Turning data into useful insights is one of the most significant challenges all CMOs or marketers encounter. To keep up with the extensive data and technology trends, you must stay abreast of the ongoing trends that are shaping them.
So, here I am listing down some of the top trends for them that have surfaced this year. The Data & Marketing Association is tracking them, you must too.
Marketing right now is morphing constantly and changing, like a liquid. Consumers, these days, are content-driven and very attentive. Thus, if you are into marketing, you must be agile and be able to roll to match pace with their demands. Not everyone can master these skills. That’s the reason behind the rise of talent development programs.
A tremendous amount of data is available and being constantly generated on the market today. These data bring forth the challenge and opportunity as well. However, you must be able to filter the information. So you will know which information to use and which to avoid.
Some datasets have been here for a long time. The chances are high that they are no more relevant or of good use to the current business needs. Also, some data could be inaccurate or even corrupt. In that case, you should have a prominent target audience and clear business goals.
This testing will keep you from sinking into the depth of almost infinite datasets. You must test the data to clarify inaccuracies before you onboard it. You must check the legacy data as well for both value and accuracy.
Cybersecurity Before A Crisis
Technological advancement and innovation is the backbone of the data and marketing sector. With the help of these innovations, the companies connect with their customers on the grounds of trust, truth, and results.
You must build your relationship with your customers by acting responsibly along with giving proper notice and choice to them regarding the data usage.
Now, acting responsibly means you must take the necessary steps required for securing the data, especially the sensitive ones. Thus, you can prevent your data from being hacked and other such breaches.
The point is simple. if your customers aren’t sure that their sensitive information will be safe with you, they will hesitate to engage with your brand. This event will adversely affect your business, your brand and the entire community that is driven by data.
And they will be in loss because this community runs on trust and loyalty of their customers. So, if you want to retain customers and prevent risks, data security should be your primary concern.
Integration Of The New And The Existing Data
The new technologies like wearables, facial recognition, and voice recognition are providing some new data, an insight that wasn’t there before. You must have heard about Sovereign, the health insurance company from New Zealand. It bagged the ECHO award as well.
Sovereign had integrated considerable datasets in their campaign. This step made customers signup for their insurance. This generated leads and then ultimately resulted in sales.
The data stream consisted of data from gym networks, activity trackers, and grocery stores. It was because of this data, that they rewarded customers for their healthy habits. The new data also made it possible to have timely and tailored notifications across all platforms.
Despite the large data, Sovereign improved the health outcomes and increased the renewals of the policies. This achievement reversed the negative trend of the company. Such is the power of useful data.
Combining New Analytical Tools With Existing Business Practices
Every passing day witnesses a new tool and technique. For instance, there is Machine Learning, then there is Augmented Reality and Artificial Intelligence. These are just a few tools from the never-ending list of innovations.
Marketers can use these tools to analyze competitors, businesses, and customers better. The marketers who actively integrate these tools add a competitive advantage to their firms.
The live example is of 1-800-Flowers. It integrated natural language processing and artificial intelligence technology in its website. This approach delivered an incredible experience to their customers.
Using these technologies, you can identify the needs of your customers in detail and recommend them something that will fulfil those needs. You will be able to deliver much more convenient and efficient customer experience using this method.
EU GDPR is already integrated into Europe and it has set a new trend in the field of Data and Technology. As a result, the business in Europe is moving with full force.
European Union has prepared a new set of principles for the Data protection. It is called the General Data Protection Regulation, or GDPR. The regulation took effect from May this year. It extensively affected the current practices in the field of marketing data.
The primary focus of this regulation is to ensure that proper consent is obtained for the datasets. It also denotes that other privacy rights like the “right to be forgotten” are observed.
This regulation has set a new base for the privacy rights that a customer expects. Their nationality doesn’t matter. So, the marketers must keep reviewing the rules.
Wrapping It Up
Businesses are turning into data-driven enterprises. Their data strategies and technologies must deliver the values. Technologies like IoT are generating more data, and it is becoming more complicated to manage and leverage them.
Innovations in technology are always in progress. With the faster and more accurate technologies, it has become vital that the datasets must be tested and checked thoroughly. Some data become useless with the time and conditions. These data become baggage, and so, you must identify and drop them.
Using the right data in the right place correctly can benefit you greatly. And keeping up with the data and technology trends is essential as well. If you ignore them, you will be left behind in the race of gaining customer base and loyalty for your business.
Also, in today’s business scenario, a successful marketer is the one who keeps up with the trends. He can identify the useful data from the pit of never-ending datasets and know how and when to use them.
However, these data and technology trends are not definitive, but they can shape your business for sure.