Failure to use data to drive consumer value is not an option
Acxiom’s Jed Mole, vp marketing, was interviewed by the Telegraph’s Business Reporter team as part of their “Future of Marketing” campaign. This interview discusses the importance of data and how marketers should use it to drive valuable customer experiences.
Never have we been more reliant on data and technology. We use it to work, communicate, educate and entertain – and we’re only just getting started. Today, we are ones and zeros. Where once we existed in person, now much of our existence is conducted in proxy, as data.
Just as we use data to enjoy a better life, organisations of all kinds want to use data to paint a picture of us, to help them do what they do better. Here, it’s important that we understand not all data is created equal, nor should it be used equally; it’s about balance. Data for law and order, healthcare or financial services is far more sensitive than marketing data. And, while law, health and financial data is sensitive, it represents a small amount of the data we encounter. In contrast, most of us create and use marketing data many times a day – marketers must master data.
Most of us appreciate data is being created at a rate few of us can readily imagine. The fragmentation of media and growth of data, including real-time data, means it’s inherently hard for marketers to master data. It’s hard for them to identify, understand and engage customers across channels and devices and to measure results.
Therefore it’s critical that marketers do three things well. First, they must believe in, understand and practice data ethics – a way of working that ensures you have the right data for the right reasons to do the right thing. Second, they must connect at the data layer – it’s not simply about connecting technologies. Third, this is all to drive transparent value to the customer, as only they can reward you for your marketing and ultimately control what data we can use in the long term.