With the increasing use of data in marketing, the talks around data capabilities and governance are becoming pertinent. 58% of Indian organisations accept to have gaps in consumer data leading to difficulties in data-driven decision making, as per the MMA EY survey titled ‘Leveraging consumer data for marketing.’ The survey was conducted among 150 marketers across sectors ranging from retail, finance, automobile, media to healthcare, education, technology, among others. According to survey findings, 71% of Indian organisations use a blend of first party and third party data for marketing. At a time when the digital advertising segment is preparing to embrace a cookie-less world, most marketers are increasing efforts to build first party data.
The report also added that realty, retail, e-commerce, and technology sectors account for a higher share of first party data. For optimal use of data for decision making, gaps in data breadth, depth and quality have to be addressed, 58% respondents believe. 30% of the marketers who participated in the survey believe that they use and activate personal level consumer data optimally.
While 58% of Indian marketers had built defined ownership and management strategies for first party data, 60% had a little integration of first and third party data. However, the absence of cross-fishing rules is evident as only 24% of respondents have defined rules for sharing of consumer data between brands.
“This first-hand insight will provide marketers with a perspective on harnessing data in the most effective and ethical manner, enabling them to offer better experience to consumers, consequently improving their business ROI,” Moneka Khurana, country head, MMA India, said on the study.
82% of Indian marketers struggle with robust attribution models, although they leverage consumer data for marketing. Additionally, 52% of Indian marketers face significant challenges with attribution.
Keeping pace with the advances in martech, 72% of respondents have developed martech capabilities or are working in the area. As of now, 35% of the respondents have adequate access to advanced analytics and data science resources. The least developed martech capabilities are automation and AI, identity management, next best action. Retail, technology, and auto have emerged as leading sectors in martech maturity and capabilities, the report 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 organisations are still building the processes and skills to effectively gather, analyse and execute against consumer data,” Ashish Pherwani, partner and media and entertainment leader, EY India, stated.