Power Up Your Data Activation: Unlocking the Potential of Your Company’s First-Party Data

In today’s hyper-connected and increasingly data-driven world, the pursuit of a comprehensive understanding of consumers continues to be the holy grail for businesses eager to deliver exceptional customer experiences and stay ahead of the competition. The concept of a 360-degree view of consumer identities has been widely embraced as the key to unlocking insights that drive growth and loyalty. However, despite the insatiable desire for data, some marketers are realizing that an increase in data quantity does not necessarily equate to a corresponding increase in value.
The law of diminishing returns applies to data, just as it does any process or system you build to scale. A Gartner Marketing survey found that 72 percent of marketers who believe they need every customer data point to be successful also report that the more data they collect, the less benefit they see. That’s because the true value of this data lies in the interplay of internal processes, cutting-edge technologies, and the human expertise that orchestrates it all.
Simultaneously, volatile economic conditions are reshaping the marketing landscape. Marketers across nearly every industry are being asked to tighten up budgets, with more than 75 percent of CMOs facing increasing pressure to cut marketing technology spend, according to Gartner’s 2023 State of Marketing Budget and Strategy report. This new reality demands a serious reevaluation of organizational priorities and a strategic reallocation of resources.

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