Data, that’s what. It’s not rocket science, is it? We know how important data is to react to our customers and engage them in the conversations they want to be having. So when Teradata surveyed 1,500 global marketing and communications executives, they found an overwhelming response to what their priorities were for 2015. What did 92% of marketers agree they were prioritizing? Individualized marketing – going beyond demographic segments and focusing on one-to-one interactions.
Yet ask the same folks what the most underutilized asset in their organization is and they say it’s data. Eighty-seven percent of the same marketers believe data is the most underutilized asset in their company. To have data within reach, admit it’s your greatest priority, but not know what to do with it? That’s no way to delve into the 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. 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.
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.