Nov 9, 22 | 6 min read
marketing data inefficiency
Reading time: 5 minutes
Is your marketing department getting the data it needs? In this article, we'll look at the findings of a recent study by Treasure Data and try to answer why data optimization is so important (as well as why too much data can be harmful, too) and how to start collecting the best kind of data today.
Findings from Treasure Data’s study
A study by Treasure Data found that the majority of marketers (84%) believe data is essential to their work . However, data inefficiency is preventing them from reaching their full potential.
In the last six months, marketers have spent around 31% of their budgets on poor data optimisation. This lack of organisation has cost them £1.6m.
Three-quarters of UK marketers admit their team has data inefficiencies that impact their marketing strategies. And more than half believe they need more confidence to make better use of customer data.
Many marketers feel insecure about their data skills, especially as they face increased pressure to produce results that justify investment. In a survey of 500 marketers, 72% said the current economy has made them more responsible for delivering ROI.
According to the aforementioned study, 65% of marketing managers have already had to make budget cuts and an equal number expect more to come in the future.
The data paradox
The report says data is vital to the success list of suriname consumer email of a marketing strategy, but having too much information can also be detrimental. The biggest concern? There is so much data that marketers need help understanding what each of them means. 66% of respondents say they have difficulty making sense of all the information.
Having lots of data is great, but knowing where to start or what to do with it can take time and effort. That's why optimization is the key to unlocking the full potential of your information and getting the results you need.
The answer: data optimization
Data optimization is the process of cleaning, organizing, and managing data to make it more effective. Optimizing your data can improve your marketing campaigns, help you better understand your customers, and enable you to make better decisions overall.
But why is data optimization so important? Here are three key reasons:
You focus on the right data
With so much data available, it's easy to get overwhelmed and lost in it all. Data optimization helps you focus on the data that's most relevant to your goals and objectives. This way, you can make sure you're using your data in the most effective way and not wasting time on data that's not relevant.
You make better decisions
Data optimization not only helps you focus on the right data, but it also allows you to make better decisions overall.
When your data is organized and up-to-date, it's easier to spot patterns and trends. This information can help you make more informed decisions about your marketing campaigns and strategies.
You save time and resources
Data optimization can also help you save time and resources. When data is well managed, it's easier to find the data you need when you need it.
Data optimization is essential to marketing success in the modern era. Optimizing your data can improve your campaigns, help you better understand your customers, and allow you to make better decisions overall.
What are the benefits of data optimization?
Ensuring your data is working for you, not against you, has many benefits, including:
Increased ROI
Segmenting your data and targeting your audience more effectively can increase your ROI.
Better customer relations
You can create more targeted and personalized content by understanding your data, thereby improving customer relationships.
What are the difficulties of data optimization?
There are some pitfalls to consider when optimizing data. We already know that too much data can be overwhelming and, as such, impede analysis.
But data accuracy is essential for effective data optimization: if your data is inaccurate, your results will be too. And the most accurate data you can get is raw data .
