Marketing Success In The Age Of Social, Mobile and Big Data

It's time to engage the Marketing Technologists SM
The Retail Revolution Is Underway. Are you ready?
It’s Time To Get Serious About Your Mobile Loyalty And Payments Strategy

You Will Fail At Data-Driven Marketing

Big Data. Information Concept.

To win at data-driven marketing, you’re going to have to let your inner-geek out and play for a little while.

The reason that most marketers are going to fail because it is a highly-complex, highly-technical strategy that requires an intimate understanding of the fundamentals of  data management that have been previously relegated to the nerds in the basement.  But learning the basic concepts of these new technologies is the key to success.  Marketing requires part art and part science.  You need to know both to succeed.

We live in a world that wants everything to be “easy button” implementations.  But as our tools, especially involving marketing technology, get more complex, it’s worthwhile to understand the foundational concepts in order to truly unlock the potential of these new tools.  Without grasp of these fundamentals, many organizations leave a ton of money on the table by not using their tools and their data to their fullest potential.

One of our primary practice areas (and areas of true passion)  is in Data-Driven Marketing. Using data to drive smarter marketing decisions and actions.  And while there are significant benefits to moving to a data-driven marketing strategy, most organizations that we work with do not yet have mature data management practices or strategies in place that an effective Data-Driven Marketing strategy requires.  Many lack the basic understanding of some essential core data management concepts.

I’ve pulled together a series of videos and websites that cover some basic data management strategies and techniques at a high level.  These are meant to be introductory in nature, and while some talk about specific vendor solutions, should be viewed in regard to the concepts, rather than a specific technology.  I strongly recommend that marketers new to data management in general, spend some time to review these videos to gain a better understanding of the foundational concepts of data management (and big data).  Doing so will help marketers have a better understanding to use as a basis for starting conversations with their service providers or internal technical teams.

Yes some of these are a little technical.  Get over it.  You are big girl/boy.  You’ll live.

Resources

Master Data Management

Service Oriented Architecture and Enterprise Service Bus

NoSQL

Big Data

I hope that was helpful.

And see, it wasn’t too bad.  =)

Nurturing Your Customers – Not Just For B2B Anymore

Plant jigsaw

When it comes to digital marketing, most retailers are stuck in the “grip-it-and-rip-it” rut.  They blast out a message to all of their customers regardless of the relevance of that message.  Even your most loyal brand fans become annoyed when they are constantly being hit with messages that aren’t meaningful to them.  The concept of creating “Nurture Campaigns” is not new to the B2B world, but it’s fairly new in retail.  With nurture campaigns, you design your digital communications around your users, not around your campaign schedule.  Dynamic content being delivered to a dynamic list of customers at the time that is right for them.

I encourage you to check out this post and the video on DemandGenReport.com that talks about how Nurture Campaigns are a critical part to any marketing automation strategy. From the article….

2013 is an exciting time to be a marketer.

This year, even more organizations are investing in marketing automation software to better target their campaigns, analyze the effectiveness of their efforts, and calculate ROI with more accuracy than ever before. Marketers can now track every step of the buyer’s journey, take that data and turn it into strategies to successfully drive results including lead and revenue generation.

The point we’re getting at? Marketing automation has empowered marketers to impact purchase decisions — and to prove it. But to really take advantage of the possibilities. You — the modern marketer — need to do more than blast your database with product offers, free trials, and company updates. You need to build trust and authority with your target customers by sharing valuable information they actually want to consume. You need to address the specific issues and pain points, which may be different based on their role in their organization or stage of the buyer’s journey.

You need to create and share relevant, targeted content.

Read the rest of the story here…

Why Poker Players Would Make Good Marketers – A Big Data Story

Poker-Sunglasses-Aces-Bigger

Poker players and marketers have more in common that you probably think.

Both activities require someone to make decisions with a limited set of incomplete information. Both are forced to try things and refine their approach over time as they learn.  They both know that what works today, with this group of people might not work tomorrow with a different group of people.

They both gain significant benefit from having more information than the other guy does.

It might be my background in playing poker that has me so convinced that  the future of marketing will be highly reliant on data.  To me it is extremely obvious that the more insight that you can gain from data, the better results that you will see.  And with our current and potential customers creating a massive amount of data every second of every day, it is ridiculous not to invest a ton of time and energy in figuring out a way to extract value from that information.  This is information that we used to pay to get (Focus groups, surveys, etc.) that is now being freely and publicly shared for all to see.  How come marketers aren’t banging down the doors of people that can help them extract value from this information?

When I talk to retail and restaurant marketers about this new paradigm, of capturing and using publicly available information to enhance marketing, the response is similar to what I would get if I offered them a turnip and tuna fish milkshake.

CMO: “You think that we should put all 10 million of our customers from our email list in a CRM database and then go pull all of their public social network activity and mash that in with their purchase history, loyalty history and website/email interaction and put all that data into a single database.  And then you think we should create a personalized communication strategy for each person across all of our communication channels such as web, email, social and in-store, moving away from campaigns and towards messaging triggered by their actions?”

ME: “That is EXACTLY what I think you NEED to do if you want to succeed as a marketer.”

CMO: “You are insane!  If you don’t mind, I need to finalize the script for our next commercial.  The CIO’s office is in the basement, I’ll show you how you can make your way down there.”

[Read More...]

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About Power Thinking Media

The next generation of retail loyalty solutions will be powered by social data, managed by CRM, implemented through mobile technology and tied to mobile payments.

Power Thinking Media was built to help retailers and restaurant companies achieve success in the convergence of social media, mobile and retail technologies. We provide the subject matter expertise and industry experience that will help companies tackle their retail marketing and operations strategies with a heavy focus on information management and data analytics.

We unlock the power of social through the processing of big data to empower a true personalized marketing strategy.

If you are looking at implementing the next generation of loyalty, mobile payments, CRM or data analytics, let Power Thinking Media help.