Thursday, March 28, 2019

Data Rules the World

It has become second nature. You probably don’t even realize that you’re doing it. However, you are always offering up some information about yourself in exchange for goods and services. Need a few examples?

  • Whenever you download a movie
  • Whenever you buy an ebook
  • Whenever you call for a driveshare service

You’ve already given away your contact information, but these services also have data on your location, preferences, interests, and more.

Lyft and Netflix and similar big-name businesses have not only become huge brands, but they are a part of our daily lives. No one thinks twice about the information they offer up in exchange for a ride, an evening’s entertainment, or a meal ordered in.

This is the new world that we live. It’s different than things were only a few years ago, and there’s no going back. Data now sits at the heart of everything. Every business is collecting it and using it to create marketing strategies and customer experiences designed to win over their customers and keep them coming back again and again.

How can you compete? How can you thrive?

First, you have to realize it’s not so much about brand building. You need to focus on generating revenue. This means you put out the best and most convenient services possible tailored to your audiences. Data helps you accomplish this. With it, you can create a connected, consistent, and comfortable experience for customers across all channels. They have expectations that you meet with your services and the rate at which you innovate and expand.

How do you make data work for you for you?

Well, you might have an awful amount of it, but data is useless is you can’t properly utilize it. You have to strive to connect and fit your data together so that you can take action with it. You can tie your marketing and sales strategies to what the numbers say and build a customer experience that reflects the vivid picture the metrics you have available has painted.

If you have too much data and don’t know how to use it and where it all connects together, you have what’s called a “data island.” You don’t want to end up trapped on one.

Therefore, you need actionable, real-time data and teams that can properly use it to your advantage. With it, you can generate new customer segments to target and possibly bring down your sales cycle. For instance, going from a four-week to a three-week cycle can save money, time, and have you responding quicker and more urgently to customer needs, which helps you stay on the ball.

You should have different specialized teams working in different areas, such as email, apps, the customer experience, sales, marketing, and more. However, your teams should not operate in silos. You should have access to the data and work together using it. Proper data sharing is the key to your teams coming together to craft a better experience that better excites and interests customers and allows them to grow comfortable in providing you more data and returning for more service again and again.

Learn how to put your customer data to good use with “Lead Scoring for Modern Marketers.”

Read the guide

from Oracle Blogs | Oracle Marketing Cloud