Technology investment set to surge in Singapore as 100% of marketers and agencies face data challenges, Lotame | Cint report reveals
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‘The State of Data Collaboration: A Global Perspective’ finds strong support for collaborative data technologies
SINGAPORE, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Lotame, the global technology company that makes customer data smarter, faster, and easier to use for digital marketers, today 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 Singapore, Australia, Brazil, Mexico, the UK, and North America were surveyed between June and July 2024. The full global report can be downloaded here.
Key findings for Singapore:
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Data challenges are ubiquitous: 100% of marketers and agencies surveyed in Singapore encounter barriers in data orchestration and utilisation. The primary struggles include using internal data for personalisation and dealing with the limitations of first-party data, which often fails to provide comprehensive insights.
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First-party data a priority: 78% of respondents recognise the urgency of leveraging first-party data, 8% higher than the global average. 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.
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Ongoing reliance on third-party cookies: More than half (53%) of marketers and a quarter of agencies are 100% reliant on third-party cookies. However, a portfolio approach to identity solutions has emerged, with an average of 3.1 options used in tandem to maximise reach with no clear frontrunner.
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Programmatic spending continues to decline: 34% of respondents anticipate a reduction in programmatic spend compared to 28% expecting an increase, though agencies are twice as optimistic as marketers. Surprisingly, spending forecasts are almost evenly split between walled gardens and the open web, despite the former being perceived as more attention-grabbing.
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Technology investment set to surge: 99% of respondents plan to adopt new marketing technologies and data technologies. Around a third of agencies and marketers are not planning on retiring any of their current technologies in the near future.
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Clean rooms face scrutiny: Clean room adoption is strong with three in five respondents currently using the technology. Respondents also, however, report a range of challenges, from lack of data overlap to ID scale and required expertise, with an average of 2.3 challenges reported.
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Data collaboration platforms gain traction: Despite being a relatively new technology, data collaboration platforms have been adopted by almost two-thirds (64%) of marketers and a third of agencies. The technology is also delivering tangible outcomes, such as improved audience targeting and enhanced personalisation — one of the primary data challenges noted by respondents — with an average of 2.3 positive changes to marketing operations.