As crises come and go, companies concerned about recession resilience need to rethink their data management strategies more than ever.
Data is the black gold of brands; their good management, the sinews of war. As crises come and go, companies concerned about recession resilience need to rethink their data management strategies more than ever. Between ROI requirements, successful customer experience and confidentiality, the success of a campaign deployment depends on efficient data management. Not interpreting data correctly can have a tangible business impact: missing out on potential customers or losing the trust of current customers because of an inappropriate experience.
At the end of the year, a good time to reflect on these issues, Treasure Data, specialist in customer data management, gives 4 tips to brands and marketing departments to help them prepare confidently for 2023.
1. Break down silos within your company
One of the biggest challenges brands face is usually not a lack of data, but managing the amount of information they have. And the main obstacle to this good exploitation is the fragmentation or partitioning of data. Partitioning, whose origins can generally be twofold: a multitude of tools, complex or not, and a corporate culture that promotes internal competition between departments.
For example, data can be collected from different sources and stored in separate systems that do not communicate with each other. However, if the team collecting the data can’t share it, other departments won’t be able to benefit from it and the entire company will lose out.
Breaking silos by establishing a culture of information sharing within the company is therefore essential to avoid data gray areas and blind spots. Because without access to all available data, it is impossible to have a truly holistic view of customers and provide them with the service they expect. Silo data, in particular, hinders marketing teams’ ability to conduct effective analytics on which to base their strategy.
2. Invest in the right technology
With the proliferation of platforms, the volume of relevant audience data that marketers can use to improve targeting and campaign optimization increases. Businesses often have to unknowingly juggle a myriad of tools that, instead of helping to collect marketing data, only feed more silos. However, there is never too much data, only too little intelligence.
Controlling data therefore starts with the choice of the right technology, a user-friendly interface that makes it possible to convert incomprehensible data points into meaningful information. Many marketing departments miss the point due to a lack of technology that can efficiently sort, manage, prioritize and enrich data while protecting consumer privacy. Investing in this type of tool, with advanced audience segmentation capabilities, gives marketing teams the tools to succeed and gain a competitive edge for their omnichannel campaigns.
3. Make sure your teams have the skills to succeed
When it comes to data management, the ideal strategy relies on a perfect marriage between the right technology and a well-trained team. The lack of in-house skills is one of the main obstacles to realizing the customer experience vision.
By improving your team’s qualification, you enable them to make the data exploitable. Once marketers learn to identify what data is truly valuable and connect information across channels and platforms, a more accurate picture begins to form. These AI and machine learning-enriched analytics reveal consumer behavior patterns and preferences, critical information to adjust their programs and channels.
Proper training can also ensure that your team knows exactly how to handle data responsibly and reduce consumer privacy concerns. By being well trained and having the right and powerful tools in hand, marketing teams will feel empowered to deliver tailored and personalized omnichannel experiences to consumers, while respecting the management of personal data.
4. Integrate external factors into your strategy
Companies also need to ensure that their decision-making processes are adapted to the era of change. In other words, you need to look at the data holistically and not only focus on incoming customer information, but also analyze in real time the external triggers that can influence consumer behavior.
Whether it’s the weather or inflation, external factors all influence consumer behaviour. To facilitate decision-making, assess its importance and organize this information by bringing together all available data sources – online and offline, internal and external. This way you get a 360 degree view of your customers and give yourself every opportunity to achieve your campaign objectives.
It’s not until the tide recedes that you see those who were swimming without bathing suits, famous businessman Warren Buffet said. This adage also applies to marketing: when economic conditions become tough, marketers who master the collection and analysis of data, while respecting privacy, will have the best resources to optimize their spend and propose winning strategies. , around customer expectations. As the clouds gather at the start of the new year in 2023, the potential of customer data is no longer untapped!