Two-Thirds Of UK Brands Are Underutilising Their Marketing Data

Nearly two-thirds of UK brands are underutilising their data and limiting its effectiveness by focussing on general analysis activations rather than more sophisticated techniques. While the majority are activating their data – just a small amount of marketers (5%) are not activating their data at all – only 39% of brands are utilising the power of advanced measurement solutions to gain granular insights from their data.

Considering that over half (55%) of all the marketers surveyed aim to gain new clients as a result of data activation, the study of marketing decision makers in the UK – conducted by technology and digital marketing consultancy Making Science – highlighted surprising wastage of efforts in light of the post-pandemic drive for efficiency and the pressure of growing economic concerns on ROI.

Those activating their data not only aim to attract new clients, but also to increase brand awareness (50%), gain more loyalty within their current client base (46%), increase ROI (42%), and increase Conversion Rate Optimisation (38%).

“The number of brands investing in data collection with the aim to grow their business and enhance current services, yet failing to fully complete the final stage of activation, where the benefits of their efforts are rewarded, was particularly surprising to us.” said Kevin Daly, First-Party Data Director at Making Science. “Almost all companies look to ensure the quality of their data, with 6 in 10 using internal processes and 5 in 10 relying on external platforms. 9 in 10 are going a step further and enriching their data, using a mixture of machine learning and AI tools. However, after all of the hard work, the majority are failing to use advanced measurement solutions to activate their data to its full potential. It is clear that there is currently a lack of understanding or resources to complete the most important stage in the data journey: activation. This is where Making Science’s technology can apply key learnings to a data strategy, and work towards key objectives by leveraging data insights.”

Rise of AI
Nine in ten companies have embraced machine learning in order to enrich their data. The most common usage in all industries surveyed was to create product recommendations for consumers, with nearly half of respondents utilising the tech for this. A further 43% stated that they used machine learning in order to optimise ad campaigns, while 34% use AI in order to personalise their website.

In line with the other data trends, retail brands are most likely to not be using machine learning, with a fifth of respondents from this industry not using the technology.

GDPR
Nearly one in ten companies are still unsure how GDPR regulations apply to their company. Six years after the initial legislation was introduced, a further 4% state that they have not heard of the GDPR regulations, while 1% state they are aware of the regulations but have chosen to ignore them. Of those who have taken notice of GDPR, 38% worked with an external expert in order to become compliant, while 33% rely on in-house expertise.

Methodology

An online survey was developed in partnership with global insight-driven research company Censuswide, to look at current data storage and usage, and preparedness for new regulations. A total sample of 600 marketing decision makers completed the survey in the UK, split equally across three vertical sectors: financial services, retail and eCommerce, and travel. This survey was collected from 22 – 30 May 2022

About Making Science

Making Science is a digital acceleration company with more than 1000 employees and a presence in 13 markets, driving technological development across: Spain, Portugal, Mexico, Colombia, France, Italy, UK, Ireland, Sweden, Denmark, Georgia, Germany and the USA. The areas in which Making Science operates are digital advertising, data analytics, e-commerce, and cloud, all of them with high growth rates.

The consultancy firm has been ranked 15th in the FT1000: Europe’s Fastest Growing Companies 2022, in the “Technology” category, positioning it as the fastest-growing Spanish company in the technology sector. Making Science has also joined the Pledge1% initiative, supporting non-profit organisations in its community with a commitment that will have a major impact on the future.

In 2021, the company joined Local Planet, the world’s largest network of independent media agencies, as a consulting partner specialising in digital, technology, and performance marketing for the international group, with the acquisition of a 7% stake in the global holding company.