Analysis

Nine out of 10 marketers believe data is the key to sales: study

Nearly nine out of 10 (86%) UK and US marketers believe that for maximum success they need to collect as much information as possible on their customers – despite the fast-approaching General Data Protection Regulation (GDPR), which encourages marketers to prioritise customer privacy over mass data collection, a new report suggests.

Despite striving to collect as much data as possible, marketers still aren’t using their existing data to full effect, with 57% of UK and US marketers saying that they are unable to form an accurate 360º view of their customers, according to The Data Deadlock report from marketing automation brand BlueVenn.

The research reflects findings from 2,000 UK and US consumers, and 600 business-to-consumer marketers.

Anthony Botibol, marketing director at BlueVenn, said: “For today’s businesses, customer data represents a vital asset in terms of both marketing outreach and improving experiences. With GDPR just around the corner, marketers that fail to respect their customers’ privacy will be in for a nasty shock, with many brands set to fall foul of significant fines, legal battles and serious reputational damage.

“While our research suggests that many consumers are happy with the existing state of affairs, marketers need to start thinking about new ways to manage their data as we move into 2018. The days of storing everything into an unstructured data warehouse or, at the other end of the spectrum, maintaining lists in Excel and Access are over. Under GDPR, today’s brands will need to ensure their customer records are well governed and maintained, using Customer Data Platforms and their ilk in order to guarantee compliance and ensure that their data is being managed and maintained in an ethical way.”

Ahead of GDPR, marketers must be increasingly cautious of how much data they collect on their customers. Despit this, BlueVenn’s research suggests that 61% of consumers would give up some degree of their privacy if it meant receiving better products and services.

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