Advertisers want more control of and access to consumer data to shape campaigns in an increasingly competitive space, according to a new study
Kantar’s Media Navigator report, shows that industry leaders think wider data sources, not just first-party data, should be used right across the advertising process to better target consumers and compete with rival businesses.
Nearly four in five European advertisers want to take more control of their media spend and work more collaboratively with partners, according to the research.
Against the backdrop of an increasingly dynamic marketplace and emerging retail opportunities and challenges, brands are also seeking closer relationships with their agencies and technology partners to ensure wider, more transparent access to consumer data, pooling first and third-party assets.
Kantar spoke to 672 advertising executives from 39 countries and combined their responses with its own proprietary data to develop a detailed view of how advertisers are optimising their consumer relationships and unlocking the value of their data.
According to the research, 76% of advertisers in Europe believe that data should be better embedded within the advertising process – both in their organisations and as part of a data dialogue with their agencies. 82% of advertisers feel brands should be looking beyond their first-party data to third-party, consented data to enrich their understanding of their customers and remove data blind spots.
Despite a clear desire for better access to more data, only 31% of European advertisers feel syndicated data provides them with actionable insights and just 15% say it is easy to customise.
Benjamin Jankowski, Senior Vice President, Media, Mastercard comments: “The findings clearly show the industry has some way to go to leverage all the data sources at our disposal. First-party data isn’t the only game in town! We need to be bolder and more aggressive with how we use the right mix of data to fuel brand growth strategies. We need a complete view of brand performance, leveraging competitive intelligence and other directional data sources better to illuminate insights and inform better marketing strategies.”
Serge Lupas, President of the Media Division, Kantar comments: “This report reveals that marketers are feeling a form of data paralysis, confronted with the need to pivot faster, and to strive for great efficiency and impact in their media and creative strategies.
“At Kantar, we are committed to supporting advertisers who are seeking to develop purposeful data strategies by harnessing meaningful and consistent datasets, such as our competitive advertising intelligence and TGI consumer data which enables advertisers to understand the drivers behind purchase decisions as well as consumer preferences and attitudes. Together they enable marketers to identify key trends, optimise their marketing plans and make smarter media decisions.”
The report also examines how successful advertisers can overcome the barriers to insight and better understand their competitive set. The full report is available to download here.
