Data-Driven Marketing: How To Navigate Its Growing Complexity?
Do you feel that Data-Driven Marketing has become a super complex field? Is it approaching the complexity scale of derivatives trading or quantum computing?
Today, more than ever, there is a strong need in the industry to simplify the complex. Doing that while bombarded by offers to “improve” from Blockchain, DCO, 1PD, AR, MTA, VR, and many more isn’t easy.
Ideas first, data marketing tech second
Marketing is about solving a consumer pain point and not the tech opportunity. Yes, data-driven marketing is cool, it is the future, and we should embrace it. At the end of the day, the role of this department is to best understand external needs and opportunities.
Secondly, to develop strategies of desire, and deliver ideas through the magic of storytelling. This is a good reminder. Especially at a time, we spend more time ruminating on tech opportunities versus new consumer needs or partitions to play.
Let’s go back to the basics.
Let’s put data-driven marketing in the use of marketing and not let tech run marketing.
Be curious, embrace an experimentation mentality, and adjust on the go.
3 simple ideas to simplify data-driven marketing
1. Admit that you know more about tech than your market and consumer. Think about what you should learn first and not how you can use a specific technology to learn fast. Focus on business growth opportunities, not opportunities to use tools. Think about why people watch what they watch. Understand how they buy what they buy. Inspect why they choose what they choose. Once you’ve done that, start the arms race in data-driven marketing, as explained in one of my previous blog posts.
2. Understand the difference between the growth of technology versus the opportunity offered by data-driven marketing technologies. Yes, Netflix grew exponentially, but the opportunity for advertising is minuscule. Move on, stop painting slides about the growth of OTT streaming and find ways to reach your audience elsewhere.
3. Learn from tech the power of storytelling. Who doesn’t love an Apple marketing launch presentation? Or even a good founder-story book that tells the story of a data-driven organization like Netflix? Just search for “No Rules Rules“. For example, what if you can replicate that tactic, instead of the endless exploration and piloting of tech products. Try writing the book of your brand. Or the blog of your brand. Or simply the case study of your brand. See where it takes you.
What did you learn and how can you help others?
I am curious to learn from you how you stay up to date with data-driven marketing. How do you weigh the opportunities? How do you navigate this complexity in your business? What could you help me with? I invite you to share your views below or comment on my LinkedIn post.
Let’s start the debate.
