Marketers feel unprepared for looming Privacy Act reforms.
They also believe those in leadership positions are similarly unready.
Only 38% of those surveyed believe their executive group understands the importance of adapting to privacy changes, according to a study by digital advisory group Arktic Fox.
The 2024 Digital, Marketing & eComm in Focus study, developed in conjunction with Six Degrees Executive and in partnership with Amperity, interviewed 250 marketing, digital and ecommerce leaders from a range of industries across Australia.
The federal government, reacting to online scams, regular data breaches and the rise of artificial intelligence, wants to reform privacy laws, including what data can be collected from individuals.
Advertisers argue they need data on a customer base or audience to ensure the right type of messaging is sent to the people who need it and to protect children and others from inappropriate advertising.
The Arktic Fox study also revealed that Australian marketers’ focus remains business growth. There quarters (77%) said it was a key strategic priority. Growth is tied to customer acquisition, which came in second (48%) on the list of priorities.
The third most common priority (42%) was 'Building our customer data strategy and better utilising our first-party data', and the fourth (36%) was 'Digital Transformation'.
Personalisation was classified as “important” or “very important” by 72% of respondents, who were also strongly committed to CX management (87%), online sales and lead generation (77%) and MarTech utilisation (76%).
Arktic Fox director Teresa Sperti said brands have been trying to develop a unified view of the customer for at least two decades, yet in 2024, less than one in five of those surveyed could say their organisation had developed a unified view of the customer that could underpin a data-driven marketing approach.
"This is why there is a growing gap between the haves and the have-nots in spaces like personalisation, experience delivery and more. Brands that have built strong internal capabilities and robust foundations in data and tech are thriving whilst others are finding it difficult to shift gears," she said.
“Businesses could soon be suffering even more dire financial and reputational consequences for failing to appropriately safeguard their customers’ privacy. A privacy or spam breach impacts reputation and trust, which is linked to brand performance and preference.
"I’m amazed there isn’t much more focus on improving compliance and ethics by marketers and digital leaders.”
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