Big data analytics company Palantir reportedly helped the US Government determine the whereabouts of Osama bin Laden.
But despite this claim to fame, the business apparently isn’t finding it easy to convince its customers that its services are a worthwhile investment.
For many global brands, trying to drive business through digital marketing in an unfamiliar country is a hefty challenge.
There are local languages, media platforms, and cultures to consider and so often it’s best to use a local or global agency, or not bother at all.
But in our digital age, it is possible to at least test a new market and decide on its potential with hard statistics.
Buried deep in newspaper reports and press releases about 2015 figures and a pessimistic outlook for retail chain Next this Easter weekend was some fundamental news.
“Next is planning to save £8m by not sending out glossy catalogues to shoppers who don’t want them” said The Telegraph on Good Friday. The money freed up would be directed into digital, it stated.
Data Management Platforms (DMPs) are, despite still being on the cutting edge of technology, beginning to move beyond the early adopter stage and are now showing real and serious business benefits.
Oracle/Econsultancy’s report ‘The Role of DMPs in The Era of Data-Driven Advertising’ highlights found that 20% of those surveyed have been using a DMP for four years, however despite this length of time DMPs are ever-evolving and growing ever more sophisticated.
This blog post examines how DMPs have changed and what the future holds for them.
As marketers, we know that our jobs require so much more than, well, ‘doing’ marketing.
We spend a lot of our time developing campaign ideas, sure, but then we also spend a lot of time getting buy-in from the business.
Most organisations have well-defined business and IT strategies. With data becoming key to business success, a coherent data strategy is now also important.
At the Festival of Marketing the Econsultancy Digital Transformation team met with a number of marketers, and it became clear that many businesses are struggling to develop a coherent data strategy.
When I first started working in digital marketing back in 2006, nobody cared about integrated data. Heck, “big data” hadn’t even been invented yet!
Well, maybe that’s a bit of an exaggeration… but the reality was that marketing efforts were often siloed, disjointed or some messy combination of the two.
So you’ve deliberated, cogitated and digested to the point that your performance marketing strategy is like a finely oiled machine.
Spend goes in at the top and leads and sales come out at the bottom.
You can plan your marketing budgets down to the nearest penny and just open your laptop to watch a series of real-time graphs and charts that keep going upwards and to the right as the month progresses, just like they did last month.
The earlier a customer is along their journey, the less marketers know about that person. But early on is when you can best influence shoppers.
Digital marketers have moved from a campaign driven to a more customer centric approach. The resulting customer dialogue has led to a greater need for a single customer view.
However legacy systems have created data silos resulting in the need for more data integration. This has repercussions for how marketers should think about their technology.
In digital advertising, we have an uncommon ability to collect user data that’s superior to other forms of advertising data; particularly compared to what’s available in TV or print.
However, merely collecting the data can be overwhelming unless a marketing anthropologist can cut through the clutter and give meaning to what the data says about your business.
Here are some tips on how to give meaning to your website traffic or advertising response data.
Since the 1980’s internal and external benchmarking has become a standard business practice for all organisations, but the dawn of the digital age has made benchmarking a process that is even harder to complete.
But, why?