Tag Archives: CMO
The Good, The Bad, and The Ugly! Experiencing Great (and Not So Great) Data-Driven Marketing in Day-to-Day Life
I spend my professional life helping marketers get the most out of their data. So it really hits me when I experience real life case studies in my day-to-day personal life. When I do run across these great (and not so great) experiences, it broadens my perspective and helps me figure out new ways that I can help our customers use clean, safe, and connected data to revolutionize their marketing efforts.
I feel compelled to blog about these great customer experiences in hopes that other marketers can learn from these encounters like I did. So this is the first installment of an ongoing series of blog posts about where I’ve experienced great (and not so great) data-driven marketing experiences.
I love my insurance company for many reasons, but the last experience I had with them was truly exceptional. I had been on their website getting an insurance quote for a new home. I still had a few questions, so I initiated an online chat. The online representative there quickly and efficiently answered my question and I left the experience with a thorough understanding of the potential policy. About a week later, seemingly unrelated, I put in a claim through a local vendor for a chipped windshield repair. Then two weeks later, I called back and the phone system recognized my mobile number and through the automated system asked me if I was calling about the homeowner’s policy quote I had received a few weeks ago. I pressed 1 for yes, and here’s where the impressive part begins…
A representative quickly answered the phone. He was able to view all of the information I had put into the online quote tool. He then referenced the question I had asked the representative in the online chat, and asked if I had any further questions about it. Within minutes I had my new policy set up, but it didn’t stop there. He asked if the windshield chip I had the previous week had been repaired to my satisfaction. Then he noticed that although I do have a credit card through them, I haven’t used it in some time, and offered me a 0% balance transfer offer for 36 months with no transfer fee on that card. Heck, we just bought a new house and I know there will be plenty of expenses, so sign me up! Finally, he noticed that because I was about to move to a new zip code, my car insurance rates would be going down slightly and offered to send me to the automobile insurance team to make the change to my policy.
The system clearly tied all of my recent and past activities from various channels together, analyzed them, and leveraged some sort of recommendation engine to guide the customer support representative to provide truly customized service. You can be assured I love my insurance company even more, and I will be dusting off a stagnant account that I hadn’t used in years. A+.
Oh how I wish my bank would embrace Total Customer Relationship. My husband, my children, and I have far too many accounts at our bank. Each child has a savings account, we have a joint checking account, we have a savings account, he has a personal savings account, I have a personal savings account, and then there’s the cash reserve line, the credit card and a few CD’s. We recently sold a home and the now-paid-off mortgage was through them. Plus we’ve been customers for almost 20 years. So sufficed to say, we have been loyal customers.
Well the other day, I had to go get a cashier’s check for a school activity for one of my children. I know, it’s pretty strange that they needed a cashier’s check, but I digress. I went to pull half out of my son’s minor savings account and half out of my individual checking account. Neither of those accounts have much money in there, nor have they been opened for very long. Call me spoiled, but I’m used to getting these types of service fees waived for my long tenure and deep relationship with our bank. But because the accounts I had pulled the money from didn’t have that kind of history, they weren’t willing to waive the fees. I was in a hurry because I was running late from shopping at a shoe store (see “The Ugly” below) so I didn’t have the time or energy to fight it, so I paid the darn $5 fee, but I was irritated. Clearly they couldn’t easily see the total customer relationship I have with their institution. The aren’t leveraging their data to tell a complete story, and missed an opportunity to show a loyal customer a great experience.
And The Ugly
A few days ago, I was at a shoe store picking up some new soccer cleats for one of my children. I had gotten an email offer for 30% off, so I pulled up the email and prepared to use it at the cash register. For whatever reason, the email didn’t had a blank where a code was supposed to be, and the woman at the register, despite her best efforts couldn’t use it. So, trying to be helpful, she looked at my loyalty account and, low and behold, I had $40 worth of rewards points that I didn’t even know existed. But I had to first download an app to try to issue a coupon using those points. I downloaded the app, put in my loyalty number, and no points were available.
Turns out, I had two accounts, but they weren’t linked despite having the same phone number and names. One had an address that was misspelled in the system, so it apparently wouldn’t merge with the other account – oh data quality and address validation how I missed you at that moment! She corrected the address, and informed me that it would now merge the two accounts and to try to log in again. Of course, I knew that there was no way this was a real time, or near real time process, but she was insistent. So I tried again, nothing.
The woman couldn’t have been nicer, but poor data quality processes and long batch windows had her hands tied. I was advised to call the customer support line, but of course it was a Sunday afternoon and nobody was there to pick up. So 45 minutes later, I left the store, irritated and very late, and without the shoes I was going to purchase out of principle. In the future, I’ll be going down the street and shopping at another shoe store – it’s my own personal strike against antiquated, inaccurate, incomplete, and painfully slow data processes which result in bad customer experiences!
In The End…
In the greater scheme of things, these varying degrees of customer experience “misses” aren’t exactly a crisis. It’s not curing cancer or solving world hunger, but to consumers, having a great customer experience is really important. Wouldn’t you rather have your customers raving about a great experience, than grumbling about a bad one, or losing a customer due to an ugly one?
We marketers can make the difference! We own that end-to-end omni channel experience. We need to make sure that our data is clean, safe, and connected so we can provide our customers what they expect and frankly deserve from us.
Informatica’s Total Customer Relationship Solution empowers organizations with confidence, knowing that they have access to the kind of great customer data that allows them to surpass customer acquisition and retention goals by providing consistent, integrated, and seamless customer experiences across channels. The end result? Great experiences that customers are inspired to share with their family and friends at dinner parties and on blog posts like this one.
Want to learn more? Check out these webinars to see how Informatica and our customers and partners are revolutionizing the customer experience.
On Saturday, I got a call from my broadband company on my mobile phone. The sales rep pitched a great limited-time offer for new customers. I asked him whether I could take advantage of this great offer as well, even though I am an existing customer. He was surprised. “Oh, you’re an existing customer,” he said, dismissively. “No, this offer doesn’t apply to you. It’s for new customers only. Sorry.” You can imagine my annoyance.
If this company had built a solid foundation of customer data, the sales rep would have had a customer profile rich with clean, consistent, and connected information as reference. If he had visibility into my total customer relationship with his company, he’d know that I’m a loyal customer with two current service subscriptions. He’d know that my husband and I have been customers for 10 years at our current address. On top of that, he’d know we both subscribed to their services while live at separate addresses before we were married.
Unfortunately, his company didn’t arm him with the great customer data he needs to be successful. If they had, he could have taken the opportunity to offer me one of the four services I currently don’t subscribe to—or even a bundle of services. And I could have shared a very different customer experience.
Every customer interaction counts
Executives at companies of all sizes talk about being customer-centric, but it’s difficult to execute on that vision if you don’t manage your customer data like a strategic asset. If delivering seamless, integrated, and consistent customer experiences across channels and touch points is one of your top priorities, every customer interaction counts. But without knowing exactly who your customers are, you cannot begin to deliver the types of experiences that retain existing customers, grow customer relationships and spend, and attract new customers.
How would you rate your current ability to identify your customers across lines of business, channels and touch points?
Many businesses, however, have anything but an integrated and connected customer-centric view—they have a siloed and fragmented channel-centric view. In fact, sales, marketing, and call center teams often identify siloed and fragmented customer data as key obstacles preventing them from delivering great customer experiences.
According to Retail Systems Research, creating a consistent customer experience remains the most valued capability for retailers, but 55 % of those surveyed indicated their biggest inhibitor was not having a single view of the customer across channels.
Retailers are not alone. An SVP of marketing at a mortgage company admitted in an Argyle CMO Journal article that, now that his team needs to deliver consistent customer experiences across channels and touch points, they realize they are not as customer-centric as they thought they were.
Customer complexity knows no bounds
The fact is, businesses are complicated, with customer information fragmented across divisions, business units, channels, and functions.
Citrix, for instance, is bringing together valuable customer information from 4 systems. At Hyatt Hotels & Resorts, it’s about 25 systems. At MetLife, it’s 70 systems.
How many applications and systems would you estimate contain valuable customer information at your company?
Based on our experience working with customers across many industries, we know the total customer relationship allows:
- Marketing to boost response rates by better segmenting their database of contacts for personalized marketing offers.
- Sales to more efficiently and effectively cross-sell and up-sell the most relevant offers.
- Customer service teams to resolve customers’ issues immediately, instead of placing them on hold to hunt for information in a separate system.
If your marketing, sales, and customer service teams are struggling with inaccurate, inconsistent, and disconnected customer information, it is costing your company revenue, growth, and success.
Transforming customer data into total customer relationships
Informatica’s Total Customer Relationship Solution fuels business and analytical applications with clean, consistent and connected customer information, giving your marketing, sales, e-commerce and call center teams access to that elusive total customer relationship. It not only brings all the pieces of fragmented customer information together in one place where it’s centrally managed on an ongoing basis, but also:
- Reconciles customer data: Your customer information should be the same across systems, but often isn’t. Assess its accuracy, fixing and completing it as needed—for instance, in my case merging duplicate profiles under “Jakki” and “Jacqueline.”
- Reveals valuable relationships between customers: Map critical connections—Are individuals members of the same household or influencer network? Are two companies part of the same corporate hierarchy? Even link customers to personal shoppers or insurance brokers or to sales people or channel partners.
- Tracks thorough customer histories: Identify customers’ preferred locations; channels, such as stores, e-commerce, and catalogs; or channel partners.
- Validates contact information: Ensure email addresses, phone numbers, and physical addresses are complete and accurate so invoices, offers, or messages actually reach customers.
This is just the beginning. From here, imagine enriching your customer profiles with third-party data. What types of information help you better understand, sell to, and serve your customers? What are your plans for incorporating social media insights into your customer profiles? What could you do with this additional customer information that you can’t do today?
We’ve helped hundreds of companies across numerous industries build a total customer relationship view. Merrill Lynch boosted marketing campaign effectiveness by 30 percent. Citrix boosted conversion rates by 20%. A $60 billion global manufacturer improved cross-sell and up-sell success by 5%. A hospitality company boosted cross-sell and up-sell success by 60%. And Logitech increased sales across channels, including their online site, retail stores, and distributors.
Informatica’s Total Customer Relationship Solution empowers your people with confidence, knowing that they have access to the kind of great customer data that allows them to surpass customer acquisition and retention goals by providing consistent, integrated, and seamless customer experiences across channels. The end result? Great experiences that customers are inspired to share with their family and friends at dinner parties and on social media.
Do you have a terrible customer experience or great customer experience to share? If so, please share them with us and readers using the Comment option below.
On our recent webinar with Omer Minkara from Aberdeen Group , we learnt that“94% of companies are not satisfied with their use of customer data”, yet retailers still want more data to gain valuable customer insights to drive improvements in the shopper experience. But the top challenge they face when managing customer data as part of their business activities is the quality of the data. Data-Driven retailers are characterized by their ability to balance quantity and quality of data effectively.
Shoppers expect consistency in their interactions with you, whether it’s the same price across channels, accurate shipping information or when they are calling a contact center. However, one of the top frustrations for consumers is the need to provide the same information over and over as they interact with the retailer. This data is already captured in multiple systems but is not connected or clean. Fragmented views of customer data across multiple systems makes it harder to personalize shopper interaction and enhance the overall customer experience.
Bring your data management to today’s omni-channel world
By standardizing customer data across the organization and having a centralized repository of product and service information available to all customer facing roles, data- driven retailers have enjoyed increased margins, higher returns on marketing investments, shorter delivery times and improved time to market for products and services.
Data-driven retailers are not just meeting customer expectations, they are exceeding them.
In my next blog I will look at some of the questions we did not get to answer during this session. In the meantime, why not register for our next webinar “Calculating Omni-Channel Customer Experience – March 19 Webinar” with Arkady Kleyner, Solution Architect, Intricity.
Don’t to follow us on twitter @INFARetail.
Valentine’s Day is such a strange holiday. It always seems to bring up more questions than answers. And the internet always seems to have a quiz to find out the answer! There’s the “Does he have a crush on you too – 10 simple ways to find out” quiz. There’s the “What special gift should I get her this Valentine’s Day?” quiz. And the ever popular “Why am I still single on Valentine’s Day?” quiz.
Well Marketers, it’s your lucky Valentine’s Day! We have a quiz for you too! It’s about your relationship with data. Where do you stand? Are you ready to take the next step?
Question 1: Do you connect – I mean, really connect – with your data?
□ (A) Not really. We just can’t seem to get it together and really connect.
□ (B) Sometimes. We connect on some levels, but there are big gaps.
□ (C) Most of the time. We usually connect, but we miss out on some things.
□ (D) We are a perfect match! We connect about everything, no matter where, no matter when.
Translation: Data ready marketers have access to the best possible data, no matter what form it is in, no matter what system it is in. They are able to make decisions based everything the entire organization “knows” about their customer/partner/product – with a complete 360 degree view. And they are also able to connect to and integrate with data outside the bounds of their organization to achieve the sought-after 720 degree view. They can integrate and react to social media comments, trends, and feedback – in real time – and to match it with an existing record whenever possible. And they can quickly and easily bring together any third party data sources they may need.
Question 2: How good looking & clean is you data?
□ (A) Yikes, not very. But it’s what’s on the inside that counts right?
□ (B) It’s ok. We’ve both let ourselves go a bit.
□ (C) It’s pretty cute. Not supermodel hot, but definitely girl or boy next door cute.
□ (D) My data is HOT! It’s perfect in every way!
Translation: Marketers need data that is reliable and clean. According to a recent Experian study, American companies believe that 25% of their data is inaccurate, the rest of the world isn’t much more confident. 90% of respondents said they suffer from common data errors, and 78% have problems with the quality of the data they gather from disparate channels. Making marketing decisions based upon data that is inaccurate leads to poor decisions. And what’s worse, many marketers have no idea how good or bad their data is, so they have no idea what impact it is having on their marketing programs and analysis. The data ready marketer understands this and has a top tier data quality solution in place to make sure their data is in the best shape possible.
Question 3: Do you feel safe when you’re with your data?
□ (A) No, my data is pretty scary. 911 is on speed dial.
□ (B) I’m not sure actually. I think so?
□ (C) My date is mostly safe, but it’s got a little “bad boy” or “bad girl” streak.
□ (D) I protect my data, and it protects me back. We keep each other safe and secure.
Translation: Marketers need to be able to trust the quality of their data, but they also need to trust the security of their data. Is it protected or is it susceptible to theft and nefarious attacks like the ones that have been all over the news lately? Nothing keeps a CMO and their PR team up at night like worrying they are going to be the next brand on the cover of a magazine for losing millions of personal customer records. But beyond a high profile data breach, marketers need to be concerned over data privacy. Are you treating customer data in the way that is expected and demanded? Are you using protected data in your marketing practices that you really shouldn’t be? Are you marketing to people on excluded lists
Question 4: Is your data adventurous and well-traveled, or is it more of a “home-body”?
□ (A) My data is all over the place and it’s impossible to find.
□ (B) My data is all in one place. I know we’re missing out on fun and exciting options, but it’s just easier this way.
□ (C) My data is in a few places and I keep fairly good tabs on it. We can find each other when we need to, but it takes some effort.
□ (D) My data is everywhere, but I have complete faith that I can get ahold of any source I might need, when and where I need it.
Translation: Marketing data is everywhere. Your marketing data warehouse, your CRM system, your marketing automation system. It’s throughout your organization in finance, customer support, and sale systems. It’s in third party systems like social media and data aggregators. That means it’s in the cloud, it’s on premise, and everywhere in between. Marketers need to be able to get to and integrate data no matter where it “lives”.
Question 5: Does your data take forever to get ready when it’s time to go do so something together?
□ (A) It takes forever to prepare my data for each new outing. It’s definitely not “ready to go”.
□ (B) My data takes it’s time to get ready, but it’s worth the wait… usually!
□ (C) My data is fairly quick to get ready, but it does take a little time and effort.
□ (D) My data is always ready to go, whenever we need to go somewhere or do something.
Translation: One of the reasons many marketers end up in marketing is because it is fast paced and every day is different. Nothing is the same from day-to-day, so you need to be ready to act at a moment’s notice, and change course on a dime. Data ready marketers have a foundation of great data that they can point at any given problem, at any given time, without a lot of work to prepare it. If it is taking you weeks or even days to pull data together to analyze something new or test out a new hunch, it’s too late – your competitors have already done it!
Question 6: Can you believe the stories your data is telling you?
□ (A) My data is wrong a lot. It stretches the truth a lot, and I cannot rely on it.
□ (B) I really don’t know. I question these stories – dare I say excused – but haven’t been able to prove it one way or the other.
□ (C) I believe what my data says most of the time. It rarely lets me down.
□ (D) My data is very trustworthy. I believe it implicitly because we’ve earned each other’s trust.
Translation: If your data is dirty, inaccurate, and/or incomplete, it is essentially “lying” to you. And if you cannot get to all of the data sources you need, your data is telling you “white lies”! All of the work you’re putting into analysis and optimization is based on questionable data, and is giving you questionable results. Data ready marketers understand this and ensure their data is clean, safe, and connected at all times.
Question 7: Does your data help you around the house with your daily chores?
□ (A) My data just sits around on the couch watching TV.
□ (B) When I nag my data will help out occasionally.
□ (C) My data is pretty good about helping out. It doesn’t take imitative, but it helps out whenever I ask.
□ (D) My data is amazing. It helps out whenever it can, however it can, even without being asked.
Translation: Your marketing data can do so much. It should enable you be “customer ready” – helping you to understand everything there is to know about your customers so you can design amazing personalized campaigns that speak directly to them. It should enable you to be “decision ready” – powering your analytics capabilities with great data so you can make great decisions and optimize your processes. But it should also enable you to be “showcase ready” – giving you the proof points to demonstrate marketing’s actual impact on the bottom line.
Now for the fun part… It’s time to rate your data relationship status
If you answered mostly (A): You have a rocky relationship with your data. You may need some data counseling!
If you answered mostly (B): It’s time to decide if you want this data relationship to work. There’s hope, but you’ve got some work to do.
If you answered mostly (C): You and your data are at the beginning of a beautiful love affair. Keep working at it because you’re getting close!
If you answered mostly (D): Congratulations, you have a strong data marriage that is based on clean, safe, and connected data. You are making great business decisions because you are a data ready marketer!
Do You Love Your Data?
No matter what your data relationship status, we’d love to hear from you. Please take our survey about your use of data and technology. The results are coming out soon so don’t miss your chance to be a part. https://www.surveymonkey.com/s/DataMktg
Also, follow me on twitter – The Data Ready Marketer – for some of the latest & greatest news and insights on the world of data ready marketing. And stay tuned because we have several new Data Ready Marketing pieces coming out soon – InfoGraphics, eBooks, SlideShares, and more!
I absolutely love football, so when the Super Bowl came to our hometown Phoenix, it was my paradise! Football on every.single.channel. Current and former NFL players were everywhere – I ate breakfast next to Howie Long and pumped gas next to Tony Romo. ESPN & NFL Network analysts were commentating from blocks away. Even our downtown was transformed into a giant celebration of football.
People often talk about the “Super Bowl of Marketing”, referring to the advertising extravaganza and the millions of dollars spent on hilarious (and sometimes not) commercials. But spending so much time immersed in the Super Bowl festivities got me thinking about one of my other fascinations… data! It was the Super Bowl of data too!
On Sunday morning, before the big game (of the Superb Owl as Stephen Colbert would say), I got to witness first-hand the data-driven marketing potential at the NFL Experience in Downtown Phoenix. The NFL did an amazing job putting on this event – it was truly exceptional with something for everyone.
Once we purchased our tickets, we decided to take the kids to do some Play 60 activities. Before they could participate, we were shuttled to a bank of computers to “get a wristband” and to sign a waiver. I’m sure the lawyers made sure that everyone participating in anything physical wouldn’t sue the NFL or the sponsors if they got a hangnail or twisted ankle. But the data ready marketer in me realized that these wristbands were much more than a liability waiver. They were also a data treasure map!
To get the wristband, you had to provide the NFL (and their sponsors) with your demographic & contact information, your favorite teams, your children’s names and ages, and give them permission to contact you. You also received an emailed QR code that you could use to unlock certain activities throughout the Experience.
As we moved around the Experience, they scanned our wristband or QR code at each activity. So now the NFL knows that we have 3 children and their names and ages. They now know our two youngest love to play football (because they participated in a flag football Play 60 clinic). They now know that we are huge Denver Bronco fans and purchased a few new jerseys of our favorite players at their shop (where they again scanned our QR code for a small discount). They now know we use AT&T wireless and our phone numbers. They know that our boys really want to improve the speed of their throws because they went through the Peyton Manning Nationwide arm speed and throw accuracy activity five different times… and that nobody ever got over 35MPH. And they also now know that none of us will ever become great kickers because we all seriously shanked our field goal tries! And we happily gave them all our data because they provided us with a meaningful service – a really fun, family experience.
Even better for them, for the first time, I actually logged into the NFL Mobile app and turned on location permissions so that I could get real time alerts to what was going on in the area. Since I use the app all time, that’s a lot of future data that I’ve now given them.
GMC sponsored the Experience and had a huge space in the main area to show off their new car lineup, and they definitely took full advantage of the data provided. They held a car giveaway that required you to scan your NFL QR code to start the process, and then answer several questions about your vehicle likes and future purchase plans. You then had to go around to your favorite three vehicles and answer questions about their amazing features (D all of the above was the answer of course!). After you visited your favorite vehicles, you took your QR code back to see if you won. My 13 year old was hopeful that we were going to win him a new Denali, but sadly, we did not! And sadly for him, had we been fortunate enough to win, he wouldn’t be driving it anyway!
I waited a few days to write this blog because I was hopeful that I would receive some sort of personalized experience from the NFL that would blow my socks off. I’m not sure what technology the NFL & GMC marketing teams use, and if they are data ready. If they were though, I would have hoped they already would have engaged me with a personalized experience based on the data I have given them.
GMC has sent me a few emails, one with a photo that was taken green-screen style of my kids. And yes, I’ve downloaded it and have a photo of them with the GMC logo loud and proud on my desktop.
But other than that, nothing very exciting as of yet, and definitely nothing innovative or engaging yet. But I truly hope that the NFL & GMC use this data to provide me with a better, personalized experience. Isn’t that why our consumers freely offer their information? To receive something of value back.
Here are a few ideas for you NFL:
- Special discounts on Denver Broncos apparel
- Alert from the NFL ticket exchange the next time the Broncos play the Cardinals in Arizona, and 5 tickets become available
- Information about how to sign up for NFL kids clinics
- Sorry GMC, I’m not quite sure what to suggest because we just bought a new Toyota a few months ago (but you know that I’m not in the market for a new car right now because I gave you that information too).
Thank you for a really wonderful experience NFL & GMC! In this age of data-driven personalization, I am anxiously awaiting your next move! Now, are you ready for some football (sorry couldn’t resist!)? But in all seriousness, are you ready to reach your data-driven marketing potential.
Will this be the beginning of the Super Bowl of Data Ready Marketing! As an NFL fan and consumer, I know I’m ready!
Are you ready? Please tell us in our survey about data ready marketing. The results are coming out soon so don’t miss your chance to be a part. You can find the link here.
Also, follow me on twitter – The Data Ready Marketer (@StephanieABest) for some of the latest & greatest news and insights on the world of data ready marketing.
And stay tuned because we have several new Data Ready Marketing pieces coming out soon – InfoGraphics, eBooks, SlideShares, and more!
How Do You Like It? How Do You Like It? More, More More!
Chiefmartec came out with their 2015 Marketing Technology Landscape, and if there’s one word that comes to mind, it’s MORE. 1,876 corporate logos dot the page, up from 947 in 2014. That’s definitely more, more, more – just about double to be exact. I’m honestly not sure it’s possible to squeeze any more in a single image?
But it’s strangely fitting, because this is the reality that we marketers live in. There are an infinite number of new technologies, approaches, social media platforms, operations tools, and vendors that we have to figure out. New, critical categories of technology roll out constantly. New vendors enter and exit the landscape. As Chiefmartec says “at least on the immediate horizon, I don’t think we’re going to see a dramatic shrinking of this landscape. The landscape will change, for sure. What qualifies as “marketing” and “technology” under the umbrella of marketing technology will undoubtedly morph. But if mere quantity is the metric we’re measuring, I think it’s going to be a world of 1,000+ marketing technology companies — perhaps even a world of 2,000+ of them — for some time to come.”
Middleware: I’m Coming Up So You’d Better Get This Party Started!
One thing you’ll notice if you look carefully between last year’s and this year’s version, is the arrival of the middleware layer. Chiefmartec spends quite a bit of time talking about middleware, pointing out that great tools in the category are making the marketing technology landscape easier to manage – particularly those that handle a hybrid of on premise and cloud.
Marketers have long since cared about the things on the top – the red “Marketing Experiences” and the orange “Marketing Operations”. They’ve also put a lot of focus in the dark gray/black/blue layer “Backbone Platforms” like marketing autionation & e-commerce. But only recently has that yellow middleware layer become front and center for marketers. Data integration, data management platforms, connectivity, data quality, and API’s are definitely not new to the technology landscape, and have been a critical domain of IT for decades. But as marketers are becoming more and more skilled and reliant on analytics and focused customer experience management, data is entering the forefront.
Marketers cannot focus exclusively on their Salesforce CRM, their Marketo automation, or their Adobe Experience Manager web management. Data Ready marketers realize that each of these applications can no longer be run in a silo, they need to be looked at collectively as a powerful set of tools designed to engage the customer and push them through the buying cycle, as critical pieces to the same puzzle. And to do that, they need to be looking at connecting their data sources, powering them with great data, analyzing and measuring their results, and then deciding what to do.
If you squint, you can see Informatica in the yellow Middleware layer. (I could argue that it belongs in several of these yellow boxes, not just Cloud integration, but I’ll save that for another blog!) Some might say that’s not very exciting, but I would argue that Informtaica is in a tremendous place to help marketers succeed with great data. And it all comes down to two words… complexity and change.
Why You Have to Go and Make Things So Complicated?
Ok, admittedly terrible grammar, but you get the picture. Marketers live in a trendounsly complex world. Sure you don’t have all 1,876 of the logos on the Technology Landscape in house. You probably don’t eve have one from each of the 43 categories. But you definitely have a lot of different tecnology solutions that you rely upon on a day-to-day basis. According to a September article by ChiefMarTech, most marketers already regularly rely on more than 100 software programs.
Data ready marketers realize that their environments are complicated, and that they need a foundation. They need a platform of great data that all of their various applications and tools can leverage, and that can actually connect all of their various applications and tools together. They need to be able to connect to just about anything from just about anything. They need a complete view of all of their interactions their customers. In short, they need to make their extremely complicated world more simple, streamlined, and complete.
Ch-Ch-Ch-Ch-Changes. Turn and Face the Strange!
I have a tendency to misunderstand lyrics, so I have to confess that until I looked up this song today, I thought the lyric was “time to face the pain” (Bowie fans, I hang my head in shame!). But quite honestly, “turn and face the strange” illustrates my point just as well!
There is no question that marketing has changed dramatically in the past few years. Your most critical marketing tools and processes two years ago are almost certainly different than those this year, and will almost certainly be different from what you see two years from now. Marketers realize this. The Marketing Technology Landscape illustrates this every year!
The data ready marketer understands that their toolbox will change, but that their data will be the foundation for whatever new piece of the technology puzzle they embrace or get rid of. Building a foundation of great data will power any technology solution or new approach.
Data ready marketers also work with their IT counterparts to engineer for change. They make sure that no matter what technology or data source they want to add – no matter how strange or unthinkable it is today – they never have to start from scratch. They can connect to what they want, when they want, leveraging great data, and ultimately making great decisions.
Get Ready ‘Cause Here I Come. The Era of the Data Ready Marketer is Here
Now that you have a few catchy tunes stuck in your head, it’s time to ask yourself, are you data ready? Are you ready to embrace the complexity of marketing technology landscape? Are you ready to think about change as a competitive weapon?
I encourage you to take our survey about data ready marketing. The results are coming out soon so don’t miss your chance to be a part. You can find the link here.
Also, follow me on twitter – The Data Ready Marketer (@StephanieABest) for some of the latest & greatest news and insights on the world of data ready marketing.
And stay tuned because we have several new Data Ready Marketing pieces coming out soon – InfoGraphics, eBooks, SlideShares, and more!
62% of global consumers switched service providers due to poor customer service experiences (Accenture Global Consumer Pulse Survey)
Issues with keeping everyone happy have been around since the beginning of trade and as trading has evolved, the underlying rule remains the same – keep the customers happy! Retailers who move beyond just selling to the customer and focus on creating the shopping experience customers want will see higher retention rates and increased spend per shopper.
Other factors like good quality of the products and competitive pricing play a huge role as well but taking care of the consumer is even more important. At the end of the day, shoppers have more options and opportunities to purchase from your competitors.
While multi-channel commerce has gown, many people are shopping not because they really need the products but because they like the experience of shopping. The better the experience is (which includes an amazing customer service) the more likely it is that the customer will come back and make a purchase in store or online. However, if they run into issues with the retailer, not only will they complain and never come back but they will tell their friends, damaging your brand and hurting the bottom line.
News of bad customer service reaches more than twice as many ears as praise for a good service experience. (Help Scout)
Today retailers realize the importance of great customer service and that’s why they train their staff to be friendly and helpful to the customers at all times. Studies have shown that people are reacting very positively to this kind of treatment and not only are they more willing to spend more money but also remain a customer a long a time.
People want to be treated right but they also want to feel important. That’s why retail businesses nowadays go an extra step and use technology and access more data like past purchases, preferences and trends to enhance the customer experience. Even if a customer had a bad experience smart retailers are leveraging customer insights to turn any bad situation around fast. Customer service representatives can responsive to any situation with all the information they need in real time or a highly personalize offer can be delivered to their smartphone.
A 5% increase in customer retention produces more than a 25% increase in profit. (Bain & Co.)
Retailers also have access to different social channels where they can influence and respond to what their customers are saying about their services and products and can use this instant feedback to make changes quickly and precisely.
In today’s world retail businesses have a great advantage compared to the ones that were operating even 5-10 years ago and if they are prompt in addressing concerns they can minimize the negative affect on their operations very easily. Each satisfied customer is not only going to spend money but they are going to advocate for the retailer which is a very powerful thing in business in the long run.
That’s why today successful retail businesses are turning data into insight to make sure that any problems and concerns are addressed promptly and efficiently, and deliver the experience customers desire.
The other day I ran across an article on CMO.com from a few months ago entitled “Total Customer Value Trumps Simple Loyalty in Digital World”. It’s a great article, so I encourage you to go take a look, but the basic premise is that loyalty does not necessarily equal value in today’s complicated consumer environment.
Customers can be loyal for a variety of reasons as the author Samuel Greengard points out. One of which may be that they are stuck with a certain product or service because they believe there is no better alternative available. I know I can relate to this after a recent series of less-than-pleasant experiences with my bank. I’d like to change banks, but frankly they’re all about the same and it just isn’t worth the hassle. Therefore, I’m loyal to my unnamed bank, but definitely not an advocate.
The proverbial big fish in today’s digital world, according to the author, are customers who truly identify with the brand and who will buy the company’s products eagerly, even when viable alternatives exist. These are the customers who sing the brand’s praises to their friends and family online and in person. These are the customers who write reviews on Amazon and give your product 5 stars. These are the customers who will pay markedly more just because it sports your logo. And these are the customers whose voices hold weight with their peers because they are knowledgeable and passionate about the product. I’m sure we all have a brand or two that we’re truly passionate about.
Total Customer Value in the Pool
My 13 year old son is a competitive swimmer and will only use Speedo goggles – ever – hands down – no matter what. He wears Speedo t-shirts to show his support. He talks about how great his goggles are and encourages his teammates to try on his personal pair to show them how much better they are. He is a leader on his team, so when newbies come in and see him wearing these goggles and singing their praises, and finishing first, his advocacy holds weight. I’m sure we have owned well over 30 pair of Speedo goggles over the past 4 years at $20 a pop – and add in the T-Shirts and of course swimsuits – we probably have a historical value of over $1000 and a potential lifetime value of tens of thousands (ridiculous I know!). But if you add in the influence he’s had over others, his value is tremendously more – at least 5X.
This is why data is king!
I couldn’t agree more that total customer value, or even total partner or total supplier value, is absolutely the right approach, and is a much better indicator of value. But in this digital world of incredible data volumes and disparate data sources & systems, how can you really know what a customer’s value is?
The marketing applications you probably already use are great – there are so many great automation, web analytics, and CRM systems around. But what fuels these applications? Your data.
Most marketers think that data is the stuff that applications generate or consume. As if all data is pretty much the same. In truth, data is a raw ingredient. Data-driven marketers don’t just manage their marketing applications, they actively manage their data as a strategic asset.
How are you using data to analyze and identify your influential customers? Can you tell that a customer bought their fourth product from your website, and then promptly tweeted about the great deal they got on it? Even more interesting, can you tell that that five of their friends followed the link, 1 bought the same item, 1 looked at it but ended up buying a similar item, and 1 put it in their cart but didn’t buy it because it was cheaper on another website? And more importantly, how can you keep this person engaged so they continue their brand preference – so somebody else with a similar brand and product doesn’t swoop in and do it first? And the ultimate question… how can you scale this so that you’re doing this automatically within your marketing processes, with confidence, every time?
All marketers need to understand their data – what exists in your information ecosystem , whether it be internally or externally. Can you even get to the systems that hold the richest data? Do you leverage your internal customer support/call center records? Is your billing /financial system utilized as a key location for customer data? And the elephant in the room… can you incorporate the invaluable social media data that is ripe for marketers to leverage as an automated component of their marketing campaigns?
This is why marketers need to care about data integration…
Even if you do have access to all of the rich customer data that exists within and outside of your firewalls, how can you make sense of it? How can you pull it together to truly understand your customers… what they really buy, who they associate with, and who they influence. If you don’t, then you’re leaving dollars, and more importantly, potential advocacy and true customer value, on the table.
This is why marketers need to care about achieving a total view of their customers and prospects…
And none of this matters if the data you are leveraging is plain incorrect or incomplete. How often have you seen some analysis on an important topic, had that gut feeling that something must be wrong, and questioned the data that was used to pull the report? The obvious data quality errors are really only the tip of the iceberg. Most of the data quality issues that marketers face are either not glaringly obvious enough to catch and correct on the spot, or are baked into an automated process that nobody has the opportunity to catch. Making decisions based upon flawed data inevitably leads to poor decisions.
This is why marketers need to care about data quality.
So, as the article points out, don’t just look at loyalty, look at total customer value. But realize, that this is easier said than done without a focusing in on your data and ensuring you have all of the right data, at the right place, in the right format, right away.
Now… Brand advocates, step up! Share with us your favorite story. What brands do you love? Why? What makes you so loyal?
I recently had the opportunity to have a very interesting discussion with Glenn Gow, the CEO of Crimson Marketing. I was impressed at what an interesting and smart guy he was, and with the tremendous insight he has into the marketing discipline. He consults with over 150 CMOs every year, and has a pretty solid understanding about the pains they are facing, the opportunities in front of them, and the approaches that the best-of-the-best are taking that are leading them towards new levels of success.
I asked Glenn if he would be willing to do a Q&A in order to share some of his insight. I hope you find his perspective as interesting as I did!
Q: What do you believe is the single biggest advantage that marketers have today?
A: Being able to use data in marketing is absolutely your single biggest competitive advantage as a marketer. And therefore your biggest challenge is capturing, leveraging and rationalizing that data. The marketers we speak with tend to fall into two buckets.
- Those who understand that the way they manage data is critical to their marketing success. These marketers use data to inform their decisions, and then rely on it to measure their effectiveness.
- Those who haven’t yet discovered that data is the key to their success. Often these people start with systems in mind – marketing automation, CRM, etc. But after implementing and beginning to use these systems, they almost always come to the realization that they have a data problem.
Q: How has this world of unprecedented data sources and volumes changed the marketing discipline?
A: In short… dramatically. The shift has really happened in the last two years. The big impetus for this change has really been the availability of data. You’ve probably heard this figure, but Google’s Eric Schmidt likes to say that every two days now, we create as much information as we did from the dawn of civilization until 2003.
We believe this is a massive opportunity for marketers. The question is, how do we leverage this data. How do we pull the golden nuggets out that will help us do our jobs better. Marketers now have access to information they’ve never had access to or even contemplated before. This gives them the ability to become a more effective marketer. And by the way… they have to! Customers expect them to!
For example, ad re-targeting. Customers expect to be shown ads that are relevant to them, and if marketers don’t successfully do this, they can actually damage their brand.
In addition, competitors are taking full advantage of data, and are getting better every day at winning the hearts and minds of their customers – so marketers need to act before their competitors do.
Marketers have a tremendous opportunity – rich data is available and the technology is available to harness it is now, so that they can win a war that they could never before.
Q: Where are the barriers they are up against in harnessing this data?
A: I’d say that barriers can really be broken down into 4 main buckets: existing architecture, skill sets, relationships, and governance.
- Existing Architecture: The way that data has historically been collected and stored doesn’t have the CMO’s needs in mind. The CMO has an abundance of data theoretically at their fingertips, but they cannot do what they want with it. The CMO needs to insist on, and work together with the CIO to build an overarching data strategy that meets their needs – both today and tomorrow because the marketing profession and tool sets are rapidly changing. That means the CMO and their team need to step into a conversation they’ve never had before with the CIO and his/her team. And it’s not about systems integration but it’s about data integration.
- Existing Skill Sets: The average marketer today is a right-brained individual. They entered the profession because they are naturally gifted at branding, communications, and outbound perspectives. And that requirement doesn’t go away – it’s still important. But today’s marketer now needs to grow their left-brained skills, so they can take advantage of inbound information, marketing technologies, data, etc. It’s hard to ask a right-brained person to suddenly be effective at managing this data. The CMO needs to fill this skillset gap primarily by bringing in people that understand it, but they cannot ignore it themselves. The CMO needs to understand how to manage a team of data scientists and operations people to dig through and analyze this data. Some CMOs have actually learned to love data analysis themselves (in fact your CMO at Informatica Marge Breya is one of them).
- Existing Relationships: In a data-driven marketing world, relationships with the CIO become paramount. They have historically determined what data is collected, where it is stored, what it is connected to, and how it is managed. Today’s CMO isn’t just going to the CIO with a simple task, as in asking them to build a new dashboard. They have to collectively work together to build a data strategy that will work for the organization as a whole. And marketing is the “new kid on the block” in this discussion – the CIO has been working with finance, manufacturing, etc. for years, so it takes some time (and great data points!) to build that kind of cohesive relationship. But most CIOs understand that it’s important, if for no other reason that they see budgets increasingly shifting to marketing and the rest of the Lines of Business.
- Governance: Who is ultimately responsible for the data that lives within an organization? It’s not an easy question to answer. And since marketing is a relatively new entrant into the data discussion, there are often a lot of questions left to answer. If marketing wants access to the customer data, what are we going to let them do with it? Read it? Append to it? How quickly does this happen? Who needs to author or approve changes to a data flow? Who manages opt ins/outs and regulatory black lists? And how does that impact our responsibility as an organization? This is a new set of conversations for the CMO – but they’re absolutely critical.
Q: Are the CMOs you speak with concerned with measuring marketing success?
A: Absolutely. CMOs are feeling tremendous pressure from the CEO to quantify their results. There was a recent Duke University study of CMOs that asked if they were feeling pressure from the CEO or board to justify what they’re doing. 64% of the respondents said that they do feel this pressure, and 63% say this pressure is increasing.
CMOs cannot ignore this. They need to have access to the right data that they can trust to track the effectiveness of their organizations. They need to quantitatively demonstrate the impact that their activities have had on corporate revenue – not just ROI or Marketing Qualified Leads. They need to track data points all the way through the sales cycle to close and revenue, and to show their actual impact on what the CEO really cares about.
Q: Do you think marketers who undertake marketing automation products without a solid handle on their data first are getting solid results?
A: That is a tricky one. Ideally, yes, they’d have their data in great shape before undertaking a marketing automation process. The vast majority of companies who have implemented the various marketing technology tools have encountered dramatic data quality issues, often coming to light during the process of implementing their systems. So data quality and data integration is the ideal first step.
But the truth is, solving a company’s data problem isn’t a simple, straight-forward challenge. It takes time and it’s not always obvious how to solve the problem. Marketers need to be part of this conversation. They need to drive how they’re going to be managing data moving forward. And they need to involve people who understand data well, whether they be internal (typically in IT), or external (consulting companies like Crimson, and technology providers like Informatica).
So the reality for a CMO, is that it has to be a parallel path. CMOs need to get involved in ensuring that data is managed in a way they can use effectively as a marketer, but in the meantime, they cannot stop doing their day-to-day job. So, sure, they may not be getting the most out of their investment in marketing automation, but it’s the beginning of a process that will see tremendous returns over the long term.
Q: Is anybody really getting it “right” yet?
A: This is the best part… yes! We are starting to see more and more forward-thinking organizations really harnessing their data for competitive advantage, and using technology in very smart ways to tie it all together and make sense of it. In fact, we are in the process of writing a book entitled “Moneyball for Marketing” that features eleven different companies who have marketing strategies and execution plans that we feel are leading their industries.
So readers, what do you think? Who do you think is getting it “right” by leveraging their data with smart technology and truly getting meaningful an impactful results?
I have been in marketing for over two decades. As I meet people in social situations, on airplanes, and on the sidelines at children’s soccer games, and they ask what it is I do, I get responses that constantly amuse me and lead me to the conclusion that the general public has absolutely no idea what a marketer does. I am often asked things like “have you created any commercials that I might have seen?” and peppered with questions that evoke visions of Mad Men-esque 1960’s style agency work and late night creative martini-filled pitch sessions.
I admit I do love to catch the occasional Mad Men episode, and a few weeks ago, I stumbled upon one that had me chuckling. You may remember the one that Don Draper is pitching a lipstick advertisement and after persuading the executive to see things his way, he says something along the lines of, “We’ll never know, will we? It’s not a science.”
How the times have changed. I would argue that in today’s data-driven world, marketing is no longer an art and is now squarely a science.
Sure, great marketers still understand their buyers at a gut level, but their hunches are no longer the impetus of a marketing campaign. Their hunches are now the impetus for a data-driven, fact-finding mission, and only after the analysis has been completed and confirms or contradicts this hunch, is the campaign designed and launched.
This is only possible because today, marketers have access to enormous amounts of data – not just the basic demographics of years past. Most marketers realize that there is great promise in all of that data, but it’s just too complicated, time-consuming, and costly to truly harness it. How can you really ever make sense of the hundreds of data sources and tens of thousands of variables within these sources? Social media, web analytics, geo-targeting, internal customer and financial systems, in house marketing automation systems, third party data augmentation in the cloud… the list goes on and on!
How can marketers harness the right data, in the right way, right away? The answer starts with making the commitment that your marketing team – and hopefully your organization as a whole – will think “data first”. In the coming weeks, I will focus on what exactly thinking data first means, and how it will pay dividends to marketers.
In the mean time, I will make the personal commitment to be more patient about answering the silly questions and comments about marketers.
Now, it’s your turn to comment…
What are some of the most amusing misconceptions about marketers that you’ve encountered?
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Do you agree? Is marketing an art? A science? Or somewhere in between?