Share this article with your network
Help your network to discover new knowledge
The SALES&MARKETING Knowledge Power Days are being held by Dun & Bradstreet from September 26 to 30, 2022. One item on the agenda is a webinar on the topic of MarTech, which Ralf Strauss will participate in. In an interview conducted in the run-up to the event, he answers the most pressing questions on this hot topic.
The Knowledge Power Days, which are scheduled to take place from September 26 to 30, 2022, will offer many exciting and informative webinars in and around the topics of marketing and sales. A MarTech webinar will also be held on Friday September 30, 2022 at 10:30 am. A key participant in this event is Ralf Strauss, publisher of the Marketing Trend Monitor. While we are waiting for the event to take place, Dun & Bradstreet decided to ask him a few questions on data readiness, first-party data, ePrivacy and several other topics.
Ralf Strauss: Well, there are three things here: The first is the topic of data readiness, data strategy and data architectures. The second focuses on the questions: What is actually my data core and how can I activate it? What dialogue marketing measures am I using? The third and final topic, which everyone is currently chasing, focuses on data science and marketing analytics. This is all about what to actually do with all the data once it has been collected. Companies collect a huge amount of data. They examine what both existing and potential customers are currently doing, how they interact with the company, what kind of content they consume, as well as their preferences. The key questions are then: How can I analyse this data? And how can I integrate it into the current process in the form of insights?
In principle, however, it is all about marketing organisations doing their homework. They need to focus their attention on the data strategy and become more efficient at handling first-party data. It is also important for companies to know what they actually want and what works for them, as well as the application scenarios they wish to pursue and the types of data they require for this.
Ralf Strauss: There are two reasons for this: a) In the last few years, marketing departments have used second-party or third-party data to track their users, generally without having the necessary consent. They simply collected everything that was available at the time without a regular business relationship ever having been in place. To be brutally honest, this is nothing more than modern highway robbery. It is obviously a thorn in the side of informed consumers, which is why they claim and are also granted a right to self-determination as per ePrivacy regulations.
And b) It is important to have a clear picture of who your customers, consumers and prospects actually are. You must also know what they actually want and present them with things that are relevant to them as customers or prospects. The aim is then no longer simply to “send everything at once across all channels”, but rather to upload specific content at the right time. This also represents the core of customer experience management. In other words: “Please do not fill my inbox with spam. We have known one another for years, so rather send me stuff that is actually relevant.”
Ralf Strauss: Almost a quarter of companies in the DACH market (Germany, Austria and Switzerland) claim to have aggregated and consolidated all their data, as well as having a dedicated data strategy in place. So in terms of the data layer, they are doing well. A quarter of companies are therefore “ready to play”, while the others can better be described as “not quite there yet”.
However, being “data ready” does not necessarily mean that a company knows how to activate the data cleanly. After all, only the basic prerequisites have been met. I estimate that maybe 10% actually have a plan for activating the data.
However, the data is in place and the tools for activation are available. Online retailers and eCommerce providers, i.e. all companies that tend to employ a one-dimensional business model, have already progressed further than those which have just one point-of-sale or a brick and mortar store. The latter are still lagging well behind, as they must deal with far greater complexity.
Ralf Strauss: They should actually start work on cleaning up and consolidating their data. After all, a lot of data has been accumulated over the years. The second point is that those responsible require application expertise. This is not quite as easy, as companies cannot simply make up lost ground overnight. The third point is that companies require experienced project managers, i.e. people that can handle all of these processes and topics. They need experience, as the projects are larger and more difficult to manage than originally expected in many cases. Another critical point is that they must also be capable of saying “no”.
Ralf Strauss: First of all, they should benchmark their operations against their competition. This helps them get a feel for their current status and where they stand in the market. This then leads to prioritisation of the action areas. I can remember one example of a company that was sure they needed a CDP (customer data platform). First of all, we performed benchmarking with them using the MarTech Benchmarking Database. Following a discussion of their priorities, it then turned out that they should rather focus their efforts on marketing resource management, i.e. planning, steering and digital asset management, rather than simply purchasing an expensive tool that nobody knows how to use.