New research suggests that marketers now have easy access to first-party data, but they are not yet tapping into all of its potential.
MightyHive recently published “The Data-Confident Marketer” report and discovered that the top four reasons for using first-party data among marketers were improved performance/ROI, accuracy/data quality, more precise targeting and improved measurement and attribution. However, the majority of respondents (40+ percent) said they were only tapping into between 21 and 40 percent of their company’s first-party data potential.
“Data-confident marketers clearly feel they are on the cusp of first-party data making a substantial impact on their marketing,” wrote the authors of the report. “However, this optimism isn’t universal, with many marketers assuming that first-party data will take longer to crack or will yield less-impressive dividends.”
Data Exhaust as a Primary Concern for Marketers
Previous research indicates that marketers may be simply overwhelmed with the amount of data at their fingertips, and much of it is now being tossed aside.
Data exhaust is a term used to describe data that marketers allow to fall by the wayside because it provides less or no value to the core business. To determine marketers’ attitudes toward data exhaust, Digital Element published the “Digital Data Exhaust Report.” The research showed that most marketers (39 percent) are “very concerned” with data exhaust.
Nearly 29 percent were at least “somewhat concerned” with it. When it comes to data that is thrown away, the majority of respondents (29 percent) said they toss aside up to 25 percent of data.