Last Updated on April 5, 2022 by Ronen Ben-Dror
Data is at the heart of business growth. By mining, categorizing, analyzing and mobilizing data, you are able to create customized experiences for your target audience based on a deeper and better understanding of their preferences and pain points.
For many industries and individual enterprises, the lingering challenge has been managing massive volumes of data. Figuring out how to store data at cost-effective rates, then applying the necessary resources to sort and analyze the information while keeping it secure has been an ongoing barrier with incredible opportunities on the other side. Those that can mobilize the data they collect create a sizable competitive edge.
As opportunities and investments in data increase, another set of challenges is facing marketers and advertisers. Widespread regulatory legislation is creating some doubt about the ability to effectively use data to serve audiences better. Here are some of the factors influencing data collection and management for marketers and advertisers:
Partners and Collaborators: Expect to see words like this used more and more as companies find that they can no longer work in isolation but need one another to compete. The collaboration between companies over data sets will equip them to better produce a return for clients. More broadly, brands will develop a more open attitude towards fostering partnerships for collaboration to make the most out of each party’s data sets and privacy tools for greater and more cost-effective lead generation. In fact, data collaboration has been going on for years, mostly by very large corporations. But now, more tools and resources have become available for medium and smaller businesses to benefit from data/information collaboration.
A benefit of this type of approach to data mobilization is a bigger picture of the customer. Partnerships and collaboration invite a 360-degree view, rounding out what companies know about customers, broader audiences and clients. Collaborators will help fill in gaps in customer preferences, behaviors and needs.
Customized Solutions: These partnerships may soon exhibit some gaps and cracks of their own, leading companies to adopt technological solutions that give them a competitive advantage. These will be unique data solutions based on specific business needs, offered only to single companies and not made available to their competitors. The solutions will increase their ability to invest in data-driven goals and decisions based on valuable analysis and mobilization of data.
Privacy: Consumer consent will continue to be a theme and challenge for advertisers as they seek to respect data privacy while offering customers the tailored marketing they want. The key this year will be examining how consumer consent will interact with identity. In order for consumers to control how data is accessed, there will need to be some tools in place for consistently following their choices across their digital identity. Any topics associated with privacy will need to include a consideration of ID mapping across consumer behaviors.
The California Consumer Privacy Act (CCPA) will quickly have other states following suit, forcing advertisers to put the necessary tools in place to protect privacy and identity.
As a marketer and an advertiser, your company strives to mobilize data to:
- Create new and/or grow existing revenue sources like lead generation, events (in-person and virtual), product sales and more.
- Better serve your audience (i.e., improve content development that is suited for your specific audience interests).
- Increase sales potential from existing and new clients (creating new products your clients desire and that give you a competitive edge).
You may be wondering how best to:
- Take advantage of a large number of data silos you own.
- Create a better 360-degree view of your customer base in order to maximize your ability to monetize your data sources.
- Handle privacy consent challenges while maintaining a positive return on investment.
That’s where Blue Valley Marketing comes in. We specialize in helping B2B companies monetize their data better, creating highly customized, targeted campaigns with an understanding of your industry, client’s business needs and the challenges of data management and privacy.
Contact us today to learn more about the strategies we offer for engaging your audience with targeted marketing.