Marketing: What a “Know it All”

- by Michelle Reeb, The Marketer Network

“We cannot become what we need to be by remaining what we are.”

- Max De Pree

Observations

In attending several events over the past year, a few fascinating facts have been illuminated:

  • Marketers know a startling amount of information about their customers - past, present and future prospects.
  • This information is available through data they own and data they purchase and coalesce.
  • Big data is in its infancy – We are just beginning to capture and explore the power of data collection and mining.
  • Through data collection and analytics marketers have a striking amount of personal data at their fingertips, but is it too invasive?

What we do with the data we have is limited only by the power of imagination.

Why Care?

Because the way marketers utilize the information at hand may heavily influence the very landscape of our future. Respectful and efficient utilization of data enables 1:1 marketing, where marketers communicate with customers as individuals. Is this really so different than customer relationships of the past? No. However, the way that we capture and utilize data is evolving into something we’ve never seen the likes of. Companies are beginning to “know” their customers based on data from numerous sources, which enables companies of all sizes to interact with customers personally and intimately.

Technological advancements are fueling new methods of data collection. Through wearable data-collecting tools, to cameras that are unhindered by human vision, to seamless connectivity and interaction across screens, to online consumer behavior tracking, to everything else you can imagine which captures information, data analysts are able to predict future decisions based upon past behavior (TedTalk:Jennifer Golbeck: The curly fry conundrum).

Wow! Can they really?

Do marketers really know it all? Well, they don’t know it all, but they sure know a lot and in the future, they could end up knowing their customers better than we know ourselves. You may be wondering how on earth that’s possible.

Data Collection

A few examples of what’s new and what’s next…

  • RFID tagged clothing - SnagTag enables consumers to track clothes they like and those they purchase to maintain a digital record of their wardrobe. This technology helps businesses plan for inventory and sales by learning what’s hot and what’s not, even for those who haven’t yet made a purchase. Standard RFID tags have been around, but have received flack in the past. Today, they’re gaining in popularity through responsible use as they help drive efficiencies with managing store inventory.
  • Smart clothing - Nike recently filed patents for a smart t-shirt that provides feedback on performance and shoes that change color as they track your heart rate.
  • Programmatic Marketing – Across all screens - “Programmatic allows marketers to manage the new, non-linear consumer path-to-purchase across all addressable media channels – social, display, search, video, mobile, connected TV – in a scalable, automated, and continually optimizing fashion to drive ongoing, one-to-one consumer experiences that result in greater ROI for the advertiser and a more relevant experience for the consumer.” The CMO Solution Guide to Programmatic Marketing, presented by Media Math and The CMO Club. By improving data analytics across all screens, marketers are able to optimize customer experiences. Keep an eye on ESPN and the NFL to find out what’s on the cutting edge of programmatic marketing. The popularity of American Football is driving demand for more interactivity across screens, which is helping pave the way for the advancement of programmatic marketing across the board.
  • Consumer behavior tracking and predictive modeling – Data mining via Twitter, Facebook and beyond, relevant raw data from Experian Marketing Services, along with predictive modeling through Mu Sigma, are being utilized by Fortune 500 companies to take data analytics to new heights through predictive modeling. These are just a few of many examples.
  • Infinite Computing Power – TEDx speaker, Dan Connors, asks “what would you do with infinite computing power”. Computers are doing work that can’t be done by humans, such as viewing pulse and blood pressure through a camera lens. This is one small example of his talk, which highlights several technologies in their infancy, which are readily available to everyone for free or at a nominal cost.

“Know it All” Marketers in Action

“Vail Resorts puts ‘guests first’ and in fact, in the center of everything they do. Their goal is to create the experience of a lifetime for Vail Resorts guests, each and every time. The way that Vail accomplishes this is through generating customer experiences that are inextricably tied to data-driven insights”, The Growth CMO Promotes a Data-Driven Culture, by Sandra Zoratti.

Imagine the experience guests have when resort employees “know” all members of your travel party, including their names, itineraries, food preferences, interests and more. The feeling generated “feels personal” even though it’s based on data. What will be the key driver of success for companies trying to capitalize on their data? Actual personal interactions, achieved through a team of expert individuals working toward a common goal at every level of the corporation and at every customer touch-point.

Responsibility

The applications for new technologies are limitless. What will be interesting is how companies use this information to foster intimate customer relationships and increased revenue.

Marketing leaders are very well aware of the “creepiness” factor of the personal information they have and making every effort for their interactions to seem completely natural, even in circumstances where customer needs are predicted before a customer decision is made.

If you’re using data to deliver truly exceptional customer experiences, your customers may be willing to overlook the fact that you're using data driven marketing to know them intimately.

How will you know you’re doing a good job?

  • Revenues are up.
  • Customer sentiment is high.

Let’s share and learn from one another to help the next generation of marketing be the very best. What are your recommendations that will lead us into the exciting future of what’s next?

ABOUT THE MARKETER NETWORK

The Marketer Network is a community of freelance marketers creating and implementing effective strategies to improve returns on marketing investment. We share insights and develop detailed, efficient and budget friendly plans that produce measurable results. Our team is comprised of accomplished CMOs and marketing specialists with proven track records of generating positive, valuable and meaningful impact on the businesses we serve. Our freelance marketer model gives businesses of all sizes and types access to the highest caliber team for a fraction of the traditional cost.