In a rapidly evolving business landscape, marketers are focusing on cultivating robust customer relationships and driving sustainable growth. A recent report conducted by LiveRamp, in collaboration with research company Censuswide, explored the core business objectives that marketers are pursuing, the current challenges they face, and their perspectives on the developing field of data collaboration.
The research, which surveyed senior and c-suite marketers from a broad range of sectors, highlighted the top business priorities currently steering marketing strategies. Growing lifetime value (42%), retaining customers (39%), achieving marketing budget efficiency (39%), and acquiring new customers (36%) were identified as key objectives.
Unveiling a clear trajectory for the industry, a resounding 60% confirmed that data collaboration (i.e. bringing together data from external partners and from data sources inside the business to unlock valuable consumer insights) stands as a linchpin in their future strategy. While there are still a significant number of marketers (39%) utilising third-party data to inform campaign targeting and segmentation, an almost equal portion of marketers (42%) are using first-party data in their media strategies, to enhance their view of the customer journey.
However, marketers note challenges to utilising data collaboration. A lack of standardisation in data collaboration practices (40%), resistance to data sharing (38%) and a lack of expertise (36%) were identified as roadblocks. A shortage of first-party data was reported by 34% of marketers, underscoring an urgency for brands to bolster and enhance their first-party data collection capabilities.
Nevertheless, an impressive 71% of marketers expressed confidence in their ability to measure and attribute campaign performance throughout the lifecycle. A further 60% of respondents stated that they are collaborating with retail media providers and are benefiting from a deeper understanding of their customers’ journey, which goes in some way to explain the confidence of the journey attribution.
“As businesses adjust to enhanced regulations and changing consumer habits, it is clear that they consider data collaboration a key cog for their marketing objectives. The opportunities it opens up in enhancing campaign effectiveness, measurement and brand growth, are seen in the runaway success of retail media this year”, comments Hugh Stevens, UK MD at LiveRamp. “This is a developing field and there are obstacles that marketers must face to get the most of data collaboration, such as working with the right partners and incorporating the right expertise. However, I have no doubts of the important role that data collaboration will play for brands”
* The research took place during 06.06.23 and 16.06.23 and surveyed 253 senior brand-side marketers in the UK (aged 18+,), consisting of senior managers, C-level execs, VPs, Directors and business leaders.