Almost all (96%) marketers are at least somewhat confident that their first-party data delivers a strong ROI, according to a recent report [download page] from MightyHive. But the majority of marketers anticipate it will take them more than a year to realize their first-party data goals.
Breaking this down further, around one-quarter (27%) believe it will take between 13 and 18 months to achieve their goals in this area, 16% think it will require 19 to 24 months and a similar percentage (17%) say it will take 2 years or more.
The respondents to this survey are all brand-side and are spending at least $5 million per annum on digital media, with around one-third (35%) spending more than $30 million. Those spending more money also say it will take longer to achieve their goals, with 39% of the >$30 million group saying that it will take longer than 18 months, compared to 31% for smaller spenders.
These timelines don’t seem to be occurring from a lack of hiring outside help, although those that do rely on partners appear more confident in the potential of unlocking returns from their own data. Partners that respondents turn to include management consultants, systems integrators, agencies and ad tech vendors.
So what is getting in the way of making faster moves towards achieving first-party data nirvana? A weighted ranking in the report highlights accuracy, budget, and privacy concerns as the top three challenges. Access to data also comes high on the list, backing up previous research by the ANA and Winterberry Group, which found around 1 in 5 (20.4%) respondents saying they were unable to access first-party data due to internal silos and/or disorganized data storage; a similar percentage (19.6%) complained about having insufficient first-party data.
- More than half (55%) of respondents expect to increase the use of social media platform data and another 52% expect to up their use of online sales data.
- Some 64% of respondents said they expect to increase their use of mobile app analytics.
- Just 23% said they had unrestricted access to – and ownership of – their CRM systems.
To read more, download the report here.
About the Data:The report is comprised of data from a survey of 200 brand-side marketers involved in programmatic advertising and first-party data with a minimum digital media budget of at least $5 million. Respondents were director-level or above.