Overcoming Barriers in Consumer Data: Key to Maximizing ROI in 2024
In the dynamic marketing sector, where 91% of professionals emphasize the critical importance of consumer insights in their decision-making, it’s surprising that 39% of them report having limited access to data. This is not the only barrier marketers must overcome to make informed decisions. The difficulty in measuring ROI and the lack of time, budget, and resources are also challenges to adopting a customer-centric strategy in 2024.
However, as reflected in the report Marketing ROI Revealed: Insights from Customer-Centric Industry Leaders , 82% of marketers assert that their company has a well-defined process for analyzing consumer data, and that they regularly invest in solutions to obtain it. This scenario reveals a worrying disconnect between the investment in analytical technologies and the marketers' ability to access these data and use them to optimize ROI.
Translating consumer insights into effective actions can be complicated without the right research tools. Considering that 87% of professionals update their strategies based on consumer data, there is still a gap when it comes to fully capitalizing on these insights to improve business outcomes.
Maximizing ROI: A Challenge for Marketers
Marketing teams face various challenges in measuring and maximizing the return on investment of their actions; from budget constraints, the need to reduce risks in decision-making, or changes in the market and consumer behavior.
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In this context, adopting a customer-centric approach is outlined as the most solid strategy to maximize marketing ROI. Consumer insights must be integrated with decision-makers to create strategies that achieve corporate goals. With this goal in mind, up to 75% of marketers measure the ROI of insights daily or weekly.
How to Maximize ROI in Marketing
In a competitive market, such as consumer goods, the customer-centric strategy emerges as the key for B2C marketing directors to effectively manage their budget and maximize the ROI of their actions. According to the Boston Consulting Group, data-driven mature marketing achieves cost benefits 1.5 times greater and an impact on revenues up to 2.5 times higher.
Every day, consumers face about 6,000 advertising messages, according to data from Neuromedia. In this overwhelming sea of options, only brands that truly understand the preferences and needs of their audience can stand out and offer irresistible value propositions.