Many marketers believe they are on the edge of unlocking the potential of first-party data. However, new research suggests that they are still failing to connect their use of this data to return-on-investment (ROI).
MightyHive recently published “The Data-Confident Marketer” report, and statistics showed that fewer than one in 20 marketers believe that they have tapped into more than 80% of their first-party data potential. In fact, the majority say that they have only utilized between 21% and 40% of their first-party data potential, according to the report.
In terms of how confident marketers are in their first-party data delivering a strong ROI, the majority (56%) said that they are only “somewhat confident.” Approximately 40% stated that they are “very confident,” while 3% claimed that they were “not very confident” and 1% said that they were “not at all confident.”
Data, Analytics and Overall Marketing Impact
Research has pointed to marketers turning to data and analytics more frequently. However, previous information seems to indicate that they have been struggling with these resources along the way.
Gartner conducted the “Marketing Data and Analytics Survey 2020,” and data indicated that 54% of senior-level marketers believe that analytics has not had the influence they expected. This seems to suggest that it’s falling short in terms of making a difference in whether or not they achieve their marketing objectives.
Just 27% of senior-level marketers claimed that marketing analytics has had the influence they expected. About 37% of mid-level marketers said that data hasn’t had the impact they desired.