempting to use data to achieve these goals. About 57% do not feel properly equipped to get the most out of their data for marketing. Respondents claimed that they waste an average of 38% of their budget due to poor optimization based on customer data.
Marketers Face Obstacles When Looking to Leverage Data
Although marketers have an abundance of data at their fingertips, previous research indicates that many still have trouble utilizing customer data platforms (CDP) to leverage it.
Merkle conducted its “2022 Q3 Customer Engagement Report,” and the majority of marketers (27.1%) claim implementation is their largest barrier when it comes to using their CDP. Other obstacles include a lack of foundational customer data (16.2%), as well as an inability to integrate data from multiple systems (17.2%).
“While their power and promise have helped CDPs take the industry by storm, those promises are often vague and poorly understood,” wrote the researchers behind the report. “A key misconception stems from vendor claims that their CDP can fully solve for data issues and provide brands with a robust consumer 360.”