For 2020: Clean, Personalized, Predictive Data

As 2019 closes, marketers have a year's worth of multichannel customer, campaign and sales information to analyze for 2020 plans. So what are the big data trends that will maximize ROI? Clean, up-to-date, quality data is still the basis for effective marketing. So start by monitoring data for issues such as duplicates, missing information or bad records to figure out how and where they are occurring. Then standardize processes at each data entry point. Next validate the accuracy of data via data tools or expert data services. Identify and scrub duplicates. Once data is standardized, validated and de-duped, improve its analytic value with third-party data appending. Establish a feedback process to spot and update/purge incorrect information, and communicate standards and processes so all teams understand the value of clean data in segmentation targeting, lead response, customer service, etc. Meanwhile, the 2019 Martech Conference highlighted other trends, such as the role of data in personalization. Expect to see increased use of Artificial Intelligence (AI) and machine learning (ML) for personalization. For example, for more personalized acquisition, ML can recognize if people from certain areas are more likely to respond to a specific offer or which past high-response special offers may resonate in future. When personalization is combined with elimination of data silos and creation of a single customer view across channels, marketing becomes especially powerful. Indeed, data integration and elimination of data silos are key to the growing "agile marketing" trend, which breaks down team silos to focus on high-value projects collectively. Marketers should also boost use of predictive modeling. Why? A study by ClickZ and analytics platform provider Keen found that 58% of marketers using predictive modeling experienced a 10%-25% ROI lift, while another 19% saw more than a 50% uplift. While retroactive campaign data can be very useful, it’s not as good at informing future multichannel directions. Standard data analysis often mistakenly gives most credit to last-click channels such as search or transactional activities. The Keen/ClickZ survey found marketers using predictive modeling boosted results in multiple areas, including better understanding of the target audience (71%), optimizing touchpoints on the customer journey (53%), and improving creative performance (44%). For more detail, see https://www.acculist.com/prep-for-2020-marketing-with-clean-personalized-predictive-data/

2018 Marketers Face Old and New Data Issues

Direct marketers will face both old and new data challenges in 2018. A recent Forbes magazine interview with Tom Benton, the CEO of the Data & Marketing Association (DMA), highlighted six of those data hurdles for next year. The perennial problems of data quality and integration continue, worsened by the huge volume and types of data streaming into marketers. Many are struggling to decide which data sets to use and which to ignore, how to keep data accurate and actionable, and how to integrate new data with existing data. Several practices for 2018 success are suggested: clear business goals and target audiences to narrow the data focus; a clear test case for examining or onboarding data; regular examination of new and legacy data accuracy and value; and systems for integrating new data with existing data, especially given the new types of data streams available–everything from wearable gym trackers to chatbots to grocery checkouts. But 2018 also offers potentially exciting opportunities via new marketing tech tools, such as augmented reality (AR), machine learning and AI. The Forbes articles offers the example of how 1-800-Flowers improved customer experience by integrating the company’s website with artificial intelligence (AI) technology and natural language processing to understand customer demand and then search the product catalog to deliver customized recommendations. Use of AR today ranges from AMC theater movie posters to Simmons Bedding Co. product demos to labels of Australia’s 19 Crimes wine brand. At the same time, marketers face tougher challenges in the areas of data security and privacy rules. If customers don’t trust that sensitive information will be safeguarded, they’ll stop engaging, hurting not only individual brands but the data-driven community. After massive data security breaches made headlines in 2017, data security is a top concern to retain customers and prevent risk in 2018. Meanwhile, American marketers who seek to tap European markets need to get ready for the enactment of the European Union’s General Data Protection Regulation (GDPR), taking effect May of 2018, which will set a tough new baseline for consumer privacy rights. For more, see http://www.acculistusa.com/2018-offers-new-and-old-marketing-data-challenges/