A new report entitled “The Agency Data Platforms that will Power Creativity at Scale” from Forrester reveals that ‘agencies’ have invested more than $12 billion on technology and databases since 2014 to meet CMOs’ need for data-driven performance.
However, the report concludes that advertisers and agencies have too much data and too little insight and that data platforms are, so far, falling short when it comes to leveraging these assets to enhance the creative process. Data platforms haven’t connected to agencies’ creative development process, missing out on significant media activations such as identifying, segmenting and engaging audiences in paid channels. Advertisers and agencies also face difficulty in identifying high-value audiences, placements and messages. Forrester said that 41 per cent of global purchase influencers are working to improve data insights for business decisions.
The report focuses on ‘large’ agency groups such as Havas, Omnicom, WPP, Dentsu, MDC Partners, IPC and Publicis etc. However, what it hasn’t taken account of is the access these agencies have to third party data platforms which do have the capability that they lack. For instance ourselves.
We work with some of the largest agency groups and end-user clients helping them bring together all their customer data, whether internal or external, structured or unstructured, batch or streaming and stitch it together into unified customer profiles to create a comprehensive view with real time capability. We integrate all of this with external delivery and engagement platforms including marketing automation, social media management or email marketing systems, via pre-built connectors. This means that the things listed by Forrester such as segmentation or identifying high value audiences are easily achieved and actioned. Our single customer view for instances enables businesses to collect data from everywhere and anywhere to create a comprehensive view of individual customers across devise and channels in order to drive better customer experiences. Not only has that but our CDP democratises data making it available to everyone in the organisation. This addresses the point raised by Forrester about so called ‘”data deserts” caused by lack of access to data tools and data platforms in offices outside of agency group main hubs.
Forrester recommends agencies apply data platforms to the creative process to enhance strategies, for example by using tech resources to build test-and-learn cases. This is exactly the approach we have taken and why last year we undertook a significant business transformation strategy including moving everything onto the cloud, launching an office in Lithuania to capitalise on new technologies, and forming a number of partnerships with other best of breed businesses. Data is the lifeblood of marketing, but it needs an efficient engine at its heart, otherwise as Forrester points out, data is just a load of disparate information. It’s the insight that counts.
If you want to know and understand more about the way data is changing the world you live in, or would like to know how data can add value to your business, please email me at email@example.com