In order to survive, marketing needs to cleanse its data. You need to make data quality a top priority within your organization.
"If your data is crap, your marketing [initiatives] will not perform optimally for you," says Kyle Lacy, from OpenView Venture Partners, and he knows what he's talking about. At a recent marketing conference hosted by Uberflip in Toronto, the VP of Marketing discussed the urgency of having good data quality. The volume of data generation is going to explode, just ask your Fitbit. Kyle says there will be a 4300% increase in annual data generation by 2020. You can't ignore something like that. That's less than 4 years away!
If your data is clean, you are invited to stop reading. But before you go, do you really know if it's clean? What constitutes good data? And how do companies with good data benefit from it?
With clean data you can more easily tend to your customers and better reveal potential prospects. (See this in action in our story with Neopost). Clean data enables you to be in a predictive mode rather than a reactive mode. And if you're really good at it (or have a great data partner) you can use your data for anticipatory analytics. As Michael Goldberg, a Content Marketing Director, states in his article, it can help “forecast future behaviors quicker than traditional predictive analytics by identifying change.”
Another topic that impacts your marketing strategy’s survival is disruptive trends. These disruptions refer to new market technologies or behaviors that may influence and/or impact the way your business is currently run. If you prepare yourself, you might be one of the lucky ones that use these disruptive trends to their advantage. Or, you might even be the disruptor. Think: x.ai (Amy the personal assistant), betterment (the small automated investing service), and of course Uber (online transportation network), or Airbnb (online hotel alternative). These companies excel in the marketplace because they are the disrupters. The takeaway for you? Even if you’re not the disruptor, if you’re prepared you can leverage these disruptive trends.
Firstly, if your company’s mobile experience is broken and doesn’t provide a seamless customer experience, it doesn't matter how great your marketing content is - it will fail. Consider companies like Kayak, Amazon, and Zappos who provide an exceptionally seamless customer experience. Secondly, Kyle also mentioned the importance of owning your audience. When you own the audience it means you can dictate the behavior of your entire market. Take Google for example. When Google experienced a 5 minute outage, global internet traffic fell by 40%. Thirdly, the rise of machines will directly impact the way you develop and execute marketing strategies. Will a machine self-create this blog one year from now? Mind-blown.
Our key takeaway from Kyle’s talk is: Your marketing will continue to survive (and thrive) if all the trends mentioned above are realized and integrated into your marketing strategies. Remember, your marketing will only perform as well as your data quality. Perhaps you have some work to do!