In its latest survey of chief marketing officers, Gartner reveals the importance of privacy for brands has never been greater and is only set to increase due to the value of first-party data. Ant Duffin, Senior Director Analyst in the Gartner Marketing practice, said: “Third-party cookie depreciation is causing sources of data to disappear, and many marketers are still scrambling to shore up their first-party data strategy.” In relation to data privacy, Duffin said it's "an issue that isn’t going away, and it’s imperative that digital marketing leaders build strategies that will secure the data they need while keeping the needs of customers front and center."
Among the key findings: First-party data is an increasingly valuable business asset. With the combination of an evolving regulatory landscape and customers caring more about the data brands collect about them and how it’s used, Gartner warns businesses should strengthen their customer data policies and work with compliance teams on customer data regulation. It is essential first-party data can continue to be used to leverage business insight and revenue generation.
The survey also revealed around a third of marketers had ended an agency or channel partner relationship "due to customer trust or privacy concerns, highlighting the gravity of this issue."
The findings come from Gartner’s 2023 Multichannel Marketing survey, which included insights from almost 400 CMOs and digital marketing leaders in the US, the UK, Germany, France, and the Nordic region.
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