Data is focal to business hence it's key for marketers to understand the evolving data landscape, winning data strategies to drive better business outcomes and customer experiences.
MMA has collaborated with EY in a study which has inputs from over 150 marketers across India, to create an industry-first valuable go-to resource to reveal how marketers use consumer data, measure ROI, ensure governance and build data capabilities.
Results received were divided into distinct data maturity archetypes:
- Data leaders (36% of respondents) who had made investments in consumer data and were reaping the benefits.
- Left behinds (40% of respondents) who were just about starting on their consumer data journey.
- The rest are still navigating their way up and fall in the category of data enthusiasts/data committed.
Some interesting insights from the study :
- 71% Indian organizations use a blend of first party (1P) and third party (3P) data for marketing and most marketers were increasing efforts to build 1P data.
- Due to leveraging consumer data, 68% witnessed a lift in marketing efficiency.
- Most Indian marketers saw the benefit of leveraging consumer data for marketing, but only 12% have robust attribution models.
- 72% of the respondents had built MarTech capabilities or were working toward that goal.
- Sectors with the highest data maturity include Auto, Real estate, Media & Entertainment and BFSI