Nearly two-thirds of UK brands are using less of their data and limiting its effectiveness by focusing on general analytics activation rather than more sophisticated strategies.
While most are activating their data – only a small number of marketers (5%) are not activating their data at all – only 39% of brands are using the power of advanced measurement solutions to get granular insights from their data.
This was found in a study of marketing decision makers in the UK conducted by Technology and Digital Marketing Consultancy Making Science, which found that the three sectors surveyed – retail and ecommerce, financial services and travel – lag behind both UK retail. Sector in its data practice. Surprisingly, retail and ecommerce respondents are less likely to collect data both on-line or offline than only 1% of financial and travel respondents (7%). Retail brands are also less likely to verify the quality of their data, with one in eight failing to do so. This is significantly higher than both financial (1%) and travel (2%).
Regarding data activation, 12% of retail respondents said they did not activate their data at all – much more than financial (1%) and travel (2%) – while 15% of retail brands did not invest in data automation, 3% including financial services and travel 4. %.
With more than half (55%) of all marketers surveyed aiming to acquire new clients as a result of data activation, these results – especially in the retail sector – highlight the astonishing waste of effort in light of the epidemic drive for efficiency. The pressure of growing economic concerns on ROI.
The goal of those who activate their data is not only to attract new clients, but also to increase brand awareness (50%), increase their existing client base (46%), increase ROI (42%), and increase conversion rate optimization (38%). %).
“The number of brands investing in data collection aimed at growing their business and improving existing services, yet failing to fully complete the final phase of activation, where the benefits of their efforts have been rewarded, was particularly amazing to us,” said the first-party data director at Making Science. . “Almost all companies want to ensure the quality of their data, using 6 out of 10 internal processes and relying on 5 out of 10 external platforms. 9 out of 10 people are going one step further and enriching their data using a combination of machine learning and AI tools. However, after all the hard work, the majority are failing to use advanced measurement solutions to activate their data to its full potential. It is clear that there is currently a lack of understanding or resources to complete the most important stage of the data journey: activation. This is where making science technology can apply key lessons in a data strategy and use data insights toward core objectives. “
The rise of AI
Nine out of ten companies have adopted machine learning to enrich their data. The most common use in all surveyed industries was to create product recommendations for consumers, with almost half of respondents using technology for it. Another 43% said they used machine learning to optimize ad campaigns, while 34% used AI to personalize their websites.
Consistent with other data trends, retail brands are probably not using machine learning, one-fifth of respondents in this industry are not using technology.
One in ten companies is still unsure of how the GDPR regulations apply to their companies. Six years after the initial law was introduced, another 4% say they have not heard of GDPR regulations, while in 1% of states they are aware of the regulations but have chosen to ignore them. Of those who took GDPR notice, 38% worked with an external expert to be loyal, while 33% relied on in-house skills.
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