In 2017, the global marketing-related data market was valued at 13.5 billion U.S. dollars and is forecast to further grow by nearly five billion within the following 12 months. The United States was by far the leading market in this area, as it accounted for 65 percent of the 2017 global value, equaling roughly 8.85 billion U.S. dollars. U.S. marketers most commonly invested in omnichannel and transactional types of third-party audience data.
The majority of global marketing professionals have been using such data-related functions as audience segmentation, customer journey mapping, personalization, and marketing automation, to name just a few. In fact, a large share of marketers believed that using data in these instances was quite, if not highly, valuable. In order to better understand the customer journey, marketers draw their data from online analytics tools, e-mail, surveys, CRM solutions, and social. All in all, industry professionals agreed that maintaining high-quality customer data helped them increase efficiency, improve cost savings, and protect their brand’s reputation.
Customers, however, are still divided when it comes to the issue of their past purchase history data being used in future shopping recommendations. While 53 percent say they are not comfortable with this practice, another 51 percent believe it demonstrates the company’s interest in keeping their business. Among those who like the recommendations, 38 percent would like to see them from grocery stores and 34 percent from online retailers. Most consumers find that online store product suggestions match their buying interest rather well, but 35 percent still think those recommendations are poorly targeted. On occasion, 36 percent of customers feel influenced enough to purchase suggested products, but 14 percent claim that they never did so.
The majority of global marketing professionals have been using such data-related functions as audience segmentation, customer journey mapping, personalization, and marketing automation, to name just a few. In fact, a large share of marketers believed that using data in these instances was quite, if not highly, valuable. In order to better understand the customer journey, marketers draw their data from online analytics tools, e-mail, surveys, CRM solutions, and social. All in all, industry professionals agreed that maintaining high-quality customer data helped them increase efficiency, improve cost savings, and protect their brand’s reputation.
Customers, however, are still divided when it comes to the issue of their past purchase history data being used in future shopping recommendations. While 53 percent say they are not comfortable with this practice, another 51 percent believe it demonstrates the company’s interest in keeping their business. Among those who like the recommendations, 38 percent would like to see them from grocery stores and 34 percent from online retailers. Most consumers find that online store product suggestions match their buying interest rather well, but 35 percent still think those recommendations are poorly targeted. On occasion, 36 percent of customers feel influenced enough to purchase suggested products, but 14 percent claim that they never did so.
