2023 Arktic Fox Study Shows Australian Brands Struggling with Privacy, CDPs, and Measurement

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Regarding protecting consumer privacy, utilizing Customer Data Platforms (CDPs), and accurately measuring results, a new study from the 2023 Arktic Fox reveals that many Australian brands need help catching up.

The Arktic Fox Digital and Marketing In Focus Report revealed that Australian brands are shifting their focus towards growth and measurement in response to economic uncertainty. They are investing in customer data platforms (CDPs) and prioritising tackling changes in privacy regulations.

Only 41% of brands have confirmed that they comply with privacy and consent regulations. This implies that numerous brands may need to prepare for the significant changes that will affect the industry.

Businesses are being held back by needing more expertise in data and analytics, preventing them from adopting technology effectively. Despite this, over half of the leaders see enhancing their use of customer data and employing first-party data as a crucial objective.

Furthermore, 59% of business leaders are still working on implementing a more data-driven marketing approach, and 55% of respondents rated developing a customer data strategy and making better use of first-party data as a high priority.

It has also been reported that the demand for CDPs (Customer Data Platforms) has increased significantly from 21% to 40% compared to the previous year. Additionally, more survey respondents have shown interest in investing in this aspect of their martech stack in the next 12-18 months. This is happening despite a general softening in overall match spending.

“The top investment priority in many organizations is still marketing automation (48%) despite ongoing discussions among the C-suite about privacy regulations and data management governance. However, it is worrying that many teams need help determining what they should prioritize in these areas. It’s worth noting that marketing automation technology hasn’t evolved much recently,” Billy Loizou, Amperity’s Area Vice President for Asia Pacific, said.

Director of Arktic Fox, Teresa Sperti, responded, “It is important for marketers and digital professionals to connect their martech systems with back-end platforms and ensure that all platforms are connected to achieve results. For successful integration and ROI, building a strong partnership with IT and enhancing internal knowledge and capabilities within the team is equally important.”

Australian brands must take a hard look at their data privacy and measurement strategies to remain competitive in the digital age. After all, those who fail to plan, plan to fail!

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