For 81% of global marketers, data is important to their efforts in developing personalised and valued experiences for their customers, so much so that 53% of organisations have confirmed that data-driven marketing was their top strategic priority for 2016.
There is no shortage of available data for marketers today. As the Internet of Things (IoT) has continued to take off, we have seen – and will continue to see – an explosion in the variety and volume of available data. Yet while the IoT has created a treasure trove of data for business use, it has also completely disrupted the way in which consumers interact with organisations and their expectations.
Today’s digital revolution has created a big challenge for organisations. We’re now engaging with businesses across an increasing range of formats and channels. As a result, the marketing department is forced to find ways to meet customer expectations with timely, personalised communications via the right channels. Clever marketing will take advantage of the wealth of data available today to create an experience which meets these demands. But taking raw data and turning it into intelligence which can be used to streamline the customer journey, create better engagement and develop more insight is not always simple.
Getting all data under control
Statistics suggest that marketers find data a big challenge. In fact, 87% of marketers see data as their most underused asset. What’s more, research from Econsultancy revealed that just 10% of marketers worldwide have succeeded in bridging customer data across channels, databases and tools.
Although business solutions in use across the enterprise today have largely shifting structured data into a usable form through distributed storage and processing, unstructured information has often been overlooked. Massive amounts of unstructured information are available but it is poorly managed and largely untapped – which is a problem. This includes a range of hugely valuable information, such as data from social media feeds, customer service calls, website live chats. So what can marketers do to process this information effectively and unlock the value it holds for the business?
Breaking down barriers to information
First things first; breaking down information silos and shifting to a ‘customer-first’ strategy should be a key priority for any business. This involves looking at technologies which can enable real-time integration in each key area of the business, including web content management, customer communications management, and customer care and support. Creating an integrated platform which connects insights and feedback from every stage of the customer journey, from first contact through to renewal and retention, is vital for marketers looking to better understand which content and messaging to use for each channel and group.
Going beyond this by adding solutions which enable analytics and experimentation to the mix ensures marketers can maximise the value of their campaigns, websites and mobile experiences. Marketers can use analytics to create a comprehensive picture of a customer’s patterns, habits and preferences, ultimately offering insight into how to specifically market to them. However, this is only possible when information is available, and not siloed.
Digging a little deeper into data
Secondly, it’s about investing in the right tools. Marketers have always been driven by data, investing time and energy to understand the customer journey and use these insights. However, big data tools enable marketers to go deeper, segmenting customers and predicting behaviour at a granular level. When surrounded by a wealth of data, it is crucial that marketers make the most of available information to gather intelligent insights and deliver the differentiated experiences which customers demand today. This level of intelligence is only possible when powered by tools that can make sense of all the available data – both structured and unstructured – in real time.
While marketers understand the importance of data, globally, they are struggling to maximise the value of it, meaning that those with the right tools in place have a real competitive advantage. Any businesses which fail to take control of their data and make the most of potential insights risk falling behind as consumer demands continue to shift.
By Adam Howatson, chief marketing officer at OpenText
PrivSec Conferences will bring together leading speakers and experts from privacy and security to deliver compelling content via solo presentations, panel discussions, debates, roundtables and workshops.
For more information on upcoming events, visit the website.
comments powered by Disqus