Although marketers are becoming more interested in integrating data and analytics into their strategies, new research suggests that a “utility gap” still persists.
MIT SMR and SAS recently conducted the “2019 Data Analytics Report” and statistics showed that in 2017, nearly 78 percent of marketers “somewhat” or “significantly” improved their access to useful data over the past 12 months. In 2018, this percentage fell to 76 percent.
About 44 percent of respondents reported “frequently” or “always” having the right data to inform business decisions in 2017. This percentage also dropped to 43 percent in 2018.
Just one-in-five organizations take a formal approach to data quality, according to the report. About 30 percent of respondents report at least proactive efforts.
Reaping the Benefits of Marketing Data and Analytics
In an effort to improve the utilization of data and analytics, previous research suggests that marketers are turning in-house.
Sizmek conducted the “Marketers Survey Results 2018: An Insider’s Look at Data, Walled Gardens and Collaboration” survey and discovered that 84 percent of marketers are prioritizing “being data self-sufficient/working toward becoming self-sufficient” within the next 12 months.
Approximately 88 percent of respondents also stated that they want to create campaigns from their own data. However, 66 percent of marketers said that “walled gardens” – closed systems with little room for free data movement – are preventing them from improving their first-party data.
To overcome this barrier, 90 percent of respondents say they need partners who allow them to own the data created from their campaigns.