One of the biggest challenges that marketers will have to face in 2018 is the transformation of data into actionable insights. This is a hot topic on the minds of most marketers going into 2018. Below are some of the predicted data trends that will help to keep your business ahead of the curve.
Talk to any marketer about data and they will more than likely tell you about the sheer amount that is available today. This amount is both a challenge and an opportunity, but the key with it is to figure out which data to ignore. There could be many reasons for this, such as the data being inaccurate or corrupt, or maybe the dataset isn’t relevant to the current business need – the point being that the focus needs to be on figuring this out, so that your team doesn’t end up falling down the rabbit hole of near infinite datasets. Making sure to have a clear test case established here will be invaluable when examining or on-boarding data.
With the amount of data available now, it’s important to act responsibly with it. Part of this responsibility means taking the proper steps to secure data, especially sensitive data from breaches and other hacks. Not making this a priority could have adverse effects for your business and the entire data driven community. If customers don’t believe that their sensitive information will be safeguarded they could stop engaging with your brand completely, so data security is a big concern.
Due to new technology such as wearables, facial recognition and voice assistants there are new types of data available. This data can provide insights that never existed/mattered before. A company in New Zealand called Sovereign were able to make use of this and integrate a wide range of datasets into a campaign which drove customer signup, lead generation and sales.
Marketing is in a constant state of change at the moment. This means that marketers need to be as agile as possible to keep up with the demands of content driven consumers. Despite this, marketers also need to make sure that their focus is on achieving real results in the marketplace.
Businesses across Europe are preparing for the General Data Protection Regulation (GDPR) to take place in May 2018. This new set of data protection principles applies to any company that markets in part of Europe, whether they be from America or Australia. Reviewing your business and privacy practises will be important in making sure that these regulations are met, otherwise heavy penalties for your business could occur. Data will have the “right to be forgotten” setting a new baseline for privacy rights expected by consumers. Now is the time for marketers to review the rules.
New Analytical Tools
New tools and technologies that allow marketers to better understand businesses, consumers and competitors, are emerging every day. From the likes of artificial intelligence to machine learning and augmented reality. Understanding these tools and being able to integrate them into your business can give you a serious competitive advantage. 1-800 Flowers made excellent use of this by integrating their website with AI and natural language processing which allowed the technology to deliver customised recommendations based on the technology building up a detailed understanding of what the customer was looking for.