Singapore – From a global perspective among brand marketers aiming to seek priorities for brands this year, only 26% of global marketers are confident in their audience data. This is according to the latest survey from market measurement firm Nielsen.
This is despite the fact that the survey noted that 69% of marketers believe first-party data is essential for their strategies and campaigns, and 72% of marketers believe they have access to quality data.
Speaking of brand awareness, around 64% of respondents stated that social media is the most effective paid channel with TikTok and Instagram dominating spend. Comparatively, TV and radio spend is significantly less with an aggregate increase of 53% across global marketers. Customer acquisition is their second objective, showing that marketers must focus efforts on the entire customer journey.
Meanwhile, marketers’ confidence in measuring ROI of the full-funnel is only 54%. Remove online and mobile video and confidence in measuring ROI across all other channels is under 50% globally, and while nearly half of marketers plan to increase their spending on podcasts, their confidence in measuring the ROI of that investment is 44%.
In addition, the survey notes that only 36% of marketers still claim that data access, identity resolution, and deriving actionable insights from data is either extremely or very difficult. With the rise of connected TV (CTV) presents new challenges to traditional targeting solutions. CTV is a growing focus for global marketers, with 51% planning to increase their over-the-top/CTV spending in the coming year.
Lastly, the data shows that 55% of consumers aren’t convinced that brands are fostering true progress, despite global marketers saying their brands are emphasising purpose.
Jamie Moldafsky, chief marketing and communications officer at Nielsen, said, “This research showcased that marketers want to put money into channels to deliver immediate ROI, however we also see that they must be agile in the year ahead and work across the entire marketing funnel to reinforce brand awareness and acquire more customers. With the upcoming elimination of third-party cookies, it’s understandable to see marketers prioritising personalization and aligning their brand with causes their customers care about. Through our solutions – and this report – we’re continuing to help brands and marketers get actionable insights to make more informed, and quicker decisions.”
