It’s common knowledge that data is now one of the most important assets an organization can have, and while quantity matters, increasingly companies are finding the challenge to be extracting the most quality and accurate data possible.
We’ve shared reports on how companies are spending more than $20b on data solutions each year, and on the components that make up a data-centric organization, all from the Winterberry Group, in partnership with the Data & Marketing Association (DMA) and the Interactive Advertising Bureau (IAB). Now in their 2018 Statistical Fact Book, the DMA says that in the “new golden age” of marketing, “data alone isn’t enough. [Marketers] need to take it to the next level.”
What does this mean? According to the Fact Book, “brands and agencies need to place more emphasis on the quality and accuracy of the data they receive.” Quality data can be the difference between actually having marketing initiatives that support your brand, or unintentionally damaging it. For instance, when you clean your data and remove or correct corrupt, duplicate, or incomplete information, you’ll have a more accurate view of who your customers actually are and reach them more effectively.
DMA’s Statistical Fact Book compiles the marketing facts and figures that marketers need to win in 2018 and beyond. And the basis of it all? Data.
Let’s take a look at some report highlights:
- Only 7.1% of marketers are satisfied with their organization’s attribution efforts. However, when asked how successful their company’s marketing data strategy was at achieving important objectives, nearly 50% said somewhat successful and over 30% said very successful.
- 62% of marketers said that improving marketing data quality was one of their most important strategies in their marketing data strategy.
- While spending on data-driven marketing held steady in 2017, data-drive marketing generated revenue increased.
- Where? Where investments increase most was content (direct mail, digital display, place-based media, email, mobile (apps, content, SMS), search, web content, and social media), applying data to improve experiences at all touch points.
- Of those listed above, the most effective channel for collecting marketing data? 59% of marketers said Social Media, 57% said websites, and 43% said mobile apps.
Today’s consumers have so many different touch points and having quality data can help brands and retailers see a holistic, and cohesive customer journey. At the end of the day, your data is there to support and improve your customer’s experience to drive revenue.
According to The Winterberry Group’s report on the Data-centric Organization launched earlier this year, U.S. based marketers, publishers, and other data users invested a collective $20.19 billion on third-party audience data and related services and solutions in 2017.
Given the growing volumes of data and the complexity associated with deploying data across all addressable advertising and marketing efforts, data users appear to be growing less confident that their current efforts constitute real maturity. Fewer respondents in 2017 than in 2016 (40.3% vs. 54.3%) described their organizations as at least “fairly data-centric. But with the right tools and partners, along with insights into where the most valuable investments in data management can be made, companies can increase their data-centricity to confidently face the future.
Check out the report below!