Marketers look to third-party data to beef up activity

The quest for first-party data might be well under way, driven by both GDPR and Google’s decision to ditch cookies, but brand owners are still turning to third-party data to beef up their marketing activities.

In fact, more than half (53%) of all marketing and advertising campaigns now rely on third-party data, with three-quarters of marketers (75%) saying they use supplementary information on a regular basis.

So says a new study by Raconteur Media, which reveals marketers are ramping up their data ambitions, as they continue their pursuit of ever greater personalisation and more accurate targeting.

For example, while interest and intent data remain marketers’ priority, sought by as many as 89% of those surveyed, attention is still being devoted to a range of other categories, including location and lifestyle. And marketers are willing to tap a huge range of different data sources in order to get that information, the report states.

It added: “Selecting the right third-party data provider to partner with can be something of a minefield. The data provided by sources which know relatively little about their audience can sometimes end up being patchy, poor-quality or insufficiently detailed to be of use in a campaign, often prompting marketers to prioritise quantity above all else as they trawl for useful insights.

“That can be a risky strategy, as the leads you get may not actually have any real interest in the end product being promoted.

“Choosing the right provider of third-party data will be essential. That might mean choosing a well-known, familiar name with a proven track record of connecting with the right kind of leads. Only then will marketers be able to shift away from low-quality, high-volume lead generation and towards the more targeted strategy of demand generation.”

Meanwhile, a separate study from YouGov, commissioned by Adform, reveals that only a third (33%) of marketers think they are well prepared for a cookieless world.

The research, which surveyed 331 marketers in the UK, shows that, despite an understanding that finding solutions is crucial, only 36% agree they are fully aware of the solutions available to replace third-party cookies.

Regardless of the underprepared consensus, there is a clear desire for marketers to take greater ownership of their ad spend and technology stack. Almost 80% of respondents are eager to understand how their budget is allocated between media, technology, and other costs. At the same time, marketers are also torn on who to trust with their spend, with 50% believing the walled gardens are not transparent.

Adform UK country manager Philip Acton said: “These insights are deeply concerning. Marketers are clearly aware that they need to put solutions in place but lack traction when it comes to understanding the potential impact of the removal of cookies or where really to begin in taking back control of their media plans.

“Considering Google has delayed this multiple times, there has been ample time for marketers to prepare. For the majority that are still lagging behind, if they really want to make their spend work for them, they need to focus on working with transparent partners, with the right expertise.”