Marketers will prioritise building 1P data and media mix remodelling in 2024: Survey

Marketers will prioritise building 1P data and media mix remodelling in 2024, according to a survey conducted by EY of over 120 marketers across 20 sectors in Dec 2023/Jan 2024.

The survey further stated that ROI measurement and ad inflation are the top challenges for marketers in 2024.

95% respondents had taken some precautions regarding the placement of ads in unsafe environments/ platforms, as per the survey. Dynamic creatives, hyperlocal content and digital ad fraud were the biggest capability gaps for marketers.

More than two-thirds of survey respondents continued to struggle with consumer data. 38% of the respondents think that the available consumer data is incomplete with gaps, which makes data-driven decision making difficult. 36% of marketers surveyed shared that available consumer data is complete and deep, but their organisation is not always able to leverage the data for sophisticated data-driven decisions. 17% feel that the available consumer data is complete and deep, and their organisation is always able to leverage the data for sophisticated data-driven decisions.

62% of respondents believed there was a need to improve their company’s martech capabilities. 30% of respondents stated that their organisation has clear gaps in basic marketing technology capabilities. 32% marketers shared that their organisation has either developed or is currently sourcing basic martech capabilities, but there is scope for improvement. 28% believe that their organisation has developed or sourced adequate martech capabilities. Only 9% think that their companies have developed or sourced industry leading (ahead of peers) martech capabilities.

97% of marketers expected to increase their spends on digital; 41% on traditional.

Digital marketing continued to be an area of substantial investment for marketers.

Marketers continued to remain bullish on events spends.

Two in three marketers were positive about consumer spending.

79% of marketers expected to increase their ad spends in the next two years.

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