Joint Study Challenges Marketers to Act Responsibly In order to Grow Consumer Trust and Boost Revenue
New York, NY, July 18, 2013 — The Direct Marketing Association (DMA), in partnership with Winterberry Group, today announced the release of a new white paper, showing that good data stewardship doesn’t just mitigate risk, but can also boost bottom lines. “The New Rules of the Road: Marketing Data Governance in the Era of “Big Data” explores the current state, and future evolution, of marketing data governance strategies that enterprises are using to foster consumer trust and build business success.
“To put it simply, proper data stewardship is a business imperative,” said DMA President and CEO Linda A. Woolley. “Marketers have traditionally thought of data stewardship only in terms of risk-management. But they now have the opportunity to make it part of their business growth strategy. After all, consumer trust is directly connected to successful business relationships — and in the end, that trust drives the bottom line.”
Key findings include:
“Marketers have long equated the concept of ‘data governance’ with a pair of priorities—‘privacy and security’—that represent two of the most substantial hurdles for doing business in an information-driven economy,” said Rich Walker, managing director at Winterberry Group. “As data plays a more fundamental role in driving customer engagement across channels, though, our research revealed that a new imperative is emerging: Manage information as a strategic asset, responsive to the needs of customers, marketers and other stakeholders. That’s driving many to reassess the role of ‘governance,’ with an eye on managing, safeguarding and optimizing the contribution of data across the enterprise.”
The paper outlines five key actions that marketers should undertake as they build a strategic data governance capability:
To access the report, please click here.
About Direct Marketing Association (DMA)
The Direct Marketing Association (http://www.thedma.org) is the world’s largest trade association dedicated to advancing and protecting responsible data-driven marketing. Founded in 1917, DMA represents thousands of companies and nonprofit organizations that use and support data-driven marketing practices and techniques.
In 2012, marketers — commercial and nonprofit — spent $168.5 billion on direct marketing, which accounts for 52.7 percent of all ad expenditures in the United States. Measured against total US sales, these advertising expenditures generated approximately $2.05 trillion in incremental sales. In 2012, direct marketing accounted for 8.7 percent of total US gross domestic product and produces1.3 million direct marketing employees in the US. Their collective sales efforts directly support 7.9 million other jobs, accounting for a total of 9.2 million US jobs.
# # #