The majority of chief marketing officers (CMOs) do not feel fully prepared for tightening data privacy laws and the impact it might have on their businesses, according to new research.
The survey, from global boutique MarTech consultancy, Credera, questioned 200 Chief Marketing Officers across the UK and US on their thoughts about upcoming changes to data privacy and usage. It found that some 51% of CMOs said that either they ‘haven’t started yet’ or still have ‘a lot of work to do’ to refocus efforts on first-party data collection.
This is particularly interesting given Google recently announced its delay in the removal of third-party cookies in Chrome until 2024, suggesting marketeers may feel they are on borrowed time. Furthermore, the research found that 83% of CMOs face challenges around integrating and analysing data effectively.
The reasons cited for this ranged from ‘our data isn’t joined up’ (28%) and ‘our tech isn’t joined up to enable visibility in one place’ (25%), through to ‘we don’t know how to analyse our data’ (28%).
This indicates there is ample room for improvement, given two thirds of consumers say they are mistrustful of how companies use their data. It’s crucial CMOs demonstrate responsibility in their data handling, particularly as they begin to pivot to the use of first party data.
Tom Parsley, MarTech Managing Consultant at Credera, said: “It’s interesting – if in parts unsurprising – to see the things that are weighing on marketeers’ minds in black and white. We will all be impacted by the tightening of privacy laws, and while they’re undeniably a good thing, they will prove a challenger for the sector. Additionally, as the pivot towards first party data means it becomes more sophisticated, so too do the capabilities of that data.
“The most important thing is an organisation’s strategic approach to data – using it effectively and safely is far from impossible. Companies have ample time to tool up and do the work ahead of any major changes. Identifying these concerns is the first step to addressing them and most organisations have the willingness and the infrastructure to meet these demands head on – it’s just knowing how to harness them correctly.”
These statistics are discussed in depth in Credera’s latest report titled “Data Privacy Dilemmas and Remedies”, where organisations can also find tangible advice on how to navigate their data issues.