82% marketers find consumer data beneficial, struggle with attribution models: Report
MMA and EY reveal the ‘Leveraging Consumer Data for Marketing’ survey findings
Aug 09, 2021 04:26:00 AM | Article | Campaign India Team Share -
MMA and EY have released ‘Leveraging consumer data for marketing’, a survey that looks to reveal insights on the maturity of the consumer data strategy across the Indian marketing landscape. The survey was conducted among 150 marketers across sectors.
Moneka Khurana, country head – India, MMA stated, “MMA as an industry body is seeing data becoming core to all types of marketing and business objectives. As a result, we are actively driving the data marketing narrative around the world. Through this industry-first initiative, we reveal the state of consumer data usage in the country, as well as preparedness in terms of data capabilities and governance based on inputs from over 150 leading marketers in the industry, including MMA members across sectors ranging from retail, finance, automobile, media to healthcare, education, technology, etc. This first-hand insight will provide marketers with a perspective on harnessing data in the most effective and ethical manner, enabling them to offer a better experience to consumers, consequently improving their business ROI.”
At the outset, 58% of organisations acknowledge they have gaps in consumer data leading to difficulties in data-driven decision-making.
- Data types and uses: 71% of Indian organisations use a blend of first-party (1P) and third-party (3P) data for marketing and most marketers are increasing efforts to build 1P data.
However, 58% believe that gaps in data breadth, depth and quality needed to be addressed to enable optimal use of data for decision making. Only 30% of the respondents believe they use and activate personal level consumer data optimally. Realty, retail and e-commerce and technology sectors have a higher share of 1P data. Retail and e-commerce, and media and entertainment emerged as leaders in the usage of data across the spectrum for decision-making. Consumer data was used most for analytics, conversion tracking and retargeting.
- OI measurement and attribution: 82% of respondents see the benefit of leveraging consumer data for marketing but struggle with robust attribution models. Only 12% of survey respondents have robust attribution models. 68% witnessed a lift in marketing efficiency by leveraging consumer data.
52% of Indian marketers face significant challenges with attribution. Indian marketers rely more on brand trackers and AB testing to support media decisions. However, a similar study conducted in the US indicated that US respondents used Media Mix Modelling a lot more and the US respondents were more adept (27% higher) at using tools compared to the Indian respondents. While performance and growth, and brand building emerge as two key focus areas for organisations; there is a significant focus required on implementing the right marketing tools and infrastructure.
- Capabilities and skills: 72% of respondents have built martech capabilities or are working towards that goal. 35% have adequate access to advanced analytics and data science resources. However, automation, identity management and the next best action emerge as the biggest gaps. Retail, technology, and auto are leading sectors in martech maturity and capabilities.
- Data ownership, governance, and integration: 58% of Indian marketers had defined ownership and management strategies for 1P consumer data. However, 60% had little integration of 1P and 3P data with limited employee access to organisational data resources. Only 24% of respondents had cross-fishing rules defined for sharing of consumer data between brands.
Ashish Pherwani, partner and media and entertainment leader, EY India added, “It is a critical time for companies to prioritise data maturity, assess where they stand and work towards maximising the value of their data. Our research revealed that although most companies have made significant progress in compliance, they struggle to break down internal silos, activate data and build the right skillsets to drive ROI (return on investment) on their data investments. We found that most organizations are still building the processes and skills to effectively gather, analyse and execute against consumer data."