The proof is no longer in the pudding, but in the data. Thanks to the digital era, we leave behind a breadcrumb trail of information where ever we go. Within these breadcrumbs, marketers can come to understand who we are, where we’ve been and what we desire. By coming to understand these first and third-party data points, a relevant communications channel can be created between brand and consumer.
Details in the data
Not harnessing data in today’s marketing landscape is the equivalent of throwing darts while blindfolded. Without this valuable information, you can only hope to your target based on dumb lock.
Kurt Andersen, executive vice-president of marketing and sales enablement at Savo, put it best. “The end has come for making marketing decisions based on gut instincts; everything marketers do in the digital world can now be tracked, from the first click all the way to the deal close. CMOs who do not embrace and accept this concept will likely not be CMOs for very long.”
Specifically, customer relationship management data (CRM) can provide valuable insights. This will give you a good understanding of your customers’ purchasing history, what kind of products they are interested in and when they buy them. These are all key parameters in being able to present the right offer at the right moment. Furthermore, additional insights can be gained from from your revenue management data (RM), behavioural data and other first and third-party data points.
So why aren’t more brands leveraging data to better their marketing efforts? The answer lies in organizational deficiencies.
Have an open mindset
As we know, it’s always better to be open instead of closed. However, it’s easier said than done. When looking at the topic of data, the collectors of this valuable information are often scattered across multiple departments and disciplines. For instance, you might be working within the marketing department and would like to harness customer insights that might be stored within business intelligence. Maybe you’re part of the eCommerce team, but you need information from your revenue manager.
This means data must flow freely through your organization by breaking down silos and aligning bespoke departments. The far-reaching scope of DMPs allows you to make sense of your data and provides new opportunities. The DMP can become a central point of data collection and syndication for your organization and align bespoke branches of your business.
Such synergy can result in greater and better collaboration, the ability to tackle complex issues from multiple angles – and most importantly, will allow your data to flow freely internally, making it possible to leverage in external communications. By uniting your various arms, data can be syndicated, activated and used where it belongs — as part of a relevant messaging stream.
If you’d like to learn more about how data can fuel your brand-consumer communication, check out Yieldr’s latest whitepaper, A Holistic Approach to The Customer Journey.