58% organizations accept they have gaps in consumer data: study

Hyderabad: In India, 58 per cent organizations acknowledge they have gaps in consumer data leading to difficulties in data-driven decision making, according to the MMA EY survey titled 'Leveraging consumer data for marketing'. The survey conducted among 150 marketers across sectors revealed insights on the maturity of the consumer data strategy across the marketing landscape in India.

Moneka Khurana, Country Head – India, MMA said: "MMA as an industry body is watching data becoming core to all types of marketing and business objectives. We are actively driving the data marketing narrative around the world. Through this, we reveal the state of consumer data usage in the country, as well as preparedness in terms of data capabilities and governance."

Ashish Pherwani, Partner and Media & Entertainment Leader, EY India said: "It is a critical time for companies to prioritize data maturity, assess where they stand and work towards maximizing the value of their data."

Data types and uses: 71 per cent Indian organizations use a blend of first party (1P) and third party (3P) data for marketing and most marketers are increasing efforts to build 1P data.

ROI measurement and attribution: 82 per cent respondents see the benefit of leveraging consumer data for marketing. Only 12 per cent of survey respondents have robust attribution models. 68 per cent witnessed a lift in marketing efficiency by leveraging consumer data.

Capabilities and skills: 72 per cent respondents have built MarTech capabilities or are working towards that goal. 35 per cent have adequate access to advanced analytics and data science resources.

Data ownership, governance, and integration: 58 per cent Indian marketers had defined ownership and management strategies for 1P consumer data.However, 60% had little integration of 1P and 3P data with limited employee access to organizational data resources.