When considering the acquisition of a new piece of marketing technology, it is important to take a needs focused approach. Ask yourself:
- What additional value can we deliver to customers with this technology?
- What will we be able to do with this technology that we can’t currently accomplish?
- How much of this can we do with our existing technology?
All this said, it doesn’t mean that large stacks are inherently ineffective. In fact, Gartner reports that most of their Genius brands have among the largest marketing stacks. What’s important is that marketers are purposeful about acquiring new solutions. CMOs need to maintain the focus on customer engagement and marketing strategies; thinking about how new technologies will integrate with current marketing, as well as other business units’ technology stacks and processes.
3. Using customer data effectively is more important than collecting tons of it
Building a cohesive, 360-degree view is a worthy goal with many benefits, however, it is best to take an iterative approach. More data does not necessarily create more impact and can introduce more risk than it the benefit it brings. Not only does more data increase the amount of noise, but it also increases need for strong data governance procedures and the risk of brand damage with the misuse of customer data.
Building a 360-degree view of the customer is a non-linear process and, as with most things in life, is subject to the law of diminishing returns. It is best to start small with specific use cases in mind that drive customer value and experience. If you can show that you are delivering value on the data collected, customers will be more likely to agree to hand over their data. Over collection of data can lead to brand distrust among consumers.
Before looking at ways to increase data collection or bring in third party data, the first step should always be to take a holistic view of existing data, break down data silos throughout the organization, and integrate customer data from disparate channels and lines of business. From there, marketers need to collect and integrate data intentionally, always keeping focus on how the additional data added can help drive customer experience and engagement.
Be sure to keep in mind these three points before collecting more data:
- Align on the marketing and customer experience strategies that you would like to deliver to your customers
- Explore if there is existing data that would enable the delivery of those use cases
- Plan to collect additional missing data as needed to drive customer value.
In terms of data, a little goes a long way. “Over personalization” can have a net negative effect and come off as creepy and intrusive to your customers. Keeping the customer experience at the forefront of data collection efforts will ensure that you are able to maximize ROI, run a lean operation, and reduce risks and pitfalls associated with over collection of data.
Where do we go from here…
All the topics discussed come together neatly under one over-arching theme – to be the most effective, marketers need to keep the customer experience at the forefront and remained focused on the original use cases. Keep the customer first and focus on delivering value with a touch of personalization to realize the best ROI.
The team at Munvo are experts in MarTech integration. Having worked with a variety of enterprise solutions since our inception in 2005, we bring time-tested frameworks and strategies to each client we work with. Whether you are looking to integrate a new product to your MarTech stack, or unlock the unused potential in your current stack, Munvo Maximizes Your MarTech Investment.
Book a meeting with us today – our experts will listen to your unique business needs and work with you as a trusted advisor to put together a plan to get you there.