When I think of the current CMOs and the large amount of consumer data at hand, I Considering that children get up on Christmas morning to discover the gift of their dreams – only to discover that they can not play with.
For a number of reasons, the reality of Big Data has not lived up to its hype:
In many organizations, data has been collected by different departments via different channels for different reasons, and no one knows exactly how to combine it into a unified whole. Even experienced analysts do not know what to do with so much data, especially when it comes to what is called "unstructured". data, such as social media postings, emails, images, videos, etc. Consumers are increasingly aware of the amount of data collected by businesses and, although they are often willing to share it, they expect something of value in return. Governments around the world are adopting laws to further secure the data and limit the possibilities for businesses to use it without the consent of the consumer.
And it is only nowadays; we have not even started talking about the Internet of Things (IoT) yet. The International Data Corporation (IDC) predicts that, by 2025, there will be 41.6 billion connected devices generating 79.4 zettabytes of data, we are just starting.
Back to our Christmas analogy, it's a bit like getting the bike you wanted and realizing that your feet can not even reach the pedals! The collective management organizations of today need a growth spurt – fast!
Developing WTO for Tomorrow
If you have to learn a lot in a short time, it's always nice to know what will happen. to the examination. I think that collecting societies must work to make their activities a success over the next few years:
Finish your entry into the conference room
All companies thought they knew Customers have been totally upset, and someone must inform the CEO (who probably has experience in finance or operations and likens marketing to advertising). Today's CMO must be both a reality checker and a diviner, helping the council to accept these new realities:
It's all about customer experience: Having the right products at the right price matters a lot less than it used to. Customers want to feel that the stores they visit care about them. They want a relationship and the customization that follows. The secret is unveiled : Customers know that businesses are following their every move and most are willing to accept them if they get something valuable in exchange and are confident that their data is secure . All of this data makes it possible to draw a lot of information but extracting this information is extremely difficult, and requires new approaches applied by people with new skills. Some competitors are already pushing the limits . If their initiatives succeed, we'd better catch up – so let's get started now.
CMOs that focus solely on the next marketing campaign will fail, as will the organizations for which they work. You must be involved in defining the strategic direction of your organization. If you need help sitting at the table, find an ally. The IOC is a good candidate, as are those responsible for activities and product development at the executive level.
Consolidation and Cleaning of Organizational Data
This requires some milestones, but it is important. Companies are already collecting more data than they can analyze effectively, which is even more difficult when data is scattered across different departments, collected and stored in different formats, and so on. John Hernandez, CEO of Selligent Marketing Cloud, says it well: The data challenge will be consolidation and a 360-degree view of the customer relationship.
The first step is to create allies in each service. You will need their help, so before asking them to take on such a heavy task, spend time hanging out in each functional area. Find out what kind of data they use, how they collect it, where they store it, and how they use it. This step is essential to lay the foundation for a comprehensive approach to data management.
(The consolidation itself – gathering all this information in a database, correcting errors, eliminating duplicate records, etc. Scope of this article, but may I recommend to your service manager of information to have lunch?)
Hire the Good Talent
The traditional approach to analysis relied on structured data stored in specific fields : name, email. , phone number, etc. Although this information is still useful, it is only a small part of the reality in which about 80% of the new data generated is unstructured .
Many Nowadays, the organization does not have the skills to exploit unstructured data, which is particularly true when it comes to matching unstructured data with data structured and derivable exploitable data.
For example, you can combine historical weather conditions with CCTV footage to determine the effect of weather conditions on how customers buy their products. They can pull their impressions of social media publications and compare them with the history of purchases to determine the emotional factors that determine the buying behaviors.
If you have not already modified your job descriptions to fit this new skill set, I suggest you do it right away. Look for developers and analysts who not only have AI experience and machine learning, but who also understand the type of information that business executives need to take good decisions.
Take Advance on Legislation
Up to now, technology has evolved so quickly that legislation can not keep pace. Expect this to change. The EU General Data Protection Regulation (GDPR) defines the expectation that consumer data belongs to the consumer, not to the collecting agency. It also foreshadowed the fact that as consumers became more aware of the amount of data on the Internet, they became increasingly proactive in protecting that data.
The GDPR could attract attention, it's far from the only legislation in terms of privacy and data security. In the United States, California has adopted the California Consumer Privacy Act, which in some cases is just as strict as the GDPR and in others (the Internet of Things, for example) even more so. Argentina, Canada, Brazil and Denmark are among other countries with similar legislation. I have created an interactive map with the list of countries with legislation on privacy protection, as well as those where legislation has been proposed.
Adopt Privacy Protection From the Design
The adoption of the Privacy by design is a double benefit: you will not have to waste time keeping up with changing legislation and your customers will love you. Privacy from the design stage sends a strong signal to customers: you value them and their data, and you do not try to exploit them to your advantage. (Note: If you need a hand to start using a programmatic approach to managing confidentiality, join my Martech workshop in Boston on September 16.)
As a bonus, a Ethical data approach will probably appeal to Millennials, which tend to be values-based. And since they make up 35% of the workforce, you will probably look to the millennium to find the skills you need.
Spread the word!
For the other steps, and you are certain that you comply with the legislation in force and that you have responded to consumer concerns, it is time to incorporate confidentiality and data security in your branding strategy.
How do you do that? Being transparent with your customers: Share information about your use of consumer data and make it easier to find. Whether it's a tab of your navigation menu or a link in your footer, give it a label that states clearly: "It's here that you learn more about our use of the data."
Another way to gain trust is to give consumers the choice of what data they are willing to share and when / how they are willing to do it. a toggle list allowing consumers to know what they will gain by sharing a particular type of information, and then leaving them the choice to enable or disable the function.
email campaigns, Remind customers that they may choose to no longer receive emails at any time. Give them a flip chart where they can tell you what types of emails (if any) they wish to receive.
Messages about social media and blogs
Constant sharing of your commitment to privacy and data security shows your customers that you are truly committed and not just exposing certain compliance requirements. Write a blog post updating them on the latest developments in privacy and security, and tell them your own policy if they have questions. When you see articles about privacy and security on social media, share them with a comment that reiterates your own commitment. The more you do it, the more consumers will associate your business with privacy and security, until they are as much a part of your brand as your logo, your brand, and so on.
OLS for 2019 and the following years
Collective management organizations play a much more strategic role in data than in the past – or at least they should. I challenge you to do a quick self-assessment. If you find yourself falling behind in any of the skills discussed here, take the time to catch up while you still can. There is a very exciting future to wait for CMOs who are ready to do it. And your organization is counting on you (even if they do not realize it yet completely).
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The opinions expressed in this article are those of the guest author and not necessarily sell land. Associated authors are listed here.
About the Author
Kristina is an innovator in digital policy. For more than two decades she has worked with some of the world's most prominent companies and helped them see politics as opportunities to liberate the organization from uncertainty, risk and internal confusion. Kristina holds a BA in International Studies and an MBA in International Business from the Dominican University of California and is certified both as a Change Management Practitioner (APMG International) and Project Management Institute (Project Management Institute). ). His book, The Power of Digital Politics, was published in 2019.