Singapore marketers face data strategy challenges, survey reveals

According to a survey by Yahoo DSP, Singaporean marketers are being urged to enhance their data practices in light of growing concerns about signal loss and identity issues in advertising.

The survey, known as Yahoo's Data Maturity Pop Quiz, was conducted between August and November 2024, gathering responses from over 160 marketing and advertising professionals in Singapore and Australia. It evaluated the data maturity and preparedness of various organisations.

Although the outlook regarding data maturity practices is generally positive, the survey underlined the necessity for improved data capabilities to prevent adverse impacts on marketing campaigns. This calls for increased educational resources and innovative strategic solutions.

Despite intentions to stay current with industry trends, many organisations are still unprepared for the challenges associated with signal loss, highlighting a need for immediate action.

Kris Kam, Head of PMX Media, Singapore at Publicis Media, stated, "The findings are clear: the industry stands at a pivotal crossroads. With consumer trust and privacy increasingly crucial, the need to recalibrate data strategies fit for the current climate is paramount. Clinging to the status quo not only squanders opportunities but also jeopardises long-term growth. Marketers must adopt a more strategic and forward-thinking approach to data—one that's both innovative and future-ready. The urgency to act has never been greater."

The survey revealed that 44% of Singapore marketers feel confident about managing the evolving advertising landscape, yet 40% acknowledge struggling despite using available tools. This shows a divide in confidence levels about data strategies.

Efforts to keep up with industry shifts include reading relevant news, attending training sessions, and testing solutions. However, only 33% of marketers feel their organisations fully align on data privacy strategies. Furthermore, 66% identify gaps in fostering a strong data culture, and 38% note a lack of appreciation for data strategies within their organisations.

Conversion remains a key performance indicator for 47% of Singapore marketers. Yet, with consumers opting out of tracking, traditional conversion strategies could become ineffective when third-party cookies are no longer reliable. Addressing these challenges, 40% of respondents indicated that accurate last ad exposure attribution would resolve major data issues, and 32% desired tools to better track user journeys.

While interest persists in identity testing and multi-touch attribution, many marketers continue to rely on familiar strategies and infrequently update key audience segments. 64% refresh audience segments occasionally or less, while 20% repeatedly use the same strategies.

Dan Richardson, Director of Data and Insights, AUSEA, Yahoo DSP, commented, "Recent surveys and industry sentiments all point to a harsh reality - marketers are not ready to navigate a landscape where third-party cookies and traditional tracking mechanisms are phased out. Specifically, in Singapore where performance and conversions are prioritised, working with a dying user identifier such as cookies puts conversion strategies at risk. Unless they explore other identifiers and non-addressable solutions that include a mix of first-party data, ID-less targeting and modeled conversions, marketers in Singapore can expect to experience performance degradation in their campaigns as more consumers opt out of tracking."

"Yahoo is committed to empowering brands to take the next step in their data practices. Data privacy isn't the future; it is here and now, and marketers need to be equipped to navigate this increasingly complex ecosystem with confidence and continuously reach their goals," Richardson added.