Digital identity in the future looks very different to how we understand it right now. And that change will be driven not by privacy regulations, or the death of the cookie, but by the rise of the Internet of Things (IOT).
The idea of one or two personal devices giving us access to individual consumers will disappear, to be replaced with a range of potential devices – from mobile to voice-activated speakers to connected TV to fridges.
Across those devices a range of different digital identities will exist – some individual (like now), some family/household, some work/B2B, and some more generic.
It’s a paradigm shift – and it’s why the idea the cookie is crumbling as the web shuts down consumer tracking, isn’t actually that big a deal. The medium-to-long term view of how we deliver and measure marketing in an increasingly automated and digital world looks very different, whatever happens to cookie based targeting right now.
What are the biggest changes you have seen in digital technology across APAC over the past 10 years?
There is greater customer demand for first-rate user experiences compared to a decade ago. Brands have to evolve their strategies to keep up with the customer, providing seamless interactions and a consistent experience across a wide range of platforms. This is resulting in marketers shifting their focus from the transaction to the experience, where the customer and their lifetime engagement with the brand are at the centre of every marketing strategy.
From a technological viewpoint, this customer-centric focus requires marketers to bring together the vast number of digital solutions used to optimize the customer journey over the last few years into a more manageable stack. It is also leading to an increased focus on granular first-party data to help understand the customer and their needs through detailed profiles. Where brands may once have acted on instinct, or what they felt was right, they now use data to ensure they are making the best decisions.
How has regulation such as GDPR impacted businesses in APAC and their ability to manage and use consumer data?
GDPR covers any organization that handles the data of EU citizens — and in today’s global economy, this means it impacts most companies; including those in APAC. Yet attitudes towards the regulation remain mixed. On the one hand, there is an appreciation that complying with the new rules brings many advantages: by giving individuals power over data and more visibility into usage, the GDPR can reduce privacy concerns, increase trust, and build lasting customer relationships. But on the other, following legislation that goes beyond regional law is difficult. Ahead of enforcement, more than half of firms in Singapore weren’t ready and one month later, only a quarter of Japanese companies had met fundamental rules.
Businesses must keep working towards compliance and recognize that the GDPR doesn’t necessarily require a total internal overhaul – a common misconception. Companies will often find they can make existing systems adherent by connecting them, instead of replacing them.
What can businesses do to better leverage the explosion of customer data we’ve seen as a result of the digital age?
In short, it means putting the data created by greater connectivity into action. As adoption of smartphones, tablets and wearable technology has grown — with 8.6 billion devices set to be in use across Asia by 2020 — the quantity of data produced by consumers has exploded. So, brands now have a larger pool of transactional, demographic, and behavioural information to draw upon than ever. But before they can harness this data as a basis for tailoring customer experiences, companies need to translate it into cohesive and usable insight. And this is no simple task; in fact, 34% of marketers state that the difficulty of unifying data sources is the greatest barrier to better understanding customer journeys.
The evolution from brands talking about DMPs to CDPs as their primary consumer data tool has been very apparent over the past few years in marketing. What’s the difference between these platforms from your perspective?
The answer to this lies in the history of both tools. DMPs were originally designed to gather information about online activity, categorize it and build audience segments, which then fed into other systems such as DSPs. As the complexity of consumer journeys increased, DMPs tried to meet the need for a persistent view of individuals. But because they were only able to store third-party cookies, it was difficult to effectively resolve the many identifiers created by different channels and devices. And this is where CDPs come in. CDPs can collate, synchronize, and activate data from varied sources: generating one centralized store of insight marketers can use to understand and trace individuals across touchpoints. This results in the capability to take consistent and relevant action in real time across an organization’s entire tech stack from a universal data foundation.
This isn’t, however, to say CDPs supersede DMPs; the two can be effective when used in partnership. For example, a CDP can give marketers a ‘single source of truth’ and a complete picture of customer journeys. This insight can then be shared with DMPs to produce better audience segments that ultimately boost ad targeting precision and results.
What can brands do to get closer to the holy grail of a true 360-degree view of their customers in real time?
If brands want to obtain a real-time 360-degree customer view, they must ensure data is well orchestrated. And this means following several core stages that aim to continuously harmonize data. To start, customer interaction data must be collected from every possible source — such as apps, sites, and stores — combined into a single layer, standardized, and cleansed. Simultaneously, this information should also be stitched and enriched; with smart tools used to assess incoming data and transform it into individual profiles that are linked with data from particular devices, once owners are identified.
Because all of this is done in real time, the end product is a complete up-to-date customer profile. Exactly the insight marketers need to understand customers and deliver engaging experiences across channels. Though it’s worth noting that to accommodate ever-evolving individual preferences and habits, they must also check that their orchestration platform integrates with other systems and constantly ingests new data.
How are AI and machine learning changing the way brands engage with their customers?
AI and subsets such as machine learning are already beginning to broaden the horizons of customer interaction by adding new channels to the mix. The best-known examples of this are chatbots — used to provide instant 24/7 services by major brands from Starbucks to MasterCard — and the growing presence of digital tools in physical stores. As recently seenwith the Guess and AlibabaFashionAIstore, which trialled blending real shopping and a range of intelligent tech; facial recognition, smart touchscreen mirrors, RFID-tagged items.
But it’s also important to highlight the applications that are making a sizeable difference to customer experience behind the scenes. Machine learning, in particular, is fuelling advances in data processing; giving brands the means to collect and analyze customer information at scale, and extract valuable insight. This in turn, means data can be quickly harnessed toimprove interactions by enhancing contextual relevance and personal resonance. So long as marketers are taking adequate measures to keep quality and accuracy high, including avoiding bias among the human teams driving AI and data fragmentation.
What are the biggest challenges you see with brands getting to grips with big data in APAC?
One of the most significant challenges is providing communications that keep pace with omnichannel activity. According to a Google study, the majority of APAC consumers prefer to research online and buy in store; with 70% doing so while browsing real shelves. But activity varies by market; Australia and Japan, for example, have large numbers of digital shoppers – especially Japan, where e-commerce revenue is currently more than $80 million.
So, there is no room for archetypes; marketers need all-inclusive insight into the behaviour of specific target audiences. Only by identifying which devices, shopping environments, and ad types work best for individuals can they provide personalized experiences that flow as part of a seamless cross-channel conversation. And that necessitates agile integrated tech, which can be problematic in certain markets that have historically relied on legacy systems. Despite its forward-looking approach to mobile, Japan still tends to use CRM databases that don’t necessarily have the capacity to work with other systems and therefore can’t share data easily.
Finally, how can brands intelligently pull all their data together to build a better, more personalised and more holistic customer experience for 2019 and beyond?
The role intelligent data plays in customer experience will continue to grow as more brands recognize the value of building communications around individuals. Forrester research has shown brands focused on customer experience achieve an annual growth rate of 23% and twice as much return on ad spend — and data is an integral element of this.
But to get every interaction right, brands mustn’t overlook the basics. Constructing a strong foundation of compliant, accurate, objective and perfectly orchestrated data is critical for communications to make a positive impact.
With the continued explosion of data from a wealth of connected devices, there is more focus than ever on the way companies collect, manage, and use their data. The last 12 months have seen some big names under the spotlight, but as we shift our attention to the year ahead, what lies in store for digital marketers?
There’s no denying, 2018 was probably one of the most significant years to date in terms of shaping the data landscape. In a year where more than 3.6million Asian Facebook users may have had personal information inappropriately shared with Cambridge Analytica, data has never been more prominent in the headlines.
And data isn’t set to fade into the background any time soon. Rightly, the world has woken up to the importance of data in our everyday lives and, for companies, the ability to mobilise insights from data to drive decisions across all areas of the business is firmly on the radar.
So, amid the introduction of stronger legislation and increasing opportunity – and responsibility – to harness the power of data, plus the potential lure of artificial intelligence (AI) and machine learning, what will the data landscape look like in 2019?
Customer-centricity is priority
In light of new privacy regulations – led by the EU’s General Data Protection Regulation (GDPR) launched in May 2018 – there’s been greater awareness from consumers regarding the use of their personal data. In a world where technology has fuelled rapid advances in all areas of life – from e-commerce to financial services – legislation has been somewhat slower to keep up.
But, thanks to high-profile breaches and changing laws, we’re transitioning to an era where the importance of personal data is much higher on the agenda. In turn, this is forcing companies to ensure they have a customer-centric strategy in place, which clearly places the user’s experience at the heart of all business decisions, with the power back in the hands of the individual.
Build a data foundation first
It’s tempting for companies to get caught up in an exciting digital future – we have already seen AI adoption rates across Southeast Asia grow from 8% in 2017 to 14% in 2018. And while some countries, like Singapore, are storming ahead in terms of innovations – with start-up companies such as CashShield creating noise on a global scale – the picture varies from country-to-country. Most are still working to get the data basics in place first; after all, even the most advanced of machine-learning algorithms are only as good as the data that fuels them. So, it follows that companies must concentrate on building a strong data foundation before implementing any ‘must-have’ technologies.
Many businesses throughout Southeast Asia are still facing challenges with relying on legacy back-end systems, and their priorities at the moment are focused on connecting disparate data silos. In 2018 we saw the premise of Customer Data Platforms gather pace, as companies switched on to the need for a tool to help them collate, enrich, and manage the high volume of event-level data across multiple channels – both online and offline – to create a comprehensive view of the consumer. Putting these building blocks in place is fundamental to delivering a first-class customer experience, and it’s the point from which every other business decision should pivot.
Now is the time to talk about ethics
And what about the appeal of AI, with initiatives such as facial recognition, voice-activated search, and online chatbots? There’s no denying its potential and – while companies ready their datasets with clean and accurate data to get to a point where they can successfully adopt these technologies – now is the time to talk about the guidelines we need to ensure machine learning algorithms are unbiased and ethical – rather than waiting until mistakes have been made. It’s our responsibility, as an industry, to get this right.
We have already seen the creation of theSingapore Advisory Council on the Ethical Use of Artificial Intelligence (AI) and Data, set up with representatives from Google, Microsoft and Alibaba – designed to develop a trusted and vibrant AI ecosystem in Singapore. And with India releasing an AI strategy discussion paper, the UK creating a Centre for Data Ethics and Innovation, and worldwide issues being monitored through the AI Global Governance Commission, there are signs of a shift across the globe which will continue in 2019.
While this reflects the need for new and updated regulations that are relevant to today’s digital landscape, it also addresses a changing approach from companies about how they view consumers’ data. No longer just an ‘asset’, we are starting to see a real understanding and respect for its true value, with focus returned to the individual – rather than a collective audience segment.
The data landscape in 2019 may follow a theme of regulation – but at its heart will be a strong emphasis on the customer – regardless of what new tech may be dominating the headlines.
From consumer engagement and privacy to technological advances, content strategies and monetisation, data in its various forms is everywhere and companies are challenged with harnessing and analysing it smartly for greater returns.
Here are some of the top trends driving media companies:
Mobile and Social – What Consumers Want
Audiences today expect video to be on mobile. According to Ooyala’s Q4 2017 video index, mobile’s share of video plays in Asia-Pacific surpassed 60% and the medium had the most share of plays amongst other devices in the region.
Social media video continues to grow, driving media companies to lean more on social to promote and enhance their content, and grow their audiences. Content, strategic partnerships, innovation and branding are key to their growth in the future.
The focus on more granular applications of asset metadata has also led companies to AI capabilities. Modern data-driven media platforms connect and streamline content supply chains to help media companies search their content archives for video, audio or text files with facial recognition, language translation, visual text identification, and more.
Immersion with AR and VR
With mobile devices getting more ubiquitous and advancements in 5G connectivity, we’re looking towards a future of more immersive video content, thanks to continuous progress developing virtual reality (VR), 360-degree video, and augmented reality (AR) technology.
A study confirmed that VR increases viewer engagement with journalism, particularly with larger-scale experiences. And VR360 ads were found to perform better than traditional ads, with advanced platforms supporting VR360 playback for VOD and live.
Interest for AR is rising within the wider industry. Consider The New York Times’ integration of AR into its stories, including features published during the 2018 Winter Olympics.
Data at the centre
As media companies strive to be innovative in monetising content and diversifying revenue streams, it is data that will increase their chances for success and lead them into the next era of media.
As the region’s digital ad spend grows, consumer data has become a massive by-product for brands, but lack of training in digital and data related skills is a key barrier to campaign success.
Research by Adobe Digital Insights reveals that gaps exist in the applications of data-led creativity in digital campaigns for Asia Pacific. 65% of 18 to 34-year-olds prefer ads based on their interests, with a third of the same demographic believing advertisers can do better in personalisation.
Much of this can be attributed to brands appointing multiple agencies that end up working in silos focusing on distinct and individual KPIs. The lack of digital collaboration ultimately results in wasted advertising dollars.
“The challenge in tailoring digital campaigns lies in recognising where data originates and how they influence creative briefs to develop highly relevant and engaging content. Especially in Southeast Asia, where programmatic is only beginning to take off, brands must be quick to pick up on key learnings, ensuring advertising budget drives toward achieving business bottom lines,” said Miranda Dimopoulos, CEO & Ambassador to SEA, IAB Singapore.
To encourage a data-driven approach, it is imperative on brands to leverage a Creative Communications Process framework across the entire campaign development process.
“As data-driven marketing becomes the new normal, it is important to advocate data-inspired creativity among marketers, agencies and brand owners. Using the Creative Communications Process framework, digital campaigns can be readily optimised with insights from the data signals around us, to develop engaging and impactful creative platforms and campaign ideas,” said Deepika Nikhilender, Senior Vice President, Xaxis Asia Pacific.
Creativity Inspired by Data accounts for current industry needs, with contribution by senior representatives from BBH, Twitter, Digimind, Xaxis, Wavemaker and Unruly.
To get a copy of the Creativity Inspired by Data white paper, click here.
Using customer relationship management (CRM) or data management platform (DMP) data to accurately target audiences across web, mobile browser and apps, Criteo Audience Match provides marketers with a new way to re-engage their customer base with paid display campaigns. Criteo has built a foundation of deterministic IDs within Criteo Shopper Graph, enabling beta customers to see a match rate of more than 60 percent of their existing client lists with online profiles.
Criteo Kinetic Design with Video automatically optimises every visual aspect of an ad to inspire and engage a shopper. Kinetic Design already allows for more than 17 trillion variations from one base design in display ads. This has been now expanded to incorporate video, creating personalized video ads that feature relevant products based on Criteo’s complete understanding of the shopper. These video ads are created automatically, on-the-fly, and appear across web and mobile.
“Collaboration in an open ecosystem levels the playing field and paves the way for commerce companies to shape their future. This is especially crucial for eCommerce companies in Asia-Pacific where the market is expected to grow to more than US$3 trillion by 2021,” said Huang Hanming, “We have developed Criteo Commerce Marketing Ecosystem to unleash the value of collaboration and the power of data to all who participate.”
As consumer video consumption continues to grow, Criteo’s clients can now use video to relevantly re-engage shoppers without production time, resources, or costs. Video is delivered in a non-intrusive manner to provide a seamless browsing experience – in app, in feed or on a website. Criteo’s video capability also allows marketers to take advantage of video ads on a cost-per-click basis.
“Understanding consumer purchasing behavior is challenging for retailers given that shoppers are on more platforms than ever before, with collected data being difficult to integrate and analyse, at scale,” said Alban Villani, General Manager, Southeast Asia, Hong Kong and Taiwan, Criteo. “To help retailers and brands overcome this challenge, Criteo Audience Match and Criteo Kinetic Design with Video, as part of a robust suite of commerce marketing technologies, will support the full shopper journey, enabling brands to create relevant and engaging experiences for customers online and offline.”
A quick check of their books reveals that in the first quarter of 2017, 92 cents of every new dollar spent in online advertising across Asia Pacific (ex. China) went to Facebook and Google.
That’s an incredible statistic. The good news is that digital marketing in the region is clearly experiencing strong growth, with revenues up by $1.23 billion year-on-year in 2017. The bad news? Of that $1.23 billion in growth, virtually all of it – $1.13 billion in total – goes to Google and Facebook, with only $100 million to share across the remainder of APAC publishers.
Facebook and Google combined revenue this quarter hit 51% of all APAC revenue, meaning more budget goes to to Google and Facebook than every other digital publisher in the region put together.
Google and Facebook also forge ahead in terms of revenue against all media in the region, taking 15 cents in every 1 dollar spent. This is up from 12% – or 12 cents in the dollar – last year, and represents the increase in budget flowing from traditional media, including TV.
Finally, a note from history. In the early 1900s, the United States had around 2,000 firms producing one or more cars. By 1920 the number of firms had decreased to about 100 and by 1929 to 44. In 1976 the Motor Vehicle Manufacturers Association in the US had only 11 members.
In many ways digital advertising, and the industry that surrounds it, is it’s own worst enemy. All dollars eventually become digital dollars, so it is the only show in town. But a show obsessed with the next shiny thing, full of incomprehensible – and often meaningless – metrics, and more importantly, critically lacking in real transparency. Programmatic has only accelerated these tendencies.
Google and Facebook have done a huge amount to bring new money into digital advertising by simplifying advertising for brand marketers. And they have reaped the rewards.
However, they are now part of a systemic change representing an existential threat to an entire industry – media, advertising, agencies, publishing, journalism are all caught up in this – across the region and globally. Change rarely comes without casualties. The struggle for monetisation continues.
A huge debt to Jason Kint (this chart in particular) and Brian Nowak at Morgan Stanley for the inspiration for this article, and the work they have done creating similar graphs for Global and US ad revenues. Corrections welcome. Numbers are based on Facebook and Google publicly filed earnings information and best industry advertising revenue estimates – but someone out there may have a better view. The major assumption in this data is to exclude Chinese advertising spend both from Google and Facebook earnings information and APAC industry spend estimates to avoid distorting the data in a market where Facebook and Google have small (although not insignificant) advertising businesses. All the data is available on a public Google sheet (yes, sorry, it’s Google!) here.
Notes and References.
1. Google 2017 1st Quarter Earnings Report: a. Estimated based on reported total APAC revenues x 90% (percentage of Google revenues represented by advertising) b. Excludes Google revenue in China estimated based on APAC revenue data sources.
2. Facebook 2017 1st Quarter Earnings Report: a. Estimated based on reported total APAC revenue by User Geography b. Excludes Facebook revenue in China estimated based on APAC revenue data sources.
3. APAC digital revenue data compiled from: IAB, eMarketer, GroupM, ZenithOptimedia, McKinsey & Company
4. APAC all media revenue data compiled from: IAB, eMarketer, GroupM, ZenithOptimedia, McKinsey & Company.
1. V-Key managing trust and identity with virtual hardware on your phone
V-Key is a global leader in software based digital security. V-Key is the inventor of V-OS, the world’s first virtual secure element that uses advanced cryptographic and cybersecurity protections to comply with standards previously reserved only for expensive hardware solutions. How does it work? They create a virtual hardware smart chip within an app, meaning identity is held in the same way as on a cashcard smart chip – and with the same level of security. Interesting ultimately for anyone concerned with real world identity, which is why they already work with governments worldwide. Prepare for your passport to change in the near future. Trust simplified.
Handshakes applies natural language processing and machine learning technology in an innovative way to analyse corporate data and publicly available unstructured data. The platform can then fuse this data with a companies existing unstructured databases to provide strategic intelligence about who to trust and who to do business with. Exciting stuff and sure to disrupt back offices globally – corporate due diligence is suddenly a trivial task.
Xjera Labs focuses on revolutionary smart video content analytics (VCA) by implementing deep learning based VCA for various commercial applications. Kind of like Minority Report.
4. IOT Factory simplify the Internet of Things for normal entrepreneurs
IOT Factory have built a unique Software Platform to make any sensor, any device, using any network (M2M, LoRa, SigFox, BLE and many more) speak a desired language, through dashboards, reports, smart alerts, and easy integration capabilities. Essentially they’ve automated the back end of the Internet of Things so non-technical innovators can start to build on it. Thank you.
SettleMint is a fintech player working with distributed ledger technology. One of their projects, called SettleMint Ballot Box, uses immutable blockchain technology to record votes. In doing so, the company aims to address any doubts regarding the outcome of voting processes and elections. Use cases for the blockchain are crucial for pushing this forward.
6. Playpass bringing versatile Apple Pay / Paywave type technology to events
PlayPass are all about events and technology. They provide RFID solutions to allow better event management – in short every attendee gets an RFID wristband. From the moment the gates open real-time reporting tracks and displays the number of visitors on-site, which brands and activations are of interest to that visitor and what they consume and purchase.
SGInnovate this week presented ARISE, an Artificial Intelligence-themed event at innovfest unbound 2017as part of a long term investment in AI and data driven technology. The anchor event of the Smart Nation Innovations Week, innovfest unbound is Asia’s largest innovation festival with more than 8,000 attendees.
ARISE is planned to provide a platform for researchers, academia and industry leaders to explore emerging AI trends and give insight into how it will affect the way we live and work in years to come.
Among the leading figures from the tech sphere at ARISE was Dirk Ahlborn, CEO of Hyperloop (first proposed by Elon Musk), who revealed an inside story of the smart people and smart machines powering the next generation of transport tech.
Macro trends such as machine learning, robotics in the workplace and in the domestic sphere, emerging technologies, and the march towards artificial sentience were also covered.
Steve Leonard, Founding CEO of SGInnovate, said: “Artificial Intelligence has the potential to dramatically impact many areas, such as Healthcare, Transportation and Education. In fact, without even realising it, we have all embraced some form of AI in our daily lives – such as virtual assistants in our phones – and the next few years will bring exciting advances in many ways.”
“We passionately believe that Singapore has the right resources to be an important hub for research, so the challenge for us here is to ensure we are leaders in the development and use of AI capabilities to improve the lives of people here and around the world. We think ARISE is an extremely timely event, and we look forward to the constructive discussion around the challenges and the opportunities, that AI will bring.”
Today, Singapore is already a fast-growing influence within the realm of AI with the country ranked second globally by field weighted citation impact for AI R&D.
On a global scale, the AI market is growing rapidly. It is estimated that revenue for the cognitive systems and AI market will increase from an around US$8 billion (S$11.1 billion) in 2016 to over US$47 billion (S$65 billion) by 2020.
To further boost Singapore’s AI capabilities, the National Research Foundation (NRF) Singapore recently announced AI.SG, a national programme in AI driven by a government-wide partnership with SGInnovate as one of the partners.
NRF will invest up to S$150 million over five years in AI.SG, which will catalyse and synergise Singapore’s AI capabilities to power our future economy with practical solutions to real-world challenges.
“As a private company wholly-owned by the Singapore Government, SGInnovate has one purpose – to help aspiring entrepreneurs in Singapore imagine, start, and scale technology-intensive products with the potential to be globally relevant. We are working with entrepreneurs and investors in industries such as healthcare, energy and transportation, all of which are seeing a flurry of artificial intelligence (AI) startups. The launch of AI.SG helps give a solid foundation which a wide range of activities in academia, research, corporates, entrepreneurs and investors can build upon,” added Mr Leonard.
Stephen McNulty, Managing Director Asia-Pacific and Japan at Progress, discusses the importance of gaining a comprehensive view of each customer’s journey and following a targeted approach based on the insights.
There are many challenges facing today’s marketers: pressure for growth, ever-growing marketplace competition and ‘always-on’ expectations from both customers and employers. According to a Forrester estimate, 57 percent of businesses across Asia Pacific are experiencing rising customer demands in this digital age. The mounting pressure to prove and improve marketing return on investment (ROI) adds yet another significant burden. Meanwhile, rules of business continue to shift underfoot and change the playing field in which marketers operate. Thanks to modern technology giving us instant access to many sources of information, the way consumers are engaging with brands has changed. Customer decision-making changes according to the engagement channel and customers are better informed than ever before. Often they make buying decisions long before the first contact with a sales representative or stepping into a store. As such, there is a need for marketing and sales teams to adjust to these new customer behaviours.
Successful marketing in this new environment begins with objectives based on accurate insight into the customer journey. According to Forrester, in Asia Pacific, “businesses increasingly recognize that success will hinge on their ability to close the gap between available data and actionable insight”1. These insights will enable marketers to build customer personas, improve engagement tactics, leverage metrics, create targeted messaging, adjust the marketing mix and craft plans to drive future growth. However, exploding volumes of data and siloed systems can often stand in the way. Multiple marketing channels are proving a double-edged sword: on the one hand they give marketers greater reach, yet on the other they make it much harder to track and measure potential customers.
Working with only a fragmented customer view weakens digital marketing efforts. To gain a single customer view – as quickly as possible – marketers need tools that compile data from all marketing, sales and customer information channels and systems, including data from real-time known and unknown customer interactions. Organisations need a way to integrate data siloes to gain a comprehensive view of each individual’s customer journey, and discern trends that can be affected by marketing programs and campaigns.
Managing data assets
Developing a marketing plan which truly complements the new digital consumer-driven buying journey, combined with more traditional offline activities isn’t a simple task.
On-and-offline engagement data sets – click through rates (CTRs), data from CRMs, and social analytics – are too-often siloed and stored in different systems and formats. Data derived from emerging technologies such as smart sensors, connected devices and social channels only adds to the pile-up.
Manually completing the time-intensive task of unifying siloed data, often across multiple spread sheets, risks static data becoming obsolete.
Marketing automation tools offer a far more efficient solution for pinpointing and engaging with the customer, leveraging available demographic data. Some even provide suggested execution tactics and a 360 degree view into the customer journey. Authenticated contacts – those that have provided their details when downloading whitepapers or attending events – are essential for marketing automation tools to run effectively. However, in most organisations authenticated contacts represent just 2-3% of all recorded interactions. Leaving masses of data ‘loose’ in the cloud means potential customers remain anonymous, and this limits the ability of marketing programs to drive those contacts towards meaningful conversions.
To compile and analyse data from customer touch points across multiple channels – CRM, direct marketing or social media engagement, from initial contact to long term customer, marketers should make the most of the latest technologies. For example, some tools provide a central repository of individual customer interactions, and integratewith third-party sources todraw data from key systems. They can collate anonymous user profile information, assigning each a persona based upon tracked behaviour.
These same leading technologies also leverage machine learning to relate how groups of customers and prospects interact through different channels. They provide conversion recommendation ranking, tracking and personalization of mobile apps for efficient real-time marketing as well as more tracking control for site administrators, amongst other benefits.
A targeted approach
An effective marketer will always keep on top of the latest technology. If this seems a low priority to others, they must take note that in today’s digital world the relationship between salesperson and customer is increasingly detached, and the constant flow of new data means the customer journey is ever-evolving. The right technology plays a vital role in arming marketers with essential insight, as well as offering cost and time-savings in the longer-term. Marketers can only map and react to the shifting customer journey appropriately, and prove the direct relationship between marketing investment and results, if they broaden their reach whilst improving the effective targeting of both anonymous and known individuals.