Marketers could reduce their reliance on third-party data in the coming years, according to the latest edition of an annual survey conducted by the Fuqua School of Business at Duke University.
According to Duke’s survey, less than a third of CMOs polled — 29. 7 percent — said they plan to utilize more third-party data in the next two years, or information collected by providers and sold to marketers for the purpose of helping them target their campaigns. Only 31 percent said they’ve increased the amount of third-party data they’ve used over the last two years.
Has your company’s use of third-party data changed?
About six in 10 respondents — 59.4 percent — said they haven’t changed the amount of third-party data they’ve used over the last two years, and about the same number — 58.9 percent — said they’ll rely on the same amount of third-party data they use over the next two years. More than 10 percent — 11.4 percent — said they anticipate using less third-party data over the next two years, and 9.4 percent said they've already decreased their third-party data usage.
While marketers might be pulling back on third-party data, most respondents admitted they weren’t worried that their company’s use of that data would raise consumer privacy concerns (only 10.7 percent described themselves as “very worried” about this). On the other hand, marketers’ use of online data is expected to rise, as 70 percent of respondents said they planned to use more online data over the next two years.
Duke University’s CMO Survey polled more than 300 U.S.-based chief marketing officers in July and August. The survey was commissioned by the American Marketing Association and Deloitte.