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Data (by itself)is not enough Developed by: Cory Treffiletti Thoughts for the day on data…
Let me begin by saying, simply, I love data.
However…We operate in the data-centric world of advertising, and we need to acknowledge data is not the solution. At least not by itself.
Data by itself can actually create more challenges than it solves What is my data strategy? What do I do with the data? Which data is the most important for me to use? What companies should I work with for data? What’s the difference between data management and activation? Do I have the right people to manage/activate the data? Do I even know what data I have access to? And a whole litany of additional questions that you are inevitably being tasked to deal with every single day in your role.
you need more than data. You need data +
Data + Strategy (for how to unify data and make it actionable) Technology (to harness the power of data and activate it) Insights (into the motivations of your audience) Expertise (in a category, in analytics, in the use of data) Content (that can deliver a message of value) Measurement (to prove the value of the data) Time (to optimize, to improve, to generate results)
Data + strategy 2 1 Strategy is an intangible word, but one that acts like glue when it comes to data. A strategy is a roadmap, enabling you react proactively by establishing a plan. With a plan, you create vision and with vision you generate buy-in across the enterprise. This leads to testing, which leads to innovation and eventual success. 3 4 5
Data + technology DMP Technology is the foundation of how you will use data and harness it for your needs. Technology at an enterprise level is what makes the use of data feasible. The technology comes in a number of new acronyms, some of which may not make very much sense, but getting to know how to use technology is key to success. DSP DCM DOD IPA MIA
Data + insights Known Unknown The knowledge gap between them… Data enables you to close the gap between the unknown audience and the known audience. When you know the audience, you can generate insights and the more insights you have the more you can personalize the message to them and drive ROI.
Data + expertise Knowledge Experience Understanding how to use data is not enough. You need practical experience within key verticals and with specific use cases in order to generate results. Just because you read a book on car racing doesn’t mean you can race a car.
Data + content Data + content is the formula that bridges the world of paid, owned and earned media. Data is the new media and content is the new creative. Without data, your media is ineffective and without content, your creative will not resonate. Brand Consumer Data Content
Data + measurement Results Simply put, if you can’t measure the effectiveness of your strategy, then you are wasting your time. Data goes into your efforts to create efficiency, but data comes out to prove the value, so measure it. 1 1 1 1 1
Data + time And hey – Rome wasn’t built in a day. To transform your marketing you need time. Time enables you to get the right people and processes in place, along with the right data, the right technology, the right expertise, the right partnerships, the right content and the right measurement.
Data + (x) = results
Bonus thought for the day…Optimization is easy It’s simple to optimize singular interactions with consumers based on data. You can easily and readily know a little about almost everyone you encounter in the digital landscape and optimize the delivery of a creative message based on that data.
Creating relationships… that’s hard work The difficult part of being a marketer today lies in recognizing your consumer across multiple channels and devices, creating a rapport that is built off a common understanding and using that understanding to establish a trust resulting in a relationship, which creates loyalty. Trust creates loyalty and loyalty creates sales.
Brands too often take the easy way out when trying to establish a relationship Just like in real life, there are many different kinds of relationships and some are disingenuous. Some are desperate. Some are one-sided. Brands can create bad relationships just as much as any inter-personal pairing.
It’s nice to meet you… OMG – WE ARE GOING TO BE BEST FRIENDS!!! Needy, desperate, simply too much. When a brand repeatedly “blitzes” a prospect with the same transactional messaging over and over. Trying to get them to “convert now”!!
It’s nice to meet you…again. Wait… have we met? Who are you again? What’s your name? What are you into? Oblivious, inconsiderate. When a brand doesn’t use data to identify their customers when they see them, across any device, channel or platform. They treat every interaction like it’s the very first time.
OMG. I have GOT to tell you all about what I did today!! LOL… it is awesome!! Lets talk about me. Enough about me… what do you think about me?? OMG – blah blah blah blah blah… One-sided conversation. When a brand doesn’t offer a truly reciprocal value. Ask questions. Listen and learn about the audience. Don’t just talk at them – engage them in a conversation.
Don’t be a bad marketer. Build a strategy for using data, generate insights, implement technology and do all the other things mentioned herein so your marketing performs better. (your customers will love you for it)