Data quality is extremely important to marketers, and is cited as the top challenge standing in the way of aligning B2B go-to-market teams. A recent report [download page] from Dun & Bradstreet identifies the areas that are considered the biggest barriers to greater investment in data quality, findings that each of these barriers has increased in the past year.
The most widely cited roadblock to greater investment in data quality at B2B and both B2B-and-B2C companies is budget, with 35% of the marketing, sales, data and operations leaders surveyed considering this to be one of the most significant barriers. Moreover, almost half (48%) report that this has increased as a barrier in the past year. All of this is despite almost 8 in 10 saying that their company’s investment in data quality has already increased in the last 12 months.
Other significant barriers cited in the report include lack of internal resources, lack of ROI proof, lack of belief in the perceived usefulness of these investments, and other priorities. Among those, the largest share of respondents said that competing priorities has increased as a barrier, likely as B2B firms deal with issues such as inflation, the lingering impact of the pandemic, and economic recession, among others.
Getting this right is paramount for B2B firms, who separately said that accuracy of customer data is the biggest obstacle to succeeding with data-driven marketing. Other common obstacles include the cost of third-party data, lack of analytics capabilities, and incomplete customer data.
For more, check out the report here.
About the Data: The results are based on a survey of 600 marketing, sales, data, and operations leaders across the US, UK and Canada at B2B or both B2B-and-B2C companies with at least 100 employees.