Smaller companies might know it, but many struggle to see data and it’s management as anything other than a cost centre. For some, it’s not even seen as an untapped resource.
Just as oil changed the global economy forever, data has become the energy that powers many decisions that affect all of us. When it comes to goal setting marketing, it’s increasingly the juice that keeps the dollars flowing reliably for our bosses and our shareholders.
Data has already changed the world when it comes to powering and influencing decision making.
In almost every industry, there are better decisions and smarter predictive processes working because of data.
When it comes to marketing and influence, consider the Cambridge Analytica scandal of 2016 where data scientists used Facebook to harvest up to 87 million Facebook profiles to influence the outcome of an election.
The majority of outraged people were non-marketers.
Most marketers I know shrugged their shoulders at the outrage. This was exactly what Facebook was designed to do. Although usually for the benefit of advertisers, and controlled by Facebook for their own profit.
Marketing data is everywhere. Consider automation in Google and Facebook, predictive tools in ecommerce, split-tests of all types, chat bots, retargeting campaigns, data driven content and trend prediction to name just a few.
Like oil, unrefined data is useless. And for most businesses, this is exactly what they are dealing with. How then does a regular business turn the crude stuff into the good stuff?
As a regular business, you don’t have an army of data scientists at your disposal. You probably don’t have a single data expert on your team. That’s OK, a whole collection of technology solutions are making turning data into dollars easier than ever. Review your tech stack today and you’ll be surprised by how many of the points above are already achievable by people just like you.
This is where data beats oil. It’s renewable. And for most businesses, it’s almost unlimited.
Not only do we need to invest in constant quality improvement, we also need to make growing the depth and the breadth of our marketing data a normal part of our life and our omni channel digital marketing strategies.
Budget and time needs to be allocated to growing our valuable data and finding ways to leverage it more effectively using our smarts, plus internal and external technology.
In the early 1900’s there were two types of people.
Those shopping for a better horse and cart and those taking the leap into the brave new world of new-fangled cars.
How much of what you do as a marketer today is based on the way you’ve always done things? How much value are you getting from data and data-driven decisions? How seriously do you take improving and growing your data as an asset for now and the future?
David Lawrence is the MD and Co-Founder of Rocket, an award-winning Australian digital marketing agency. He is also the co-author of the Amazon #1 best-selling marketing book 'Smarter Marketer'. David has presented at several events including Inbound, Search Marketing Summit, Mumbrella360, CEO Institute and a variety of seminars and in-house sessions.
David has built his expertise from a diverse career, starting with an economics degree before jumping into all things web in the late 90s.
Today, David is Rocket's Managing Director and is known for his ability to find clarity in the bigger picture. He is highly respected as a digital marketing authority, sharing his expertise with an extensive network here in Australia and around the world.