Technology Investment Set to Surge in UK -Lotame/Cint Report Reveals
by on 3rd Oct 2024 in News
Lotame, the global technology company that makes customer data smarter, faster, and easier to use for digital marketers, released findings from ‘The State of Data Collaboration: A Global Perspective’, a report on marketer and agency data challenges and the solutions they use, or plan to, fielded by Cint. The report found that data challenges are ubiquitous, as is planned investment in marketing and data technology, with data collaboration platforms delivering multiple tangible benefits.
A sample of more than 1,200 marketing and agency professionals in the UK, Australia, Brazil, Mexico, Singapore, and North America were surveyed between June and July 2024. The full global report can be downloaded here.
Key findings for the UK:
● Data challenges are ubiquitous: 97% of marketers and agencies encounter barriers in data orchestration and utilisation. The primary struggles include finding quality sources/partners and dealing with the limitations of first-party data, which often fails to provide comprehensive insights.
● First-party data a priority: 68% of respondents recognise the urgency of leveraging first-party data. However, the nature of this first-party data — primarily using unstable identifiers alone like email addresses and mobile IDs — exacerbates issues, leading many to consider data collaboration as a solution.
● Programmatic spending continues to decline: 55% of marketers and 39% of agencies anticipate a reduction in programmatic spend. Surprisingly, spending forecasts are almost evenly split between walled gardens and the open web, despite the former being perceived as more attention-grabbing.
Commenting on the report, Andy Monfried, CEO from Lotame said: “Orchestrating and activating data remains a major struggle for marketers and agencies, both inside and outside their organisations. However, they are finally overcoming this barrier through a combination of technology and shift in mindset. Rather than becoming mini walled gardens, marketers and agencies are realising that a rising tide lifts all boats and are embracing a collaborative approach to data — enabled by data collaboration platforms.”
“This research offers a deeper view of how marketers and agencies are navigating the current advertising challenges,” says Laura Manning, SVP, measurement at Cint. “The findings reveal a range of strategies being adopted, from addressing limitations in first-party data to exploring new technologies like data collaboration platforms. As the industry continues to evolve, we see a growing emphasis on innovative solutions to enhance audience targeting, personalisation, and overall data orchestration and activation — all of which ultimately benefits the end consumer.”
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