What's Happening?
In a recent roundtable discussion, industry leaders explored the complexities of data ownership and accountability in marketing strategies. Emily Lesinski, group director of analytics and insights at Rightpoint, emphasized that brands should ultimately own their data strategies to avoid reliance on external forces. Agencies, she argued, should act as guides to help brands understand and bridge gaps in data utilization. Nives Zver, head of strategy and insights at Marble LDN, highlighted the challenges of shared accountability, noting that different interpretations of data can lead to confusion. The discussion underscored the importance of agencies and brands aligning their understanding and acting on insights in real-time. Tina Allan, global chief data and intelligence officer at FCB, described the successful balance of machine, talent, and data as crucial, with agencies playing a 'Sherpa' role to navigate complex data landscapes.
Why It's Important?
The debate over data ownership and accountability is significant as it impacts how brands and agencies collaborate to leverage data for marketing strategies. Brands that take ownership of their data can potentially gain more control over their marketing outcomes and reduce dependency on external agencies. This shift could lead to more tailored and effective marketing campaigns, enhancing customer engagement and brand loyalty. Agencies, on the other hand, must adapt by developing new skills and roles to support brands in this transition. The emphasis on real-time data interpretation and action can drive more agile and responsive marketing strategies, potentially increasing competitiveness in the market.
What's Next?
As brands increasingly seek to own their data strategies, agencies may need to redefine their roles and develop new capabilities to support this shift. This could involve investing in talent that combines data analysis with business expertise, creating new 'power duos' within agencies. The focus on real-time data action suggests that both brands and agencies will need to enhance their technological infrastructure to process and act on data insights swiftly. Additionally, the industry may see a rise in demand for incrementality testing and other methods that provide clearer insights into marketing effectiveness.
Beyond the Headlines
The discussion around data ownership also touches on broader cultural shifts within the marketing industry. As brands take more control over their data, there may be a move towards fostering a culture of curiosity and caution, where data is used not just to answer questions but to ask the right ones. This cultural shift could lead to more innovative and creative marketing strategies, as brands and agencies work together to explore new possibilities beyond traditional data-driven approaches.
