➤ Take the lead. No other group of professionals has the volume of data collection on consumers, day to day, as marketers do. And a significant part of the data ecosystem is funded out of marketing dollars. Marketers, therefore, have to play a front and center role and drive the evolution, as opposed to sitting in a corner and letting others define the future.
➤ Educate yourself. Marketers need to understand the current policies and regulations across the entire value chain they deal with. They need to understand how data is collected, organized, and analyzed in real time, with or without the help of AI. Marketers don’t need to become data experts overnight, but they need to educate themselves at least to the extent of being able to ask the right questions and grasp the right answers.
➤ Invest in the right partnerships-internal and external. Strike deep partnerships with IT colleagues who manage the data infrastructure and processes, as well as legal department colleagues to help navigate this complex ecosystem soundly and safely. Marketers’ accountability doesn’t end with protecting consumer data within their company; it also extends to the data that their vendors are collecting, analyzing, and leveraging on their behalf. Marketers need to understand whether they have the wherewithal to protect consumers’ data against any attacks or any breaches and compromises. Ditto with their agencies who handle data on their behalf.
➤ Beware of the BS out there. Hemingway said that the most important thing for a writer was a built-in bull**it detector. Same for data. Every vendor and his cousin come to the table saying that their solution is powered by AI. Ask the vendors to simplify what they’re talking about. Sort out the signal from the noise. Marketers need to have experts on their side, if they themselves are not experts.
➤ Don’t be carried away by jargon. Predictive coding, transformative synergy, untapped vertical, deep neural networks… C’mon. Marketers need to have folks on their teams who understand data and who can also speak plain English, not jargonese. The team members will be thankful!
➤ Have deep data talent within marketing itself. There’s no rule that says marketing can’t have data scientists. No rule that says marketing can’t have AI subject matter experts or team members with technology experience. Get the team members trained in data very deeply.
➤ Use Privacy by Design standards. This phrase showed up as the GDPR advanced. It means companies are obliged to consider data privacy during design stages of all projects along with the life cycle of the relevant data process. Follow that approach and implement that principle. Marketers, you’ll thank yourselves for this later!
➤ Secure the data. This is a huge issue with so many hacks being attempted on all databases every second from around the world. Cybersecurity broadly, and information security in particular, should be a top priority for every organization and for every marketer.
➤ Stay close to industry developments. I set aside at least six hours a week for keeping up on learning and keeping up with industry news. Bottom line, change has implications. Don’t get caught unaware. Stay very current. The time is well spent and the effort well worth it.
➤ Quantify, quantify, quantify. Even if you have a futuristic Al program, if you don’t diligently measure marketing actions, your company will not understand their contribution to sales, overall revenue, or the overall business. Defending marketing by qualitative arguments or worse, marketing jargon, will prove rather futile. Be ready with credible numbers, not words.
➤ Don’t let data overshadow creativity. Don’t forget that it is about the brand, the business, and the competitive platform. Technology and data are absolute priorities, but not at the cost of creativity, instinct, and judgment.
Above all, two things. First, ask the tough questions. Marketers need to ask themselves how they would want others to use their data. Then they should put on their marketing hats and follow those principles while respecting the regulations. If something about their data leverage doesn’t feel right, it means it is not.
Second, play offense. Data gives us the power to do the right thing by the consumer, to serve them most effectively, in the most relevant way. And, most pleasantly, marketers can serve those offers that matter to their consumers. Marketers should not be staying on the data sidelines.
Extract from the book Quantum Marketing by Raja Rajamannar
Leave a Reply