Some 51% of chief marketing officers do not feel fully prepared for tightening data privacy laws, according to new research from MarTech consultancy Credera.
The survey questioned 200 CMOs from across the UK and US on their thoughts about upcoming changes to data privacy and usage and the impact it might have on their businesses.
The selection of industry professionals that declared their apprehension, told Credera 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,” Credera added.
The research also found that 83% of CMOs face challenges around integrating and analysing data effectively. Some 28% of these CMOs said it because “our data isn’t joined up”, with an additional 28% admitting that they “don’t know how to analyse” their data.
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News of this latest research comes weeks after Adverity research found that chief marketing officer’s are ‘drowning’ in data and distracted from focusing on consumer behaviour.
“It’s interesting – if in parts unsurprising – to see the things that are weighing on marketeers’ minds in black and white,” Credera MarTech managing consultant, Tom Parsley, said.
“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.”
