Campaign/FTC disclosure: This is a sponsored post. I will receive compensation for this post. I only work with companies I feel have great products, services and offerings. In accordance with my blog disclosure statement, I will only work with and showcase products, events and/or companies I believe my readers will benefit from. Dun & Bradstreet hired me as a blogger to cover their Data- Inspired Digital Strategies Forum Event in New York on December 1st, 2015. I am not formally employed by Dun & Bradstreet. All thoughts and viewpoints are created and written by me. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: Guides Concerning the Use of Endorsements and Testimonials in Advertising.
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It turns out the answer to the aforementioned question is a resounding “no”. There are a lot of ideas and theories about how businesses can effectively engage with their respective markets. Unfortunately, the limiting factor at the moment is not that we don’t have enough data or even opportunity to be actionable- but that we have too much data and very little adoption of using it for most purposes in business. This was just one of the many takeaways I gleaned from the panel discussions at last week’s Dun and Bradstreet’s Data-Inspired Digital Marketing Strategies Forum – which took place at the Sofitel Hotel in New York City on, December 1st.
Image courtesy of Dun & Bradstreet
The big question of the day was: How can we use data to better reach the right people at the right time?
Have you noticed that many of the ads that you view online now seem somewhat tailored to things you search or products, services and people you are interested in? What about the sudden shift in voice of several of the leading brands? The vintage use of catchy phrases, jingles and an impersonal tone is no longer the foundation of good marketing or good business. We’re in an age of rapid transformation on all fronts of business. Think about the last commercial or ad you viewed. Chances are the commercials or ads you viewed didn’t just cut-to-the-chase and urge you to purchase something. Of late, marketing is starting to sound and feel a little more personal. It is almost as if the company trying to get your attention had you in mind when they created said service, product etc. What is clear is that businesses must meet the customer where they are by making sure they are engaging with prospective customers with the right messaging or solution at the time when they are poised to make a purchasing decision. Anudit Vikram, SVP, Chief Product Officer-Audience Solutions for Dun & Bradstreet shared that: “Digital Marketing is about how many integrated touch points we can have with prospective customers across all channels.”
It turns out looking at “quantity” of touch points alone isn’t a comprehensive marketing approach either. Businesses have to also be mindful that the data they are harnessing is quality. Your insights and planning will only be as good as the data that has informed it. This is where many companies are missing the mark. It is key to take a step back and consider what the overall plan is. As I have mentioned in several articles this year, you cannot do the “data thing” just to do it. It was echoed in several of the talks that there needs to be clarity around the outcomes businesses are trying to achieve. It was also strongly suggested that businesses have a concrete plan for how they will harvest and synthesize the data that will facilitate digital marketing initiatives.
To ensure that you are on the right track to having good and clean data, do the following:
- Start small by piloting your data collection on one initiative or program. This allows you to triage any issues and standardize your measurements before extending your methods to other areas of the business.
- Be clear on what measures and methods you will use to measure outcomes. Data is only as good as its inputs.
- Implement the right technology resources to facilitate the collection, evaluation and application of your data. Technology implemented correctly can be helpful in centralizing the collection and management of your data- decreasing the necessity of having to manipulate the data regularly due to errors.
It is clear that the way we conduct business and market our services has changed given the digital climate we are experiencing. What isn’t as clear is: How do we get people to consistently make use of the data that is available them? Moreover, how do we get people to see that the use of data (be it in marketing or otherwise) as an opportunity and not as a threat?
Image courtesy of Dun & Bradstreet
Looking towards 2016 and evaluating the state of data adoption and data-driven marketing Josh Mueller, SVP of Digital Operations at Dun &Bradstreet stated: “2016 is an inflection point for digital marketing.” That is to say that we’re at a prime point on the trajectory and evolution of digital marketing where we are poised to “target, capture and convert” our most prized customers. It is time to decide whether your business can survive with or without the use of data insights. Better yet, can you afford to continue blindly marketing to your customer segment while settling for marginal responses and outcomes. Let 2016 be your “inflection point” and reflect on how you can start putting the data you have today to work in an effort to improve your business across-the-board.
For further insights from the event, check out two of the speaker presentations below:
Theresa Kushner, VP of Enterprise Data Management- Data, Data Everywhere: Making the most of it in the 21st Century.
Josh Mueller, SVP of Digital Operations at Dun & Bradstreet and Anudit Vikram, SVP Chief Product Officer-Audience Solutions for Dun & Bradstreet- Data-Inspired Digital Marketing.