Data may not be the most glamorous aspect of marketing but it is at the heart creating meaningful consumer interactions in today’s data-driven world. In our award-winning, annual Digital Marketer Report we asked senior leaders about their top challenges and priorities. They said things like standing out against competitors, creating relevant interactions and customer acquisition. To my surprise, they didn’t say data.
However, all the top challenges and priorities are predicated on having accurate, enriched data that is linked together in a central location for a complete customer view. The sobering fact is that most brands are not there yet. Most are not fully utilizing their data assets and maximizing their marketing intelligence.
Take a look at these stats from the Digital Marketer Report to get an idea of where most brands are with data management practices.
- Overall, 45% of companies collect data via mobile – be it a mobile website, app or both TWEET THIS!
- 97% of companies suffer from common data errors. 61% of companies named human error as a top reason for data inaccuracies. TWEET THIS!
- On average globally, companies believe that 23% of their budget is wasted annually due to poor data quality. TWEET THIS!
- Today, only 35% of companies manage their data centrally through a single director. TWEET THIS!
- 99% of companies believe achieving a single customer view is important to their business. Only 24% of companies say they have a single customer view today. TWEET THIS!
- 29% of marketers who enrich their data with third-party data only add one type of data. TWEET THIS!
- One-quarter of marketers don’t enrich their data with any kind of third-party data. TWEET THIS!
It’s important for marketing leaders to understand that they first need to focus on data and creating a customer-centric organization to support good data-management practices. Only then will they be able to reach their goals.