Dive Brief:
- June research by Econsultancy found only just over 33% of senior-level marketers reported a strong positive impact from their data-related marketing investments.
- Forrester Consulting research from January found although marketers needed first-, second- and third-person data, first-person was the most important source per 87% of respondents.
- Marketers need prioritize first-party data and develop a strategy around it.
Dive Insight:
Marketing is a data-driven world. Digital marketing channels offer marketers a wealth of data sources, and technology helps to collect and analyze that data. The challenge is finding the most valuable data.
According to Forrester Consulting research from January, a strong majority of survey respondents including U.S. digital marketers and consumer insights professionals cited first-person data as the most important data source. These results compare with April research from the Direct Marketing Association and Winterberry Group that found 43% of U.S. marketing professionals plan on increasing data-driven marketing spending from Q1 to Q2 this year, and just over 60% expect data-driven marketing to rise over that time. Additional research by Econsultancy (in collaboration with Signal) uncovered that slightly more than 33% report a strong impact from data related marketing investments, but when that number includes those reporting at least some positive impact the percentage jumps to just over 80%.
A Marketing Land analysis on the topic suggested marketers conduct comprehensive data audits, define objectives and figure out what data points they're missing in building a first-party data strategy.
