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Part 2 Chasing Engagement 5 Things You Need to Know About Data-Driven Marketing

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Part 2 Chasing Engagement 5 Things You Need to Know About Data-Driven Marketing Part 2 Chasing Engagement 5 things you need to know about data-driven marketing Recommended Best Practice Initiatives: diagram source ADMA & GfK elcomCMS.com | [email protected] Chasing Engagement - Part 2 Page 2 Content 1. Integrate and standardize across all touch points 04 2. Embrace social login 07 3. Understand what data you are collecting and why 09 4. Use data carefully – there is no magic bullet 13 5. Be aware the data capture landscape is changing 15 6. Additional Info 19 Acknowledgements Elcom acknowledges and appreciates the time and contribution to this report from the following people: Jodie Sangster, CEO, ADMA Christian Bartens, CEO & Founder, Datalicious Yorgos Moschovis, Analytical Marketing & Business Intelligence Expert Elcom whitepaper - www.elcomCMS.com Chasing Engagement - Part 2 Page 3 Technology advances and the emergence of new tools on almost a daily basis is drastically changing the way businesses capture, manage and utilize data for marketing purposes. A global survey, by international data management company Teradata, in 2013 of over 2,200 marketers found in the next two years 71% plan to implement a big data analytics solution to help untangle the mass of consumer data available to them. No matter what 5 size your company is, data-driven marketing is no things you longer optional but necessary to remain competitive and relevant. need to For marketers who are often juggling up to seven different channels at once there is no shortage know about of ways to obtain audience data, but an overload of information is making it increasingly difficult data-driven to determine what data to use and how. And the availability of data is only going to grow, with marketing predictions by Teradata, that three billion people will have created eight billion terabytes of data by 2015. Depending on your business and the industry you Regardless of how mature your data strategy is, are in, there are two main schools of thought on the here are our top five tips for ensuring it is effective best use of audience data: some experts claim the today and can withstand anticipated changes to financial return of selling more to existing customers the data landscape tomorrow. outweighs time and effort spent chasing new business. Others are advising companies to forget retention efforts and focus on the ‘here and now’ – seeking out audiences that want your product or information today. Either way, accurate audience data is critical to finding and engaging with people; when, how and where they want. For marketers, this means being able to leverage the data your company has access to in order to achieve the marketing epitome that is personalization. Elcom whitepaper - www.elcomCMS.com Chasing Engagement - Part 2 Page 4 1. Integrate and standardize across all touch points The biggest challenge for many marketers lies between realizing the need to develop or update a data strategy and resourcing it. However, before this is determined thought needs to be given to how data capture processes can be integrated and standardized across all functions of the business. Without this integration it is impossible to achieve accurate and meaningful personalization, says Datalicious CEO and founder, Christian Bartens. “The most dangerous thing I have seen that ruins marketing efforts is product silos, where knowledge isn’t exchanged and metrics aren’t standardized. Most companies don’t know who their most valuable customers are because there is no integration of client data across the company and teams are working in silos,” he said. you with the ability to manage your website, intranet, portals, mobile sites, eLearning, eCommerce and social collaboration for your organisation. “We often find the call centre operates a different platform to the marketing team, and website traffic is managed by yet another team. Companies need to have one view of the customer where all their interactions with the company are captured, so you can deliver a consistent user experience. Wherever a customer touches this company the messages they see should build on their last action.” Data Silos Organisation have many types of data that tends to get put into separate silos. Combining data enables smarter and more informed marketing and sales decisions. Elcom whitepaper - www.elcomCMS.com Chasing Engagement - Part 2 Page 5 A global study conducted in 2013 by Teradata found only 18% of companies had a single view of the customer. Most (75%) said they used customer service, customer satisfaction, digital interaction (eg. search, display ads, email, web browsing), and demographic data, while just over 50% used customer engagement (eg. product usage or preference data), transactional or e-commerce data. The same study found only 33% of marketers believe they have a true data-driven marketing culture embedded into their standard marketing processes, while less than 10% of companies use the data they currently have access to in a systematic, strategic way. Teradata Director, Mark Ash says companies should be tracking every available channel and ensuring their validity. “To fully understand all of your channels, you need as complete a view of your customer journey as possible. Check the validity of your tracking and reporting. Track as many interactions as possible and not just those that are convenient to track.” Prioritization is important if you are overhauling or implementing from scratch a data strategy. Bartens recommends starting with the channels that have historically been most important for your business, and looking closely at your budget spend on each channel. “Many companies think they are tracking their channels and spend carefully, but the way it’s being done does not enable the company to tell what’s working and what’s not. For example, if your TV or print ads primarily point people to your website, you can’t tell where your audience has originated from. Likewise, having a single telephone number can skew your data if most people are accessing it from your website but cannot converse with someone directly via the website,” he said. Data sources or channels that should be routinely tracked include your existing audience sources, external digital sources and other sources like research and data aggregators. External digital sources or assets include internet sites other than your own, such as Facebook, Twitter, Pinterest and Instagram which are valuable for monitoring trends and influential people. “Any individual who has 10,000 friends on Facebook, for example, has the potential to be a very powerful influencer,” Bartens said. “Social media data isn’t the answer to everything but social influence can equal customer value, even if that person is not currently a customer of yours. If someone is very active on a particular site you know you are reaching them in their chosen channel.” Elcom whitepaper - www.elcomCMS.com Chasing Engagement - Part 2 Page 6 In Chasing Engagement: 10 ways to improve your content marketing, we looked at how to execute a successful content marketing strategy through maximizing your company’s own existing channels – website, mobile site, portals, intranet, email database and social media. Other sources include data collected from offline sources such as details from loyalty or membership programs that may have been established long before the company’s digital marketing activities, or in-store purchases. However, be careful trying to link the different data sources, warns Yorgos Moschovis, an analytical marketing and business intelligence expert whose experience includes managing analytics and audience insights at companies such as Fairfax, SingTel, OCBC Bank and IBM. Personalization in the digital world is different to offline. It’s not necessarily predicated on identifying someone, but identifying a set of interests. In the online world people don’t want to tell you who they are if you have not established trust. Offline, you actually have physical contact which is more conducive to establishing trust. When interpreting online data you don’t need to know if someone is male or female or a certain age, just if their interest in something is strong enough to convert to a sale.” “The emphasis on mining information is creating a problem of information quality as someone’s identity or interests are inferred, not given. It’s a big leap to take data gleaned from someone’s behavior online and determine they are ready to invest in something or purchase something right now. Even with information about someone’s specific interests and data about what they’re looking for, to assume they need your product or service requires an inference or leap that is not so simple,” he said. “I’m observing that when people have two sources of data and the ability to connect them, the inference drawn may be totally irrelevant and can even be insulting. Unless you can be 100% confident of a person’s online identity, which is best determined through using social login and even then can be inaccurate, online data is going to be more anonymous than any offline data sources. To integrate the different sources requires several analytical steps that did not exist 5 years ago.” Key points: 1. Integrate and standardize data capture across all touch points of your business 2. Social influence can equal customer value, even if the person is not a customer 3. Be wary of making inferences or assumptions about individuals based on data collected online Elcom whitepaper - www.elcomCMS.com Chasing Engagement - Part 2 Page 7 2. Embrace social login The potential data-capture and personalization capabilities from social login are enormous, though Australian businesses have been much slower to adopt social login as a requirement for making online purchases than American companies. Writing for The Conversation earlier this year, QUT Associate Professor Joanne Jacobs said local businesses are experiencing less growth as a result and warned that increased growth by overseas companies is the direct result of better use of social media, personalized viewing experiences and customer incentive schemes.
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