Majority of Respondents Say Using an Extra 25 Percent of the Data Their Companies Throw Away Would Result in Increased Revenues
As data has become increasingly more important in today’s business world, marketers have become very aware of the value it presents in terms of generating additional revenues for their companies. However, a majority of marketers are concerned about the valuable data their companies may be discarding, according to a recent Digital Data Exhaust Survey conducted by Digital Element, the global geolocation data and services provider. The survey results were released today during the RetailLoco event in Atlanta.
The survey, conducted in partnership with the Location Based Marketing Association, showed that digital marketers recognized data exhaust as a growing issue for their companies. Data exhaust is a term used to describe the data that companies toss out because they feel it provides little or no value to their core business. The majority of respondents―regardless of company type―were either very (39 percent) or somewhat (29 percent) concerned with data exhaust. Almost one-third of digital marketers did not know the percentage of data their companies actually threw away. Another 18 percent indicated they were throwing away at least 25 to 50 percent of their data.
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“This survey was designed to explore whether or not companies were throwing away valuable information that could ultimately help them generate additional revenues,” said Rob Friedman, co-founder and executive vice president, Digital Element. “Our company’s technology and services are built around non-invasively extracting and synthesizing data points for advertising, personalization and analytics as well as other business applications. There is a wealth of intelligence contained in an IP address that many companies overlook―and which, if used, would allow companies to confidently produce the necessary one-to-one digital marketing experience that more closely resembles the real world.”
While almost 40 percent of respondents said they were fully leveraging the types of IP data that were available or that they needed, 61 percent of digital marketers left plenty of room for improvement because they were not utilizing all the different data points available to them or were not aware of the different types of data associated with an IP address.
Among the survey’s other findings:
With an opportunity to use an extra 25 percent of the data they currently discard, 60 percent of respondents said it would definitely result in increased revenues.
71 percent of digital marketers ranked location data as very important:
55 percent were currently using location-based IP data
32 percent planned to add it in the next 12 to 18 months
78 percent of respondents ranked accuracy as their top concern when specifically related to IP data
“As we approach a projected 20-billion-plus ‘connected things’ by 2020, data―in particular location data―will become more and more vital to business’ success, and the methods and strategies for visualizing and analyzing that data will become equally complex,” said Asif R. Khan, founder and president, Location Based Marketing Association. “Companies that can mine and analyze the data, effectively closing the gaps, will become the leaders in location intelligence and be the biggest beneficiaries in today’s digital marketplace.”
The Digital Data Exhaust Survey represents responses from 100 digital marketing professionals from around the world. The survey was primarily administered to the LBMA’s global membership, online and through phone calls during July and August 2018. Responses were also elicited from digital marketing executives outside the LBMA membership, augmented through email and social media outreach.
An Executive Summary and a full downloadable version of the survey results are available here.
About Digital Element
Since 1999, Digital Element has been providing global geolocation data and services that bring anytime, anywhere relevance and context to online initiatives—from desktops to mobile devices. The company’s patented technology has been certified and accredited to deliver real-time access to accurate and reliable location intelligence without invading Internet users’ privacy. For nearly two decades, many of the world’s largest websites, brands, security companies, ad networks, social media platforms and mobile publishers have trusted Digital Element’s technology to target advertising, localize content, enhance analytics, and manage content rights as well as detect and prevent fraud. Visit www.digitalelement.com for more information on how to bring the power of location to the online world. Follow us on LinkedIn and Twitter @DigitalElement then like us on Facebook. Headquartered in Atlanta and London, Digital Element is a division of Digital Envoy Inc.