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Three Things You Need to Know about Data Right Now

Trends and Insight 23 Add to collection

Distillery’s own voundry team discusses why we're seeing more and more brands showing interest in what data can do for them

Three Things You Need to Know about Data Right Now

It’s an exciting time to be in marketing. Never before have brands been able to drop down from speaking to millions of consumers to thousands of consumers to hundreds… to just you. And it’s all thanks to personalisation. More specifically, it’s thanks to data.

Through data, brands are learning to deliver what their customers really want, from product to customer service to brand experience, and everything in between. Distillery’s own voundry team are passionate about turning data into personalised moving image content that speaks directly to our clients’ individual customers. And we’re seeing more and more brands showing interest in what data can do for them.

Step inside the mysterious world of data

So, how can you start applying the power of data to your marketing efforts? The first step is to know your definitions.With great data, comes great responsibility

Let’s get one thing straight: the days of third-party data are numbered. You can blame GDPR or you can chalk it up to a generation that’s just too ‘woke’ - but we for one believe that consumers deserve better. They deserve a brand that’s willing to get to know them personally, not behind their back. So we’re going to look at questions around the use of first and second-party data.

But first, let’s get a finger on the pulse of how consumers feel about the way brands are using their data. Check out these stats from a 2020 report by Salesforce called 'The State of the Connected Consumer'.

These numbers could explain why a great deal of companies are afraid to even talk about data - the risks of impacting the bottom line and driving privacy-sensitive consumers away may seem too high. But in reality, data, used responsibly, is one of the best win-win scenarios out there for companies and consumers. As a business, you get to deliver a better customer experience and more effective marketing, while instead of being bombarded by junk mail, consumers get useful information, assistance, and offers that they might actually want!

To make it work, you just need to define data protection practices internally, and establish them clearly externally. If you want to break through the barriers that are keeping you from harnessing data, start crystallising the practices that will guide you at every step. Look at firming up the rules around how your company collects, manages, and uses data. At the same time, decide how you’ll engage with consumers about those practices. BCG put it well when they say, “Responsible companies build and retain trust through transparency and data stewardship.”

Now, delight your customers through personalised content

Just like the rules are changing with how brands should use their customers’ information, the key to success is no longer the same. In the early days of data intelligence, it was enough to use insights to target customers on social, run CRM-based advertising campaigns, or craft more relevant messages. And sure, these things still work. But they don’t bring customer delight like they used to.

Importantly, this isn’t a need that’s come up due to the impact of Covid-19. As Paul Coffey writes for Think with Google, “Even before the Coronavirus crisis, having a connected data strategy was vital for best-in-class marketers to help drive revenue and cost savings.”

Today, if you want to stand out in a crowded market, you need to build personalised journeys that inspire consumers to keep engaging with your brand. That means taking a strategic and long-term approach to think two steps ahead of what your customers are telling you through data. It means leveraging sophisticated marketing platforms and personalisation technologies to not only speak to your audience, but forge deeper connections with them as individuals with unique wants, needs, and preferences.

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Categories: Business Services, Marketing

Distillery, Fri, 09 Oct 2020 09:48:31 GMT