AddThis Blog

Marketers Need Better Data, Not More Data

Is big data too big? In a way, yes. Forrester recently reported that only 12% of data collected by brands is actually used! The report highlights the fact that what businesses are seeing is not necessarily a need for more data, but for better quality data.

Data in itself has become a commodity—it’s available to everyone and because of the amount of providers in the space, it’s accessible at a relatively low cost. In order to use metrics to create competitive advantage, brands now need to look for ways to complement their first-party data with quality external sources (second and third-party).

Here’s a quick breakdown of the three types of data streams:

We know that first-party is the most valuable data for understanding your audience, but it doesn’t tell the whole story. Seventy percent of a customer’s interactions with a brand happen off-domain. In order to create an actionable data strategy, it’s important not just to access all three data streams, but to be able to analyze them in a holistic, big picture way. Better quality data means greater relevancy, which translates to a better customer experience and reduced marketing waste.

Learn more about the different kinds of data, and how they’re used by marketers, in “Data as a Competitive Advantage” – a recent study from Winterberry Group and Interactive Advertising Bureau (IAB), sponsored by AddThis.