Big data is bigger than ever, and most marketers agree that it’s important for staking out a competitive advantage and supporting business goals. According to a recent study, however, there exists a large gap between what companies believe data can help them accomplish and actually using data to meet those objectives.
“Data as a Competitive Advantage”, the study from Winterberry Group and Interactive Advertising Bureau (IAB)—and sponsored by AddThis—surveyed 100 executive-level thought leaders in the advertising, marketing, publishing and technology sectors about the challenges they face harnessing the full value of big data within their organizations.
Some of the key takeaways include:
- First-party data provides the best understanding of user behavior, contributing more to overall success and competitive advantage than second or third-party data. In fact, 52% reported above-average satisfaction with the value of first-party data in support of marketing, advertising and/or media, compared to just 26% with third-party data.
- In terms of measuring the value of data, 51% reported that they are only somewhat able to assess data’s contribution to advertising, marketing and/or media efforts, compared to just 16.3% of those who feel they can measure data’s value very well.
- Thought leaders feel that closing the gap between data and actionable insights will depend largely on better data technology (47.9%), more first-party data (41.7%) and development of standard metrics for measuring data’s contribution.
Learn more about how your industry peers are using, “Data as a Competitive Advantage” and download the white paper.