“Data as a Competitive Advantage”, the recent study from Winterberry Group and Interactive Advertising Bureau (IAB)—and sponsored by AddThis—highlighted two main business goals that respondents most wanted to utilize data to accomplish: better targeting and growing revenue. On the targeting front, marketers are having some success, with more than 71% reporting that they’ve achieved better audience understanding and segmentation through data collection.
Where the real gap is taking place is in utilizing data to generate revenue. More than 74% of respondents reported that they hope to increase revenue through data collection, while only 34.8% feel they’ve actually done so. That’s a huge difference, and one that has the most profound impact on businesses.
So, how to bridge that gap? Here’s what respondents felt they needed most:
- Better technology: This includes faster, higher volume processing, matching, segmentation, and a unified repository that integrated both digital and traditional data sources.
- More first-party data: Better, more comprehensive in-house data collection ties in with better technology but provides more actionable insights.
- Development of standard metrics: Providing a benchmark for measuring the effectiveness of various data streams across channels and the entire organization.
- More experienced talent: Business leaders cited a need for more in-house resources well-versed in measuring data.
- Better analytics models and methodologies: This includes using data for predictive models and creating samples.
Learn more about “Data as a Competitive Advantage” and download the white paper.
Using Data to Be More Customer-Centric
With over 15 million domains in our data co-op and 1.9 billion unique users each month, we know a great deal about our users, and can help businesses close the gap between collecting data and creating actionable insights by offering visitors a relevant, customer-centric experience.
Quality data can help you to deliver the right messaging, at the right time, through the right channels. This creates a personalized experience for your customer across all touch points, from advertising to point-of-sale, and beyond. Relevancy helps brands communicate better and deliver a better customer experience, helping you to bridge the gap between targeting segments and growing revenue. Learn how AddThis can help your brand harness the power of big data to meet your company goals.