Is data your new currency?

A few years go our inboxes were filled with research and advice on “Big Data”. That buzz word seems to have fallen by the wayside and now we talk about how data is the new currency. Regardless of the size of your organisation, there are some fundamental aspects to data and the role it can play in your CX strategy.

I have the opportunity to work with organisations of varying sizes, some with less than 10,000 contacts and others with millions. These organisations provide a mix of high and low-value products or services. In the context of Marketing Automation, I’m cautious to label these companies as B2B or B2c, those terms come with too many preconceived ideas about how they should approach their market or audience.

Aren’t we all consumer-facing?

At the end of the day people buy from people, even if those people are behind a website on-shore or off-shore. In business, the purchase process may include a few more decision makers, however the process is essentially the same.

  1. We have a problem
  2. We look for a solution and
  3. We purchase a solution.

One of the most significant changes we’ve seen over the past five years is the shift in thinking and behaviour, the way people buy from people. Those people in business who are buying from other businesses now expect the same experience they get from the consumer brands they deal with.

“Data is now considered one of the most important commodities. An explosion of consumer data has enabled companies and brands to more easily forge one-to-one relationships by offering tailored experiences and recommendations to end-consumers. Now, these savvy consumers have come to expect this type of personalized interaction from consumer-facing companies.”

Michelle Evans – Contributor, FORBES.com
Why Data Is The Most Important Currency Used In Commerce Today

Empowering Modern Marketing Leaders

Actionable insight from Data Driven marketers

Inspired by the movie, The Matrix and how the mysterious and powerful character The Oracle, used careful calculation to pre-determine the most favourable future, we invite you to join us as panellists from Linkedin, Marketing Cube and Brands for Brands Agency explore how modern-day marketers can leverage data-driven metrics to understand customers better and drive successful business outcomes. 

Whether that be like Amazon.com.au, UBER or even Kogan.com.au, people want seamless, online and easy.

By 2020, Australia Post predicts that 1 in 10 items will be bought online.

At the end of 2017, online shopping represented 8% of total traditional retail sales, yet you’d think the world was coming to end the way some retailers react to online shopping.

If B2B buyers want a consumer experience, how do you deliver that?

Several years ago I attended a CX event where a Telstra executive said their biggest problem was knowing who their customer was. Arguably Telstra has more customers than anyone in Australia, excluding perhaps the Tax Office.

The challenge I see for many marketers is the connection between their heroic campaign plans and the reality of their data. If you can’t even send an email and address a person by their name, how on earth can deliver an amazing customer experience?

Where to start?

In his blog post, How To Work Best With Data, John Rampton provides a range of tips and suggestions. The one I like the best and the one I use when working with our Oracle Marketing Cloud Eloqua customers is to start with a specific campaign, a specific business objective.

Data-Driven Marketing Tactics

“One of the best ways to work with data is to apply it to specific marketing tactics where the information can directly address specific objectives, such as greater audience and customer engagement, deeper understanding of specific audience needs, and the ability to reach audience members across channels and locations.

Data-driven marketing tactics include personalized marketing, which continues to be a challenge and opportunity in terms of delivering the right message to each audience member when they want it. Using that data to create specific customer profiles that direct how to develop customized content is an ideal way to work with data.

Look for specific insights in the data related to how to improve the overall customer experience, that provides a blueprint for how to deliver multi-channel experiences, and what type of products should be developed in the long term.”  

John Rampton – 1 May 2019
SOURCE: How to Best Work with Data

This approach is generally a “start small” approach. Through analysing specific details and applying filters to your data, you can identify trends or patterns. It may be that you have data in your ERP or CRM systems that could be added to the integration between Eloqua and those systems.

The “integration” may initially be done using “excel” and once you’re confident that you have the right data and the process is delivering correctly, you can then automate the flow of data. This is easily achieved for Eloqua customers.

Marketing Strategy

From connecting your business goals with your marketing objectives to understanding your competitive landscape and the resources available to you, your marketing strategy should provide a clear and measurable blueprint for your short and long-term achievements. 

Customer insights

Understanding who your audiences are and how they like to engage with you across all touchpoints is fundamental to delivering exceptional and frictionless customer experiences.

Customer journey mapping

Recognition of your brand and the value you bring to your customers, at the right time, in the right channels, with the right messages – not just through a series of transactions, but via a cohesive journey.