Less than one in 20 marketers believe they are exhausting over 80% of their first-party data with mobile app analytics presenting as a key usage platform, according to a new survey by Advertiser Perceptions, an ad industry business intelligence provider, and MightyHive, the media consultancy.
The survey of 200 senior brand marketers found that 67% of marketers expect to realise their first-party data goals within 18 months or less time.
Among the top types of first-party data marketers expect to use in 2019 to gain an advantage are mobile app analytics (64%), social media data (55%), online sales data (52%) and site analytics (50%).
Mobile app analytics were also considered the most important first-party data type for decision-making.
However, expectations to achieve ROI using first-party data are highly dependent on budget size with larger budgets generally attracting more positive views towards the value of first-party data.
Meanwhile, advertisers with smaller budgets expect to reach their goals sooner.
Data-confident marketers were also more likely to work with partners including management consultants, systems integration consultants, agencies and tech vendors. Importantly, partners can help marketers achieve their first-party data integration goals more rapidly.
However, working with first-party data is associated with a whole range of challenges including confirmation of accuracy of data (16%), lack of budget (16%), privacy concerns (14%), access to first-party data (13%), and limited scale and reach (13%). This shows that even data-confident marketers are facing issues when it comes to working with first-party data.
“What this survey made clear is that leading marketers are unlocking first-party data to gain a better understanding of who their customers are, what motivates them, and how digital advertising plays a role in purchase decisions,” said Tyler Pietz, vice president of global consulting at MightyHive.
In order to achieve their goals and overcome challenges, marketers lacking confidence would be advised to find suitable partners or technologies to revise their strategy.