Better Decisions: A Spotlight on Data Efficiency
Against the backdrop of a recession, both businesses and consumers are reevaluating how to spend and save efficiently amid economic uncertainty. Marketing teams are under more pressure than ever before to demonstrate return on investment – or risk budget cuts. Meanwhile, consumers are spending more carefully and becoming increasingly selective about the brands they buy from and engage with.
Treasure Data surveyed 8,000 consumers and 2,000 marketers across the United States, the United Kingdom, France, and Germany to understand how marketers are managing customer data today, and how current economic conditions are affecting the way consumers prefer to share their data with brands.
Click on the links to explore findings from our research by country, and check out some of our key findings below:
Key Findings
Marketers Shift to Cost-Effective Strategies
Inefficient use of customer data is holding businesses back. Marketers aren’t able to get the most out of their data, and it’s causing significant budget wastage. This is money marketers can’t afford to waste, with businesses having to think seriously about how to prioritize spending between departments. Marketers need to find ways to maximize ROI and reduce spend, while continuing to deliver great customer experiences. As budget cuts and other impacts are on the horizon, the need for data optimization should be a priority across the enterprise.
Cost-of-Living Crisis Impacts Consumer Expectations
Consumers are changing their spending patterns too, becoming more mindful of how and where they purchase. Consumers expect brands to be sensitive to their individual situations and tailor their communications accordingly. But with privacy in mind, many aren’t prepared to share their personal data that allows that to happen.
Reducing Data Wastage – A Matter of Optimization
Marketers realize high-quality data is critical for success. But, they are also struggling with data inefficiencies that are preventing them from making the most of their budgets, and delivering the best possible customer experience. Poor data quality has a lasting impact for marketers – resulting in disjointed customer experiences, inaccurate targeting, and ultimately, wasted marketing spend.
Making Sense of Data is Key to Efficiency
Marketers must be efficient and effective with the data they do have to earn their customers’ trust, encourage greater data sharing, and maximize the potential their customer data has to offer. Eliminating data silos, creating a holistic view of internal and external data, and building a clear value exchange with consumers are all great places to start.
Explore findings from our research by country
