Is Your Business Bringing In Enough Consumer Data?
In the era of big data and real-time analytics, digital marketers have more information than ever to pinpoint their messaging to reach their desired consumers. However, in a recent survey of digital marketers by Infogroup, marketers still yearn for even more data to get a clearer picture of what their consumers are really looking for.
According to Infogroup’s third annual “Big Data’s Payday” report, 53 percent of marketers surveyed wish to incorporate more consumer data into their decision-making processes. The report, which polled 584 marketers at the 2014 DMA Annual Conference, provided a unique view into the world of data-driven marketing and how these professionals are using these new tools to drive their promotional endeavors. In light of that major thirst for more data, the report also found that 62 percent of companies have begun to invest in more data-driven solutions, and just under half of brands are already seeing a positive return on investment.
With all of that increased investment and fine-tuning of their data collection methods, most marketers surveyed in Infogroup’s report are realistic about how much data will tell them about their consumer bases. Only 21 percent of the respondents were extremely confident in their customer profiles’ accuracy, while 15 percent said that data collection will be their biggest challenge in the coming year, along with analysis (21 percent) and application (16 percent).
How does data-driven marketing evolve?
As important as the overall volume of data is to a company looking to expand its public profile and reach new consumers, Infogroup’s report also found that many marketers are still relying too heavily on basic pieces of data to paint a clear picture of their consumers. Immediate data sources like customer purchase histories and third-party lists. These are typically numbers that are easily trackable through analytics software, but can often only tell half the story when companies try to deepen their understanding of their consumer base.
Last but not least, personalized campaigns have become popular forms of data-driven marketing, but again, many in the field are relying on the basics such as the customer’s name or demographic information to create a personal connection. Infogroup’s report found that less than a third of companies will use consumer interests, transaction and event triggers and consumer interactions to personalize campaigns, so there is certainly room for innovation in the field for marketers to capitalize on.
Ultimately, while marketers are always looking for a leg up and mountains of new data, Infogroup’s survey found that before marketing departments expand their investments and data collection abilities, they need to maximize what they already have!
