60% of Brands Indicate Data As a Critical Business Function with High Expectations for Reputable Providers of Accurate and Timely First and Third Party Data
Examining brands purchase and usage of consumer data, Stirista announced critical insights from their Brands’ Data Strategy Study, conducted in September 2021 by Thrive Analytics, a digital marketing research firm. Surveying various key players in highly recognizable D2C and Fortune 100 brands in the U.S, the study revealed that nearly two-thirds of brands find leveraging data critical to their business success, citing quality of data (64%), reputation of the provider (60%), and connectivity to provider (53%) as important considerations when evaluating data providers.
“With the proliferation of the number of data sources, delivery mechanisms and channels consumers and businesses use to interact with brands, highly accurate and rich consumer insights have become a business necessity for brands to underpin all of their marketing efforts,” said Will Kunkel, VP of Marketing, Stirista. “Whether a D2C, Fortune 100 or mid-tier brand, our study highlights that brand marketers overwhelmingly rely on ad agencies and data providers to deliver highly accurate and reliable first and third-party behavioral or transactional data to generate more customer interactions and ultimately drive revenue.”
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Brands and Agencies are Outsourcing Data Buys
A majority of brands outsource at least some marketing functions with marketing research topping the charts at 52%, followed by digital ad placements (50%), traditional ad placements (44%) and data analytics (43%). Ad agencies and data providers make-up the majority of sources where brands acquire data. And, according to Stirista’s Digital Marketing Agency Data Strategy Study in June 2021, 50 percent of agencies that brands rely on for campaigns outsource their data buys.
Types of Data Critical to Generating More Revenue
Of the types of data purchased, brands most frequently seek first and third-party data (47% and 41%). When looking at driving D2C business over the next 12 months, leveraging transactional and behavioral data for personalization came in on top for prioritization of sales and marketing strategies).
Accuracy and Timeliness Important Pillars of Data Quality
When asked about the pillars of data quality, accuracy (25%) and timeliness (22%) were the top two most important areas, with four out of five of those surveyed indicating these qualities are realistic to ask for. Validity, consistency, completeness, and uniqueness were among other pillars brands valued most. And according to this analysis, the reputation of the data provider is critical to the majority of these companies with reputation (22%), data quality (21%), and pricing (16%) among the top ranked factors.
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