Satay Nadella said in 2013: “Over the next ten years, we will reach a point where nearly everything will become digitised. Every business will be a digital business, everyone will be a developer and nearly everything analogue will be digitised.” In those days, Nadella was responsible for Microsoft’s cloud and enterprise unit. Now he is the CEO of Microsoft, a company that always seems to find the path for change yet remains timeless.
When any analogue object (image, sound, document or signal) takes digital form, it becomes binary data, ready for computer processing. And while the processing power of computers doubles every 18 months, data needs to be processed exponentially more quickly and cheaply every time. Yes, exponentially, not linearly. Think about that for a second.
Every business process being digitised will be more or less automated and data-driven. And automated business processes enable enormous scalability, which drives exponential efficiency and eventually profits. If you’re not playing this game, your business will be disrupted. Every industry will be disrupted eventually.
The ultimate goal of marketing data strategy is to turn your marketing data into customer insights and insights into actions.
- First, understand your customers’ journey with your brand. Set metrics and KPIs to monitor how to reach, engage, activate and nurture your customers and make them not just customers but loyal advocates to your brand.
- Secondly, develop a tracking strategy to increase the amount and quality of usable customer data. Focus especially on increasing the amount of first party data and data ownership.
- Thirdly, acquire tools and technologies to turn customer insights into action. You need technologies such as data management platforms (DMP) to develop single and consistent identities of your customers across devices and systems so that you can use that data e.g. in real-time bidding (RTB) or cross-channel campaign management (CCCM) tools to reach and activate your customers.
Now, my question to you, fellow marketer, is this: are you ready for the change? Do you have a strategy to deal with your marketing data? If not, you’d better give us a call. We’ll help you become a data-driven marketer of the future.