Nearly four in five European advertisers want to take more control of their media spend and work more collaboratively with partners, according to research from Kantar, the data, insight, and consulting company.
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 per cent 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. Some 82 per cent 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 per cent of European advertisers feel syndicated data provides them with actionable insights and just 15 per cent say it is easy to customise.
Benjamin Jankowski, Senior Vice President, Media, Mastercard commented: “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.”