First-Party Data is Critical for Data-Driven Marketing: GoodFirms Research 2021

GoodFirms, the leading research and review platform, recently revealed its latest survey on the Data-Driven Marketing: Metrics, Important Elements & Trends. This research study from GoodFirms yields 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 21st-century consumers. A perfectly-timed data-driven marketing strategy has the potential to align consumer needs with marketing campaigns.

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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. 65.2% of marketing experts surveyed by GoodFirms voted that finding, extracting, and managing high-quality data is the topmost challenge in data-driven marketing.

Organizations 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 centralized system, says GoodFirms.

GoodFirms’ research also finds 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. The survey also explores other factors influencing data-driven marketing such as omni-channel marketing, predictive analytics, metrics such as conversion rates, personalized experiences, website traffic sources, etc.

The research concludes that marketers can use a whole range of tools, platforms, and technologies to unleash their data-driven marketing campaigns and measure their impact in real-time.

Key Findings from the Research:

• As per 65.2% of marketing experts, the primary benefit of data-driven marketing is in creating personalized content & campaigns.
• 53.6% 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.
• 37.7% 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.

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