Recent studies have shown that today’s marketers are on the frontlines of a customer revolution. With so much data at their fingertips, marketers have the opportunity to identify, target, and engage with customers throughout their buyer’s journey with an intimacy that they’ve never had before.
Yet, nearly 80 percent of an organization’s data is trapped in a silo or remains untouched. It’s an opportunity passing them by, as marketers scramble develop a strategy and simply get their arms around the sheer amounts of data they have access to. So what is a marketer to do in today’s data driven environment?
That was the focus of the discussion today at The Marketing Nation Summit (#MKTGnation), with a particular emphasis on artificial intelligence (AI) and predictive analytics.
Corrine Skylar, Global CMO of Bluewolf, an IBM Company, stressed the importance of shining a light on the dark data within an organization to help deliver more targeted customer content within the customer journey. She warns that the cost of obtaining a new customer is 10 times more than retaining the customers you currently have, and suggests that leveraging the hidden data you already have on your customers can help you better engage, connect, and retain your customers. It’s not about marketing, for her, it’s about #customerobsession.
She is not the only one obsessed with the data that drives customer engagement and interaction. Peter Herbert, Vice President of VersionOne, believes this data is the key to successful account based marketing outcomes. He uses artificial intelligence (AI) as a decision engine for everything from list-building to delivering sales insights for account based marketing programs.
Not only has AI improved alignments between sales and marketing, but the data-driven insights have increased account wins and has eliminated the guessing games that sales and marketing often faces.
Delivering actionable data is one of the biggest challenges that a data-driven marketers faces today. Marketers are searching for ways to delivering content that will engage a customer exactly where they are in the journey. They want to know that their messages are connecting and are effective. Using AI can help improve the conversion rates and effectiveness in each of these areas, according to Herbert.
But in the end, if you use the tools, and uncover the gold mine of data that exists within your own organization, it’s a win-win for sales, marketing and the customer.