Every company’s data narrative must provide real value to the business.Companies must be able to use big data to understand customers better and in turn, provide better experiences. But amid the mountains of consumer data available to companies, how do marketers decide what is really important?
At a RampUp session on big data, four panelists from American Express, Fluent, IBM and Mastercard faced the mountain by first addressing what data means to their teams and organizations as a whole.
Using data to advocate for customer needs and create people-based marketing experiences quickly emerged as a common theme.
“We use big data to create value for the customer but also to be advocates within marketing for the customer. So most of the tools data sets and data analysis that we do is with the idea that we’re going to be an advocate for the customer on the inside – that we’re one of the groups that understands the end-to-end journey and the customer lifecycle, and that we use data from all sources, including big data, to improve customer experience and be the inside advocate for the customer,” said Jeff Spicer, CMO, IBM Analytics.
“My team’s goal is to make sure we create value for our customers and our merchants by making sure we are leveraging the data that we get … to either be able to create great personalized offers [or] great travel experiences, and reduce fraud,” said Atul Dalmia, VP, Global Information Management Platforms, American Express.
“[My team] takes into account all the data exhaust Mastercard creates from its global payments business and commercializes it to add value for planning activations and measurement in the advertising business writ large,” said Jay Sears, SVP, Media Solutions for Advisors, Mastercard.
For Fluent, data is not only intrinsic to the customer experience, but also to the success of the business as a whole.
If we get it wrong, we don’t get paid…
“Data is fundamental to everything that we do because data decides what ad we’re going to show to what consumer to drive them to take an actual action … If we get it wrong, we don’t get paid so it’s the very lifeblood of everything that we do. We’re laser focused on making sure that it’s not just big data, but the right data that we’re using to pair the right ad with the right consumer at the right time,” said Jordan Cohen, CMO, Fluent.
By having a northstar use of data guiding all programs, companies can effectively turn mountains of data into “hills” of data that actually matter. With this framework in place, marketers are better equipped to decide what emerging data streams to onboard, such as the information many companies are now making available through insight services.
Watch the rest of the conversation below, and register for one of our RampUp on the Road events to hear other marketing leaders share their perspectives and experiences: