Advertisers Association of Nigeria
  • About ADVAN
    • Who We Are
    • ADVAN Members
  • Membership
    • Member Benefits
    • Individual/MSME Memebership
    • Become a Member
  • Knowledge Base
  • Events
    • Upcoming Events
    • Past Events
    • Gallery
  • News
    • ADVAN News
    • Sponsored Contents
    • Vacancies
  • Contact
No Result
View All Result
Advertisers Association of Nigeria (ADVAN)
  • About ADVAN
    • Who We Are
    • ADVAN Members
  • Membership
    • Member Benefits
    • Individual/MSME Memebership
    • Become a Member
  • Knowledge Base
  • Events
    • Upcoming Events
    • Past Events
    • Gallery
  • News
    • ADVAN News
    • Sponsored Contents
    • Vacancies
  • Contact
No Result
View All Result
Advertisers Association of Nigeria (ADVAN)
No Result
View All Result

Data moving to the centre of global marketing strategies

by admin
19 February 2017
in Knowledge Base
0
Data moving to the centre of global marketing strategies

ID:102886463

Share on FacebookShare on TwitterShare on LinkedinShare to WhatsApp

New research from the World Federation of Advertisers (WFA) demonstrates just how important data has become for brands seeking to understand consumers and deliver personalised marketing.

It reveals that as data consumption and processing increases, marketers are becoming increasingly respectful of consumer privacy, and how they handle personal data.

The research, conducted in conjunction with The Customer Framework, found that 72% of senior marketers view data as a strategic asset, although more than half are only just starting the process of giving it a central place in their marketing.

Based on responses from 32 companies with a global annual marketing spend of $35bn, the survey found that 31% described themselves as advanced or highly advanced in the adoption of data-driven marketing (DDM) using multiple data personalisation and segmentation techniques. These advanced companies were underpinning their efforts with a range of technology solutions including customer relationship management (CRM) systems, analytical systems, data management platforms (DMPs) and rules engines.

However, not all companies are as advanced. Fifty-six per cent of respondents recognise they are still early in the journey, at best in the initial planning stage and have yet to deploy a DDM strategy.

The study also found a range in confidence in analytics, with only half “somewhat confident” and 27% “not very confident” in their ability to identify return on investment via data analysis.

Nevertheless, investment into analytics and insight is on the rise with 89% of respondents expecting to increase budgets and 31% to boost them “greatly”. The goal is to evolve the analytics function from historical reporting of ‘what happened’ to more predictive and prescriptive approaches, something that a quarter of respondents already claim to be able to deliver.

The desire to build direct customer relationships via the use of first-party data was clearly highlighted by the research, with 73% of respondents considering this ‘business critical’, and 88% planning on ramping up usage.

With the increased use and processing of consumer data, however, 85% of respondents acknowledged that privacy is integral to building customer trust, and more than just legal compliance.

New data protection legislation in Europe, for example, which is expected to come into force in 2017 following a two-year implementation period, will create a number of additional compliance obligations for brands seeking to process data for marketing purposes.

Yet even with these additional rules, brands recognise that their ability to embrace a data-driven future relies on increasing consumer trust, which in turn, requires brands to go beyond compliance. Eighty-five percent of respondents viewed data privacy as an integral component of customer trust, not just ‘legal compliance’.

Such considerations should ideally sit within a brands’ Customer Information Strategy, documenting among other things, what data is required, how it is to be used, where it can be obtained and whether it should be owned. Customer Information Strategies were found to be in place for just 55% of respondents.

“To make the most of their investment in data planning, execution and analysis, companies need to develop the right organizational structure to deploy commercial, practical insights combined with a program to improve data-driven marketing capabilities across the organization”, said Nick Broomfield, Director and Managing Partner at The Customer Framework.

“It’s no secret that data has become important for marketing purpose, though it’s interesting to note that even some of the world’s biggest companies are only at the early stages of delivering data-driven marketing strategies. Data consumption is set to increase rapidly and with that sophistication – clarifying how data will be used and how consumer privacy will be protected, should be a fundamental component of a brand’s strategy as it advances into DDM”, said Matt Green, Senior Global Marketing Manager at the WFA. “Enhanced transparency and a strong value proposition will be vital to ensuring consumer trust in how the industry collects, stores and uses data today, and in the future

Related Posts

Winner of the 61 st FirstBank Lagos Amateur Open Golf Championship gets listed in The World Amateur Golf Rankings (WAGR)
ADVAN News

Winner of the 61 st FirstBank Lagos Amateur Open Golf Championship gets listed in The World Amateur Golf Rankings (WAGR)

Emmanuel Ojeabulu, winner of the 61 st FirstBank Lagos Open Golf Championship has been listed in the WAGR. The...

5 December 2022
FINTECH 5.0: EVALUATING HOW FIRSTBANK STRENGTHENS COLLABORATION
ADVAN News

Firstmonie Agents Transact Over 1 Billion Transactions, Reinforces Firstbank’s Leading Role In Promoting Financial Inclusion In Nigeria

Firstmonie Agents Transact Over 1 Billion Transactions, Reinforces Firstbank’s Leading Role In Promoting Financial Inclusion In Nigeria The Bank’s...

10 August 2022
The Marketer of the Future
Knowledge Base

The Marketer of the Future

Introducing WFA’s largest global study to date. As we enter a new decade, WFA wants to help brand owners...

24 June 2020
Will COVID-19 change marketing forever?
Knowledge Base

Will COVID-19 change marketing forever?

WFA asked four industry experts whether COVID-19 has the power to change marketing forever - and if yes, in...

1 June 2020
Next Post
MTN Boss Unlocks Impact of Social Marketing on Growth at ADVAN Awards

MTN Boss Unlocks Impact of Social Marketing on Growth at ADVAN Awards

Please login to join discussion
Advertisers Association of Nigeria (ADVAN)

Advertisers’ Association of Nigeria (ADVAN) is the only association in Nigeria which represents the collective interests of ‘Advertisers’ (Corporate organizations that engage in high level marketing).

Subscribe Our Newsletter

© 2022 Advertisers Association of Nigeria (ADVAN) - Designed by Accret.

No Result
View All Result
  • About ADVAN
    • Who We Are
    • ADVAN Members
  • Membership
    • Member Benefits
    • Individual/MSME Memebership
    • Become a Member
  • Knowledge Base
  • Events
    • Upcoming Events
    • Past Events
    • Gallery
  • News
    • ADVAN News
    • Sponsored Contents
    • Vacancies
  • Contact

© 2022 Advertisers Association of Nigeria (ADVAN) - Designed by Accret.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT