The shift to data driven marketing
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Studies show that poor data quality has a negaitve impact on customer experience, analytics and marketing. This presentation discusses solutions to the problem of poor customer data quality Get the survey results http://www.masterdata.co.za/index.php/whitepapers/file/77-whitepaper-extracting-marketing-value-from-big-data
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The shift to data driven marketing
- 1. Enabling the Data & Information Culture THE SHIFT TO DATA-DRIVEN MARKETING Gary Allemann
- 2. Marketing: Art or Science?
- 3. Marketing: Art or Science?
- 6. Go to the data
- 7. But where is the data? Extracting value from big data: The hidden challenge for marketers (Trillium Software)
- 8. And when you find it … “The Impact of Bad Data on Demand Creation.” Sirius Decisions Between 10% and 25% of customer and prospect records in B2B marketing databases at any given time include critical data errors.
- 9. … if you find it … Pattek, Sheryl. “The Evolved CMO in 2014.” Forrester Research. February 24, 2014. 73% of CMOs assert that competitive advantage comes from a singular focus on customers, but only 18% acknowledge that everyone in their organisation has the same customer view.
- 10. … can you use it? Extracting value from big data: The hidden challenge for marketers (Trillium Software)
- 11. “The proliferation of channels, devices, and interactive media enables customers to take the steering wheel away from brands. With 58% of US online adults going online multiple times a day from multiple devices and locations, marketers must deploy technologies that recognize customers and predict their behaviors across touch points.” Warner, Rusty. “Unlock Customer Context with Marketing Technology.” Forrester Research. January 2015
- 12. Barriers to multi-channel, single customer view
- 13. What does it mean? Top 3 Impacts: • Missed opportunities • Incomplete customer views • Too much admin
- 14. What does it cost? 1 10 100 $
- 15. That’s a big number! Incorrect, inconsistent, fraudulent and redundant data cost the U.S. economy over $3 trillion a year… that is over twice the amount of the 2011 Federal Deficit. $3 Trillion Problem: Three Best Practices for Today's Dirty Data Pandemic Hollis Tibbetts, Sys-con Media, 2011
- 16. So they've spent money, hurt the environment, irritated an existing customer, and now I get to make fun of them online. Bad investment on their part. http://hollistibbetts.sys-con.com/node/1975126/
- 17. Do you use any data quality tools to improve the accuracy and completeness of your customer data? Extracting value from big data: The hidden challenge for marketers (Trillium Software)
- 18. Data quality is not just about being accurate or complete. It’s about being fit for purpose
- 19. Data Quality is only part of the story Big Data Data Quality Master Data Mgmt
- 22. What’s the payoff? Extracting value from big data: The hidden challenge for marketers (Trillium Software)
- 23. Making it work – back to basics 1.Identify clear owners of any data your organization collects 2.Integrate all of the data you collect from both structured and unstructured sources 3.Use specialist tools clean data and improve its quality and utility.
- 24. gary@masterdata.co.za +27 11 485 485 @mdm_za http://www.linkedin.com/company/master-data-management www.masterdata.co.za
Editor's Notes
- At the junction of Art and Science lies Wonder. Hopefully not the “I wonder where that came from” kind …
- Really, it’s a bit of both, with a bunch of other stuff thrown in for good measure.
- In “the old days”, marketing was pretty simple: you found or created a need, and then advised on how to fulfil it. These days, it’s far more complex: information overload and an increasing value on private space and time has lead to consumer resistance. It’s becoming more difficult to reach clients and really capture their attention and imagination sufficiently to convince them to buy your product.
- Additionally, consumers have had enough of being treated as part of a million; they want to be seen as a unique one in that million, which means that to reach them successfully, you must convince them that you are talking to just them, to just that one. Unfortunately, the bean counters won’t support individual campaigns, so you need to find ways to reach your consumers within the confines of your budget, which is probably decreasing every year (or at least it feels like it). For that, you need data.
- Who participated in our survey? • 138 senior marketing managers, including several CEOs and Department Heads • Organisations representing every sector, with particularly strong representation from the Financial Services, Media and Advertising industries
- http://hollistibbetts.sys-con.com/node/1975126/ http://cloudataintegration.blogspot.co.za/2013/01/data-quality-myths-understand-and-save.html http://www.masterdata.co.za/index.php/news/87-mdm-insights/76-is-your-data-giving-you-headaches
- Unfortunately, more often than not, the data you have doesn’t support your needs.
- Just a note: bad data is a great place to hide fraudulent data
- From Total Quality Management theory: the earlier you fix a problem, the less it costs to do so. $1 at point of creation (ie prevent the problem from occurring) $10 at point of use (ie correct the problem when noticed) $100 at any point thereafter (ie once the problem has had a chance to proliferate)
- Story from Hollis Tibbets of Sys-Con Media, who talks about burdening the customer with “things to do”. Received credit card offer from bank. He has this card. He has 5 cards from this bank. To do: shred the offer Occasionally, gets offers of cash bonuses to open a cheque account (same bank). He has 2 cheque accounts with this bank. To do: ignore and shred Monthly, gets “a significant number of expensive looking direct mail offers” from the same bank, usually with different spellings of his name. To do: ignore and shred and try not be irritated at waste of paper, postage, time and effort. http://hollistibbetts.sys-con.com/node/1975126/
- Erm… why not?? Not just overseas (Senwes example)
- Marketing to “telecoms clients” when 98% of those are in freight? The client details may be correct, but if internal classifications are incorrect, then what?
- Master data is that data core to your business. Without it, your business couldn’t run. It is shared across the enterprise, and often spread across systems.
- http://www.dmnews.com/agency/the-art-and-science-of-driving-webinar-registration/article/433390/ http://www.dmnews.com/infographics/infographic-the-ionic-bond-between-art-and-science/article/287557/ http://www.exacttarget.com/blog/au/why-content-marketing-is-both-an-art-science-infographic/ http://www.dmnews.com/dataanalytics/section/221/