A Forbes Insights study of more than 500 senior marketing executives worldwide attests to the continuing difficulty of understanding consumers well enough to form insights that lead to smart business decisions.
– 66% of respondents said obtaining the quality they need is one of the three toughest challenges surrounding consumer data. 42% pointed to quantity as a chief data concern.
– Among retailers, 76% cited data quality as a top challenge, with 32% citing quantity.
– Marketers for brands and manufacturers appear to be more confident than their counterparts in retail when it comes to the quality of the data they obtain. Among brand marketers in the survey, 48% cited quality as a leading data challenge, compared to the 76% of retailers.
– 61% of the brand marketers surveyed cited not getting sufficient quantity as a chief data concern; most of the marketing executives for retailers were not greatly concerned about data quantity, with 42% citing it as a top-three concern.
– Among marketing executives in the U.S. and U.K., more than 80% said the hardest phase of the consumer journey to understand is the “evaluation” stage, in which shoppers are comparing products and brands as they decide what to buy.
– Overall, only 60% of retailers’ marketing executives surveyed said they were confident they’ve been “very successful” at deriving valuable insights from their data; for brands and manufacturers, 85% were confident they were getting the actionable insights they needed.
The dominance of smartphones as a key consumer technology for product evaluation and, increasingly, for purchase, makes them a key part of the equation for data and insights. Advanced mobile-app research technology, paired with a rapidly responsive and representative consumer panel, is the solution to many of the data-quality anxieties that the study by Forbes Insights identified. This unique combination of mobile research technology and engaged survey-takers who use it can bring you the “who” and the “why” – the qualities that are fundamental to a reliably useful understanding of consumers, thoughts, emotions and actions. To learn more about how mobile-app research can meet your projects’ specific needs for quality data, just get in touch by clicking here.