About 82% of Indian brands participating in a study said they saw benefits in leveraging consumer data for marketing, but found it difficult to analyze touchpoints to optimize those benefits. Additionally, 58% of marketers agree they have gaps in consumer data and therefore have difficulty making data-driven decisions, according to a study titled 'Using Consumer Data for Marketing' is launched by EY and MMA, a trade association representing more than 800 marketers and ecosystem players.
Research conducted with 150 marketers in industries ranging from retail, finance, automotive, media to healthcare, education, technology, also shows that 71% of Indian organizations use a mix of first-party (1P) and third-party (3P) data for marketing, and most marketers go the extra mile to create 1P data. About 58% of Indian marketers identified ownership and management strategies for 1P consumption data. However, 60% are less likely to integrate 1P and 3P data with limited employee access to the organization's data resources. Only 24% of respondents have identified cross-cutting rules for sharing consumer data between brands.
According to the survey, about 72% of respondents have developed mar-tech skills or are working towards this goal. About 35% said they have full access to advanced data science and analytics resources.
Ashish Pherwani, Media and Entertainment Partner and Leader, EY India, said: “This is a critical time for companies to prioritize data maturity, assess where they are and work to maximize the value of their data. Research shows that while most companies have made significant progress in compliance, they still struggle to break internal silos, enable data, and develop the right skills to drive a return on investment on their data investments, he observed.
“Through this initiative, we are revealing the state of data usage by domestic consumers, as well as capacity readiness and data governance,” said Moneka Khurana, Country Manager - India, MMA said.