How Agencies Acquire Data And Their Greatest Needs
Half of agencies participating in the study outsource data functions and cite this as a critical business strategy, with 59% of respondents saying data is important to the success of the organization, according to a study released this week.
Some 52% of agencies also reported their greatest data needs lie in marketing strategy, 41% in content creation, and 39% in lead generation. Nearly 50% want account-based management (ABM) and more than one-third offer connected TV (CTV) services.
Stirista released findings from its Digital Marketing Agency Data Strategy Study, fielded between April 23 and 30, 2021, by Thrive Analytics, a digital marketing research firm. The study surveyed 150 professionals at 50 agencies in ad tech and martech.
The findings reveal that one out of two agencies outsource their consumer and B2B data, and that data quality uniqueness and data validity are the most important aspects of purchasing and using data.
Data expectations are high, as they should be. Some 41% of agency respondents cited data quality uniqueness as important, 39% pointed to validity, and 33% to accuracy as most important.
Eight out of ten agencies said they felt it is realistic to expect that data quality providers meet their data quality expectations. When looking for data providers, leading drivers vary when making decisions.
About 79% cited the quality of data is important, followed by 56% who said reputation of the provider, and 54% said privacy and security of the data.
When asked to name some areas of marketing that agencies do not specialize in and look for outside sources to help with, 49% said they outsource data analytics, while 43% outsource traditional advertising; 43% outsource marketing research; 41%, creative services; 39%, video production; 36%, digital advertising; 30% brand services; and 30% social media.
What do agencies say brands want? Some 41% say they want account-based management, but the remainder do not.
Only 37% of respondents said they offered CTV and programmatic services.