Marketers Aren’t Monkeying Around With Data Sharing [Infographic]

Data is the King Kong of marketing. And every year, it seems to get bigger and more powerful. Indeed, marketers can’t seem to get enough of the stuff. According to a new study by Adroit Digital and Forrester Consulting, 96% of digital marketers and customer insights professionals consider first-party customer data important or mildly important; 97% feel the same way about planning, budget, and forecasting data. And, 88% hold their business partners’ customer data in the high regard.

Similarly, 82% of respondents agree or strongly agree that first-party data is their most important data source; 65% and 52%, respectively, concur that second- and third-party data are critical sources of information for their marketing teams.  

So, to avoid any monkey business, some marketers are turning to data cooperatives—or data co-ops—to exchange information with business partners. Adroit Digital and Forrester Consulting define digital data co-ops as “an online pool of shared shopper data, as well as shared first-party digital data from other brands/publishers.”

Why would marketers want to use a data co-op? According to the study, they can provide numerous benefits. Access to valuable data that was not used before is a perk for 54% of digital marketing and customer insights professionals surveyed. Other benefits include deeper insight from existing data (49%), better customer experiences (46%), and a more holistic view of customers across channels (46%). Plus, 58% of study participants use third-party data to inform online media strategies moderately to extensively, with 25% using it extensively. Considering these benefits it’s no surprise that 71% of respondents expect significant to moderate growth within 12 months of implementing a digital data co-op.

Some marketers are already sharing their data with other companies. Although 63% of respondents use customer data and analytics results internally only, 38% make some data and analytics available to business partners. More than a third (34%) even make some data or analytics available to their customers.

Of course, no one wants to look like a baboon, and many digital marketing and customer insights professionals get itchy about data co-ops. Ninety-two percent of marketers consider privacy concerns related to data co-ops challenging or mildly challenging and 91% feel the same way about security controls.

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