Data and analytics company, smrtr in partnership with B&T has today unveiled the results of a new report conducted on how marketers use data and how it will be used in the future. You can read the full report HERE.
Audience targeting & insights: Understanding the use of consumer data in a cookieless & privacy focussed future referenced recent survey results conducted with marketers across Australia.
The survey asked participants several questions regarding their current use of first, second and third party data, the different challenges of these data sets, how they see this changing in an upcoming cookieless future, and areas their companies could improve upon when it comes to internal data and analytics capability.
Regarding a near future without third party cookies, one group felt privacy changes would impact data driven approaches so much that contextual targeting would be key. Others felt data led marketing would remain, but be very much dictated by greater consumer control, value exchange and standard industry identifiers.
Other respondents saw it more as an evolution of today, with a wider variety of (cookieless) data sources being used, albeit with greater awareness of and adherence to privacy obligations.
“Personalisation is coming, but requires customer permission to access more data,” one participant commented.
With this cookieless future on the horizon, 44 per cent of respondents agreed having a diverse data blend was the best course-of-action, while 41 per cent said relying on first party data was the way to go, given it is the most relevant and cost-effective. Interestingly, almost half were already using or actively considering second party data sharing.
However, smrtr’s report found third party data is still the go-to channel for marketers, with 80 per cent saying they currently use it, primarily for audience targeting.
While respondents were happy with its general performance, match rates were the biggest challenge when it came to using third party data, with accessing data relevant to a company’s industry being the second biggest challenge.
As previously mentioned, smrtr’s report also found areas needed for growth in analytic capability and data teams, with 30 per cent saying their internal data management and analytic capability was “adequately resourced”. However, 37 per cent said that despite having a capable team, they were still in need of resources.
Interestingly, while it was clear that companies had invested in analytic capability, respondents generally felt their first party data needed a lot of work with less than half associating their data with being clean, connected with good coverage and deep insight.
Going forward, smrtr asked respondents what kind of third party data and analytics they would find useful, with most agreeing sourcing timely, unique data that enhances first party assets was the smartest move.
That said, with permission-based marketing concurrent with societal privacy concerns increasing every year, roughly 30 per cent of respondents were unlikely to seek analytic support and third party data in the future, while 70 per cent wanted to source a variety of data, particularly if risk could be transferred.
smrtr CEO, Georgie Brooke (featured image, right) said Audience targeting & insights was the first of what he hoped to be many annual surveys that help shape the company’s offerings. You can download the full report HERE.
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