Affinity Solutions, a global insights firm, commissioned Forrester Consulting to conduct a study evaluating organizations’ readiness for data deprecation across digital channels, increased consumer privacy demands and regulations, and the use of alternative data sources to combat these significant disruptions to the marketing ecosystem. The joint research initiative was launched today.
“While marketing decision-makers are generally aware of the problems data deprecation presents, many require education on how to effectively address it and lack key technical functionalities to navigate these challenges,” said Phil Lore, Chief Revenue Officer, Affinity Solutions. “We are excited to share the findings and recommendations from this timely research. It furthers our mission of using our unique external datasets, focused on purchase intelligence, to help clients and partners understand consumer behavior in real-time so they can make better decisions that help grow their businesses.”
Below are some of the key findings from interviews with more than 300 marketing-decision makers in North America:
- Data-centric initiatives are top-of-mind priorities over the next 12 months. Eighty-four percent of decision-makers say solving for data deprecation is a high or critical priority for their organizations. In addition, the top five strategic priorities in the upcoming year all address aspects of data collection, deprecation, and application.
- Current technology stacks leave a lot to be desired regarding data deprecation preparedness. Ninety-two percent of marketing decision-makers say their martech/adtech stack is insufficient to meet their marketing priorities. This gap will only widen as data deprecation becomes more prominent.
- Alternative data sources are necessary for your future data plans. Eighty-six percent of respondents feel alternative data sources will be valuable to their future data strategies. Almost all (99%) expect various specific benefits from using them. If alternative data sources aren’t a current part of your data strategy, they should be — they can fill in gaps left by data deprecation.
To see full findings from the study, please visit here.
The insights from this study will also be a critical component of the build out of Affinity’s new data platform called Panorama, which literally means ‘unbroken view.’ The new offering comes at a critical time when first party data is no longer enough and external datasets are increasingly being used to provide much-needed additional texture to consumer understanding. This is particularly so as all companies work to sharpen their data acquisition strategies to best navigate the various privacy and other shifts precipitated by the end of the Google cookie and a host of other factors.
Panorama will allow Affinity to help partners sharpen their data acquisition strategies by providing a privacy-safe platform/environment for connecting alternative data sets.
To learn more about the Forrester study and/or Affinity Solutions, please contact Andrew Bard at firstname.lastname@example.org.
About Affinity Solutions
Affinity is the authoritative source of truth for news outlets, not-for-profits, research firms and businesses in the US and the only source for purchase insights that can be analyzed by demographic, geographic, lifestyle segment and political affiliation. We power consumer engagement predicated on actual purchase behavior and consumer signals to help marketers evolve from campaigns to moments-based journeys. We transform data insights into experiences that improve people’s lives.