Data & Analytics
The Power of Big Data Relies on Bold Strategies
Big Data arrived with the promise of making geniuses out of marketers. Abundant consumer data was going to lead to better targeting, stronger connections, and indisputable ROI. So, what happened? Why are we still looking for new ways to prove our marketing’s impact, and why haven’t we reached a unanimous consensus on the best way to make Big Data work in our favor?
Many of us have rationalized a marketing technology solution – demand-side platform, data management platform, dynamic creative optimization, marketing or sales automation platform, etc. – with a model that shows exponential return on advertising investments. If you’ve turned that model into reality, give yourself a hand. Research says you’re likely a leader who leverages first party data, aligns your media metrics with business outcomes, and encourages strategic experimentation. That’s good because the rise of of AI and Machine Learning leaves us the much simpler opportunity in 2018 to be smarter with data, no matter the size.
Focusing data strategies on business impact
At the end of the day, your customers are not following a perfect purchase funnel and one banner in one channel or one search result is not the single influence on purchase. To rationalize marketing’s impact as such is flawed, redundant, and headed for diminished returns. Now is the time to step outside your comfort zone and hold your digital work accountable to true business drivers as KPIs – leads, sales, customer engagement and retention, rather than channel specific reach, impressions and clicks.
Putting the customer in the center and hunkering down for a long ride together
A customer-centric approach for data aggregation, with a vision for omnichannel attribution, will accelerate your path. All touchpoints your identifiable and prospective customers engage with across your owned, earned, and paid ecosystem are valuable data points to consider for segmentation, evaluation, and modeling to drive business impact. Stay committed to the customer experience, rather than the channel performance, and agonize with your channel teams to set a realistic attribution window to see success in digital.
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