Processing power is getting cheaper all the time so we can analyse all of the data and be really accurate. Marketing automation solutions are readily available and can be put in place to analyse the data for us to drive & automate marketing next-best action decisions. The bad news is that privacy issues and security around holding data are becoming ever more stringent and complex and we need to ensure that we have delivered best practise throughout. We need to have a good knowledge of data compliance rules and regulations and ensure that we adhere to them and can prove that we do.
The good outweighs the bad however and there is a clear view that by better targeting our marketing to the right people at the right time, those people recognise the value and the results achieved through data-based marketing are better – more cost effective, more measurable, more visible and always result in even more data….
Recent McKinsey research on the data analytics revolution reports that the most successful businesses are establishing centres of data excellence where using data analytics effectively can drive a dramatic impact on marketing within the organisation. They note that two elements are key to the successful adoption of data within marketing. Firstly the increasing automation of repetitive analytics driven from lead scoring tools that delivers results directly to marketing campaign management solutions. Secondly, training, ensuring that marketing teams are proficient in the use of data for marketing and able to understand and interpret the results of data analysis.
There are some good reports available to help marketers understand the value of big data to them from experts like McKinsey, econsultancy and some great case studies of businesses that do it well. Many businesses have examples of using data well in one channel but the challenge is increasingly to blend data from multiple channels and ensure consistency of communication across channels to customers and prospects. The only way to do this is to accurately track what messages are being sent and received by each person in a business via which channel and respond through the channel of choice. If a prospect only responds to messages via social media then it is appropriate to approach them via this channel.
There is a need for technology platforms to help us get the best out of all the data we increasingly have accessible to us.
We need systems and processes.. to help us manage the complexity of data legislation and best practice.
We need intelligence.. to ensure that we deliver the best marketing through the best channels to the right people at the right times consistently. As marketers we still need to be creative (even more so than ever) and organised to ensure that our messages get heard above the others by our target audiences and when they want to hear from us – it all sounds so simple…… 🙂