More Data Isn't a Strategy
Data has become an indispensable tool for marketers in today's competitive environment, guiding their strategies and decisions. Amidst this data-driven era, there's a dream many share: capturing a truly holistic view of every customer. Yet, as Gartner points out, this all-encompassing perspective often remains elusive. As a result, numerous marketers find themselves amassing heaps of data, but lack a clear, long-term strategy for using it.
The pursuit of "more data" in marketing is a slippery slope that often leads to inefficiency and missed opportunities. This often causes a disconnect between what customers need and what businesses think they need.
Instead, marketers need to consider implementing a more robust strategy that makes the most of the data they already have. This blog will unpack what common data pitfalls to avoid, tactics on harnessing your existing data, and how to activate it into customer-centric content.
The Pitfalls of "More Data"
More data doesn’t necessarily mean a better customer experience. Rather, marketers today experience a myriad of challenges in their data strategies:
- Data Deprecation: Outdated Data Spells Trouble. One of the common challenges marketers face is data deprecation. Over-reliance on historical data that’s outdated can lead to irrelevant content for your customers, which ultimately harms relationships with irrelevant or negative customer experiences. The key to success is understanding that customer preferences are not static, and clinging to outdated data can be detrimental.
- Customer Privacy: Striking the Perfect Balance
- Marketers must be cautious not to cross the line between personalized marketing and being perceived as "creepy." Achieving engaging personalization without breaching privacy is a delicate balance that requires a thoughtful approach.
- Data Regulations: Navigating Strict Policies
- Stringent data collection regulations means that marketers need transparent and direct sources for their customer information. Zero- and first-party data should be marketers’ go-to, as this is the data customers willingly trade for an optimized brand experience.
- Data Silos: The Slowdown Factor.
- Data fragmentation into Customer Data Platforms (CDP), Customer Relationship Management (CRM) systems, and other repositories can lead to inefficiencies and slow-to-market experiences. In some cases, data is either stuck in proprietary systems where it’s unable to be activated into content, or there’s no applicable use case for the customer data. This data dilemma only complicates matters further.
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The Way Forward: A Robust Data Strategy
To steer clear of the "more data" trap, marketers must develop a strong strategy to underpin their data approach. This strategy should not only focus on collecting data but also on effectively using it to create personalized and relevant customer experiences. When considering a data strategy, a customer-centric approach that leads with empathy is key.
Think of marketing as a conversation, not a one-sided broadcast. It's about creating a dialogue with customers rather than marketing at them. To get your data on track consider these elements of a robust data strategy:
- Align Your Martech Ecosystem: Avoid buying solutions for the sake of it. Every new addition to your martech stack should contribute to efficiently capturing, managing, and activating the right data.
- Bridging Data Silos: Customer data lives everywhere–your CDP, ESP, data management platforms, loyalty information, and more. Make sure your data solutions have open APIs for easy integration with engagement systems. This will allow you to break down data silos and streamline processes.
- Utilize Zero- and First-Party Data: We’re in a cookie-less world now. Marketers should use new tactics based on zero- and first-party data for personalized, data-driven marketing that has reduced vulnerability to regulatory changes.
It’s Not Just a Data Strategy: Consider How to Activate Data Into Marketing
A robust strategy isn’t enough to finesse your marketing. What you actually do with that data matters most. Data activation is the linchpin to delivering meaningful customer experiences. As Forrester’s Stephanie Liu’s research states: “All data must tie back to delivering value to the customer.” It's not just about having data; it's about what you can do with it.
To activate data effectively, consider personalizing your content not just for segments, but for each individual customer. Each customer should see creatives that feel like they were made just for them at the moment of engagement. This not only enhances the customer experience, it also boosts engagement and conversion rates.
Creating enhanced customer experiences like that require access to data across silos and the ability to generate an incredible amount of content. Your data might come from different sources, such as loyalty programs and CDPs. However, using this data effectively is crucial. A customer-first approach means no more generic, segmented content, and requires millions of content variations automatically created.
That’s where Movable Ink comes in. Movable Ink offers a solution to break down data silos and transform customer data from various sources into personalized content. By seamlessly integrating data from all corners of your organization, you can create experiences that resonate on an individual level. With Movable Ink, you won't just chase data; you’ll be able to leverage it wisely to create memorable experiences for your customers.
To learn more about how Movable Ink is accomplishing this, check out our most research product launch: Universal Data Activation.
