When Teradata surveyed over 1,500 worldwide marketing and communications executives in 2014, they found an overwhelming response to what their priorities were in 2014. What did 92% of marketers agree they were prioritizing? Individualized marketing - going beyond demographic segments and focusing squarely on one-to-one interactions.
Yet turn the tables and ask the same folks what the most underutilized asset in the organization is and they say it's data. To have that cloud of data within reach, know it's by far your greatest priority, and not know what to do with it? That's tragic. Eighty-seven percent of the same marketers believe data is the most underutilized asset in their company and that's no way to begin to grasp that big goal of customized, individualized marketing.
We can take away some additional clues on the state of internal priorities from the same report: Findings indicate that the biggest obstacles for organizations in "preventing marketing from becoming more data-driven" were security concerns, lack of data in certain departments, and inadequate CRM databases. We've seen all this before, and we recognize those struggles and, let’s be honest, fears. Both compliance and data synthesis between silos are overwhelming tasks, and when you're up against both simultaneously it's doubly so. Expertise in one area doesn't necessarily translate to the other, but a single solution, like preference management, can answer many of those needs.
Preference management, the active collection, maintenance and distribution of unique consumer characteristics, such as product interest, communication channel preference and frequency of communication is a solution that addresses both security concerns and communications between silos. Getting a bigger, better, and secure view of your consumers is the best way to make sure that individualized marketing is a goal within reach for 2015.
Next time you consider your company's goals, make sure you can say individualized marketing is not only a priority, but something you're well on your way to accomplishing - despite the internal barriers other organizations still face.
Eric Tejeda is the Director of Product Marketing for PossibleNOW and CompliancePoint. Eric supports the organization’s growth objectives by productizing and launching innovative new products and services that fill critical needs in the marketplace.
With 25 years of experience, Eric firmly believes that permission-based marketing and preference management is a mega trend and the path to success for marketers today.
Labels: big data, compliance, CRM, data, data synthesis, individualized marketing, marketing, preference management