Finding High-quality Data in Data-driven Marketing is The Biggest Challenge: Report

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GoodFirms, the research and review platform, released its latest survey on Data-Driven Marketing: Metrics, Important Elements & Trends.

It offers actionable insights into the current state of data-driven marketing with a focus on key metrics, current trends, challenges, and elements that constitute a modern approach to data-driven marketing.

The research further explores how marketers need to strive hard to meet the expectations, demands, and priorities of 21^st century consumers. A perfectly-timed data-driven marketing strategy has the potential to align consumer needs with marketing campaigns.

However, businesses that want to reap the full benefits of data-driven marketing have to filter, segregate and deploy high-quality data in their marketing approaches. Over 65 per cent of marketing experts surveyed by GoodFirms voted that finding, extracting, and managing high-quality data is the topmost challenge in data-driven marketing.

The report highlights that organisations can tackle this challenge by ensuring that all of their data is updated to the last minute, there are no silos, and everyone maintains data in a centralised system.

It also reveals that first-party data is critical, reliable, and the least expensive option for data-driven marketing. However, due to restrictions and data privacy regulations, collecting first-party data is difficult for brands.

Also Read: Data-driven Marketing is Critical for Brands

Key Findings:

• As per 65.2 per cent of marketing experts, the primary benefit of data-driven marketing is in creating personalised content and campaigns.
• Around 53 per cent of Marketers believe that the most critical challenge in data-driven marketing is finding and maintaining high-quality data.
• Creating buyer personas and customer-focused content is the primary element of successful data-driven marketing campaigns.
• Over 35 per cent of marketing experts consider Conversion Rate as the most vital metric to track data-driven marketing campaigns’ success.
• Predictive analytics, omnichannel marketing, and using first-party data are growing trends in data-driven marketing.
• Measuring conversion rate, return on investment (ROI), customer lifetime value (CLV), and website traffic sources should be the priority of businesses.
• Investing in data analysis software or collaborating with marketing analytics companies can boost businesses’ marketing efforts.