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MARKETING CHALLENGES

Poor data usage and cost-of-living crisis concern UK’s marketers

By our News Team | 2022

Study finds Britain’s marketers want improved data optimisation and feel pressured about how to react to the spiralling cost of living.

British marketers believe they have wasted an average of almost one-third of their budget over the previous six months due to sub-standard data optimisation. This is one of the findings of a study conducted by consumer data platform Treasure Data. 

The same study concluded that more than 60% of the country’s marketers know that their team has customer data inefficiencies and feel they are not properly equipped to get the most out of their marketing data.

Marketing Challenges

Photo by Markus Spiske from Pexels

Marketers also recognise the need for sensitive marketing during the cost-of-living crisis gripping the UK and Europe, with 73% changing their marketing strategies as a result. This crisis is being driven by high energy prices, rampant inflation and Russia’s war on Ukraine.

According to the researchers, they found that 65% of marketers have made cuts to budgets as the cost of doing business rises, and the same percentage predict that there are still more cuts to come to their marketing budgets.

Findings are based on two surveys carried out by Opinium, an international market research and insight agency, on behalf of Treasure Data. 

Research findings based on two studies

One of the surveys ran in late August-early September with a nationally representative sample of 2,000 adults in each of the UK, US, France and Germany. The second canvassed the opinions of 500 senior marketers in the same countries in August-September.

Researchers found that consumers are reclassifying some previously ‘must-have’ items as ‘nice-to-have’ products, particularly in the retail environment. Retail has been downgraded by 35% of UK respondents – along with entertainment and media (also 35%) and travel and hospitality (down by 30%).

More than 80% of British respondents believed marketing campaigns should be adapted to the priorities of consumers during the global cost-of-living crisis, while two-thirds of respondents expected less marketing than usual.

The expectation for marketers to deliver clear results for their organisations continues to grow, the studies found. More than 70% of marketers said they believed the cost-of-living crisis has led to increased pressure on them to deliver return on investment.

“There is an urgent challenge at hand; consumers want marketers to adapt their campaigns to be sensitive to their changing priorities, but marketers are hamstrung by slashed budgets and inadequate data management strategies,” said Andrew Stephenson, Director of Marketing for EMEA and India at Treasure Data.

“Ultimately, it’s those who get to grips with the unfolding customer data emergency – and stop it in its tracks – who will be best equipped to properly engage with their audiences and swim rather than sink over the coming months.”

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.