More than three-quarters (78%) of advertising executives plan to strengthen the data platforms they use to understand and segment consumers. A recent report [download page] from Kantar reveals that about half (51%) believe that dashboards and analytic platforms will be more important over the next few years.
The survey of global advertising executives reveals that about 6 in 10 (58%) indicate that using data insights to guide long-term strategy is likely to become more important in the next few years. And, emphasizing the importance of the customer journey, an equal proportion feel that defining the consumer decision journey is likely to be more important.
More than half of respondents also foresee the importance of data visualization (53%) increasing in the coming years, as well as encouraging data-driven conversations around the wider organization (53%). Yet, fewer (47%) advertising executives believe that using data to inform short-term tactics is likely to be more important in the next few years.
The Importance of High-Quality Data is Set to Grow
Earlier research from Experian found that high-quality data not only increases efficiency in businesses, but also increases customer trust and customer satisfaction. Kantar’s more recent survey shows that the importance of high-quality data is expected to increase in the future, with close to two-thirds (64%) of respondents saying it is likely to be more important for media planning in the next few years.
Indeed, other research echoes the growing importance of first-party data, with Merkle finding that more than half (54%) of marketers from the US and UK are being more aggressive in their procurement of first-party data. Nielsen research also shows that businesses of all sizes feel that first-party data is most important to their addressable and digital media strategies.
In addition to the increased importance of high-quality and first-party data, respondents say that real-time data delivery (59%) and data to guide real-time targeting (56%) will grow in the next few years. And, with about 6 in 10 (62%) agreeing that integrated insights across business, brand and consumer data are rare, more than half (53%) foresee the ease of integrating data into their data management platform as being likely to be more important in the near future.
Larger Brands Express Most Need for Data and Insights
The report shows a distinct difference between smaller brands and larger ones in the need for access to data and insights. While close to two-thirds (63%) of companies with more than 100,000 employees strongly agree that they need to extend the reach of data and insights across their organization, only one-third of companies with up to 100 employees strongly agree with that statement.
In fact, the data shows that as company size increases, so does the need to extend the reach of data and insights.
The full report can be found here.
About the Data: Results are based on a survey of 672 executives at advertiser companies from 39 countries who are responsible for or using data.