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

By PRNewswire On Nov 17, 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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