Marketers have a wide array of data and analytics at their fingertips, and new research suggests that they are now leveraging location data, in particular, for several use cases.
FourSquare and Advertiser Perceptions recently published the “Location Data in a Marketing Lifecycle” report, and statistics showed that above all else, marketers are now using location data to identify new consumer markets (73%). They are also leveraging this type of data to measure and quantify their return-on-investment (65%) and offer personalized customer experiences (65%).
Research shows that there have been many benefits for marketers who are utilizing location data. Above all else, they are seeing improved engagement/receptiveness (48%) and improved ROI (48%) as a result of leveraging location data. Marketers have also been able to provide relevant content for their customers (37%) and measure campaign effectiveness (35%) with this information.
Bad Data and Its Impact on Marketing
While leveraging data and analytics has its benefits, it hasn’t always been easy for marketers to maintain this information over time. In fact, previous research indicates that bad data has cost marketers in terms of revenue and productivity.
Validity conducted “The State of CRM Data Management” report, and 27% of marketers claimed that bad data costs them at least 10% in lost revenue annually. Almost half of respondents could not estimate how bad data impacts their company’s overall bottom line.
About 92% of marketers claimed that their customer relationship management (CRM) platform and the data in it is “important” or “very important.” However, 39% have no CRM data management process, or they have one that is ineffective.