Many marketers struggle to harness valuable, accurate data, and new research shows that they are wasting their marketing spend and losing customers as a result.
Forrester recently published the “Why Marketers Can’t Ignore Data Quality” report, and statistics found that 37% of marketers waste marketing spend as a result of poor marketing/media data quality. About 35% suffer from inaccurate targeting, and 30% have lost customers due to this problem.
Over the past 12 months, an average of 26% of marketing campaigns have been hurt by poor data quality, amongst the respondents in the report.
Marketers believe that there are many benefits to making improvements to their marketing/media data quality. The top advantages include improved customer experiences, improved customer targeting, faster decision-making, and reduced media spending waste.
Delivering a Meaningful Customer Experience through Data
Many marketers are convinced that they can deliver a personalized customer experience when they take advantage of customer data, in particular, according to previous research.
Merkle published the “Customer Engagement Report,” and most respondents (78%) stated that they are already able to deliver a personalized customer experience via email using customer data.
Most of the respondents (32%) said that if they had extra money in their marketing budget, they would first invest it in data, analytics and technology, highlighting its importance to overall marketing strategy.
About 68% of marketers said email is the highest priority customer data type to acquire.