Some 61% of digital marketers are still using third-party data, in line with Salesforce’s latest State of Marketing Report. It also found problems with data activation, personalization and AI optimization.
Although the proportion of marketers using third-party data is down from 75% in 2022, this illustrates an issue with finding reliable information. The top three data sources, utilized by 84% of marketers, are customer insight, first-party and transactional data.
While connecting customer data for personalized experiences has at all times been a challenge, the phase-out of third-party cookies and the rise of AI are making it more vital and tougher for businesses to navigate this complex customer journey landscape. Only 31% of marketers are fully satisfied with their ability to unify customer data sources.
Activation bottlenecks
Having the data isn’t enough and marketers find leveraging it effectively stays a hurdle. A mere 48% of marketers track an important metric: Customer Lifetime Value (CLV). Furthermore, 59% lack real-time data for critical tasks and still rely on potentially outdated information or intuition. Even with access to live data, activation is a bottleneck. While 52% claim real-time data is obtainable for campaigns, 59% need IT assistance to put it to use. This suggests a possible lack of readily accessible data tools or a skills gap hindering its effective use.
What constitutes a “personalized experience” is still a piece in progress. Only 32% of marketers are completely satisfied with how they use customer data to create relevant experiences. Some 43% of those surveyed use a fragmented approach to personalization — having an understanding of customer needs at certain stages and leveraging mass messaging at others.
Dig deeper: Alternatives to third-party cookies: The state of play
Marketers are wanting to harness the facility of AI, with 32% already using it and 43% experimenting. However, security and customer trust are major concerns as adoption grows. The allure of AI’s advantages is undeniable, with 88% of marketers nervous about missing out. But especially for executives, the fear is real: can they embrace AI without compromising data security or jobs? CMOs are particularly nervous about data exposure (41%) in comparison with 29% of VPs and 32% of team leads.
Methodology
The report (registration required) is predicated on a double-anonymous survey conducted from February 5 to March 12, 2024. The survey generated 4,850 responses from marketing decision-makers across North America, Latin America, Asia-Pacific and Europe.
Are you getting probably the most out of your stack? Take our transient 2024 MarTech Replacement Survey
The post 61% of marketers still relying on third-party data appeared first on MarTech.
Read the complete article here
