CMO, Teradata Marketing Applications
Top of Mind
Master Data-Driven Marketing
Knowing more and doing more lets enterprises engage customers with relevant, insight-enriched experiences.
According to Teradata’s Data Driven Marketing Survey 2013, Global, only 18% of marketers have a holistic view of their consumers. Without this complete view, marketers are hard-pressed to keep customers engaged, interested and loyal to brands. The way to a customer’s heart (and pocketbook) is through meaningful and relevant personalized communications—made possible through big data analytics and integrated marketing applications.
Marketing is the best department at the organizational level to take the leadership position in charting that course. Led by example, other parts of the organization will see the benefits and move in the same direction.
“...Companies must communicate one individual to another—human to human—or risk falling behind the competition.”
—Lisa Arthur, CMO, Teradata Marketing Applications
The big question in the enlightened age of data is, “How is your company reacting to digital disruption?” The threat and opportunities are real. Even though the conduit may be a smartphone or other device, companies must communicate one individual to another—human to human—or risk falling behind the competition. Successful organizations build those individual relationships based on trust and shared experiences.
Path to Success
As distillers of insight and innovation, marketers must be able to use data and technology to appeal to consumers on a one-on-one basis to attain focused, measurable, customer-centric marketing success. Achieving this calls for shaping a “data culture” within your organization, starting from the top. With just a few steps business leaders can put their enterprise on the right path:
1. Get Smart. Get a Strategy.
Technology is not a silver bullet. Instead, it’s an enabler. That’s why the entire C-suite needs to align behind a shared vision. The organization must develop a data-driven approach that positions itself for customer-centric success. This is an enterprise-wide, data-everywhere strategy. The C-suite must revisit organizational models to maximize revenue growth, keeping in mind that today’s customers don’t want their relationships managed; they are in control.
2. Tear Down the Silos.
To unify marketing and become a highly responsive organization, your efforts must focus on collaboration, consolidation and organization. That means tearing down silos. Marketing can begin by embracing IT. The CMO and CIO should be new best friends. After all, marketing is no longer a department within the business. It is the business. Many companies struggle to track, better understand and respond to what consumers want, need and expect. Integrating and collaborating across all core business functions is essential to meeting these goals.
3. Untangle the Data Hairball.
Extracting the most value from your big data won’t be easy and can take months or years. It’s important to start small and define your vision. The good news is that every step you take will improve insights and enable you to deliver an enriched, relevant experience, which leads to a more engaged customer.
4. Make Metrics Your Mantra.
Marketers now stand at a turning point. In order to move forward, they must begin managing the business of marketing and not let data distract them from the bigger picture—driving business value. To improve buy-in and alignment, it’s critical to prove that your efforts are succeeding in doing that. With metrics as your cornerstone, transparency and accountability will be evident throughout the marketing organization, and beyond.
5. Make Process the New Black.
Advances in marketing technology and automation have made it possible to build modern, purposeful communications. Today’s integrated marketing management solutions represent the true integration of marketing, data, processes, campaigns, channels and insights. Integrating marketing processes accelerates results and agility.
Starting on the Right Foot
We have an opportunity in marketing to drive more business value than ever before. To take full advantage of this opportunity, marketers must partner with IT to bring clarity and calm to the current big data disruption as they strive to develop trust with customers. And the C-suite must be at the helm of change management to keep up with the fast pace of business. Taking these five steps will allow you to go succeed by knowing more and doing more with your insight-rich data.
Lisa Arthur is CMO of Teradata Marketing Applications.