Coming out of AdExchanger’s recent Industry Preview event in New York City, Equifax Data-Driven Marketing general manager Mykolas Rambus shared his list of Trends to Watch in Data-driven Marketing in 2019 to help business leaders shape their marketing approach and investment decisions.
“In 2019, brands will continue to need both the macro picture and a robust personal economics graph to truly understand their customers’ needs. But, having access to 360-degree information on your customer is only the starting point to data-driven marketing,” said Rambus, in a news release. “We anticipate industry movement that advances the infrastructure of a marketer’s business, recalibrates the balance between CAC and CLTV, and fast maturation in areas such as voice marketing that were nascent fields only 12 months ago.”
Rambus outlined his initial five key trends to watch in data-driven marketing this year:
Data wrangling ramps up
Marketers will look for new ways to break down data across silos to enable total data unification across all customer touchpoints and an intimate understanding of their customers. They will seek data partners that can help them cut through the clutter to find and curate quality, clean data that can be activated across all channels, uncover fresh insights using unique data and analytic resources, and solve their macro problems.
Data integrity takes a giant leap
Today’s marketers who rely on high-quality, clean and accurate data to grow revenues are also increasingly responsible for the data sourcing. When data is not ethically sourced or runs afoul of regulatory and compliance schemes, the effects are felt across the organization: reputational impacts, lost profits, a hit to the share price, and permanently damaged customer relationships, among them. Organizations will turn to true information stewards as their partners to ensure dirty data will not put the customer experience, let alone their reputations, at risk.
Data-driven marketing drives customer lifetime value
The early days of the New Year have presented market volatility and uncertainty for organizations of all sizes. Budgets will be scrutinized and marketers will be tasked with ensuring their marketing spend is yielding the desired results. Data-driven marketing has proven itself adept at improving reach and acquisition; however, the best data-enabled marketing solutions in 2019 will re-focus organizations on building profitable long-term relationships and increasing engagement, loyalty and retention with the optimal customers, not all customers.
Voice marketing data gets smarter
Brands are being disrupted as voice technology and smart home devices like Alexa are changing the way consumers search and purchase. Marketers are shifting how they understand consumers’ intent and collecting the most relevant bits of information to deliver better experiences. A data-driven marketing approach can support a voice marketing strategy, helping organizations tap into consumer behavior data and use it in an original way to communicate with customers in this growing channel.
Measurement moves to adulthood
Organizations will start to move beyond consulting engagements and establish integrated partnerships with solutions providers that offer comprehensive measurement tools to help them play out scenarios, systemize their measurement standards and technologies, and meaningfully measure and value the contribution of every touchpoint on the journey.
Along with these five trends, Rambus points to the need for marketers to embrace the richest possible data so they do not miss valuable audiences. With Equifax DDM’s economic data, for example, adding wealth in addition to income to the mix gives marketers a more complete consumer picture, and enables the right segmentation and dividing-line attributes that will provide them with the highest level of success—whether they’re looking to capture upscale prospects, less affluent households or a mix of both.
Rambus attended AdExchanger’s Industry Preview in New York City this month to meet with media outlets and discuss data-driven marketing trends and related topics. An expert on big data, SaaS and financial technology, Rambus is a frequent contributor to major national and international news outlets, a two-time CEO (Wealth-X, W.P. Carey) and former Chief Information Officer of Forbes Media.
The Equifax DDM capability provides both distinct Equifax economic data insights and functional solutions for marketers such as identity resolution, direct and digital engagement, and attribution and performance analytics to help brands market with precision, manage risk and drive superior returns.