Many marketers have a large amount of data at their fingertips, but new research suggests that they are not extracting as much valuable information from it as possible.
Fospha recently conducted “The State of Marketing Measurement, Attribution and Data Management” report and discovered that more than one-third (34 percent) of marketers believe that their company only analyzes less than 20 percent of all customer data available to them. In contrast, less than 15 percent of respondents said that they process and analyze between 81 percent and 100 percent of data for marketing purposes.
“Brands need access to and understanding of their own data across all platforms,” wrote the authors of the report. “This will allow them to have a transparent view of their audience’s behavior, creating a mutually beneficial relationship between brand and consumer.”
Data Quality and the Customer Experience
The quality of data is also responsible for playing a role in the success of marketers, according to previous research.
Experian published the “2019 Global Data Management Research: Taking Control in the Digital Age” report and found that 30 percent of respondents believe poor data quality is holding them back from delivering an excellent customer experience. About 30 percent also stated that legacy systems or a lack of new technology is proving to be problematic.
Approximately 98 percent of companies utilize data to improve the customer experience. Their biggest driver for achieving a single customer view (SCV) is to heighten the experience for customers (42 percent). This is followed by improving operational efficiency (38 percent) and improving strategic decisions (37 percent).