The position of the CMO in the C-suite hierarchy has improved considerably in recent years, largely due to the rise of big data. With the right data at your fingertips, modern marketers can now target their customers with surgical precision and provide CEOs with evidence that their initiatives are working.
And understand this: Big Data is not yet so big. At CES, earlier this year, it was said that our world was producing about 43 million terabytes of data every day. This seems a lot, but in 2019 and beyond, we will no doubt see an explosion in the number of connected devices online. As such, International Data Corporation, a global market information company, predicts that businesses and consumers will generate 163 zettabytes of data annually 's here 2025. .
For some marketers, this future can not happen here fast enough. Others, however, might find the possibilities less interesting because of an inevitable reality: all this data is not without risk.
Please use responsibly
Last October, the Association of National Advertisers and other professional bodies launched a new "Data Transparency Label" to improve the consistency of data reporting. As most marketers know, many disparate data sources that often report data in different ways are not exactly a panacea for marketing, but rather a potential landmine. The new label was created to facilitate the responsible use of consumer data by reputable marketers, as well as to improve the consumer experience regarding branded content and advertising.
This change is just one example of how advertisers are trying to show consumers that they can trust the data. Of course, not all consumers are opposed to deprivation of privacy in exchange for relevant content delivered at the right time and in the appropriate context . For many, this transaction has become an expectation – and sometimes it can be difficult for marketers to distinguish between meeting consumers where they are and infringing on their privacy.
For example, a recent study by Selligent Marketing Cloud of more than 7,000 consumers worldwide found that 70% of consumers thought that It was important for brands to understand the specific situations of their customers (such as their age, location and marital status) in order to provide a more personalized marketing experience. And a third of consumers claim that they expect brands to anticipate their needs before launching. However, according to the same survey, only one in five consumers was willing to provide this type of personal data initially, and 88% feared that their data would be shared between companies without their consent. So while consumers are thirsty for personalized marketing experiments many are still worried about privacy issues surrounding the data.
The data is certainly powerful. But like all powerful tools, it must be introduced into society in a safe and responsible way, and this responsibility rests largely on the shoulders of marketers who deploy it. For CMOs and other marketers looking to leverage massive data in a way that will not turn around, here are three strategies to keep in mind:
1. Creating Basic Rules
This year's CES congress visitors probably noticed a huge Apple ad that dominated the Las Vegas Convention Center on the side of a neighboring hotel. The copy of the advertisement said: "What's happening on your iPhone is still on your iPhone" and his message was clear: Apple will not sell user data.
Although the advertising is certainly coming from rivals Google and Amazon, both very present at the convention, it is an excellent example of how brands can approach data management.
Evaluate the goals of your business in the context of your organization's mission or vision and create simple and unambiguous rules for your management of consumption data . Draw a line in the sand and clearly define your position, whatever it is.
2. Find the right people
Organizations in virtually all sectors will increasingly need to be able to recruit, develop and retain trained and qualified people who can translate data into action and relevant information.
As the regulatory environment for the sharing and use of data continues to evolve, it will be particularly important for your staff to understand what compliance means now and how you can continue to respect it. in the future. These employees should be able to communicate this understanding to each member of the C-suite group, as well as to other members of your organization.
3. Analyze and iterate
In 2019 and beyond, CMOs are likely to be asked to present their data management strategies to boards, shareholders and colleagues. By carefully monitoring your approach on an ongoing basis (and monitoring errors, obstacles, and successes), you will be able to provide transparent feedback in case of need. It is not necessary that everything be correct immediately, but you should be able to demonstrate steady progress in using the data you have.
Transparency is essential for managing consumer data. As a marketing or marketing manager, you do not have to know everything about how data is collected and stored, but you need to know how it is used. In addition, you should be able to communicate your strategy to make the most of the data while minimizing the risks, knowing that each of them will be of paramount importance in the months and years to come.
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