Today's companies need Data-Driven Power

Yesterday will not work for today, the methods we used yesterday for defining consumers no longer function profitably. The new digital environment calls for new ways to reach buyers and to gather and analyse data about them to enable us to grow profitability. We are finding that companies are turning to "Data-Driven Power" to achieve this.

Data-Driven Power systems can deliver significant, repeatable returns by approaching the data via five “general use patterns that generate the highest returns and reliably recur across sectors and verticals”:

1. “Segmentation - who is the right person” – A stream of precise customer data allows marketers to target individuals more strategically and with greater accuracy while repeatedly redefining them as per new data.

2. “Activation - what is the right place” – With the plethora of channels and platforms with which customers interact means you can “intentionally” reach them – and measure their response – using a data management platform.

3. “Personalisation - what is the right message” – Building on the first two elements, personalisation allows companies to give a specific user exactly what he or she needs.

4. “Optimisation - when is the right time” – To ensure that every marketing dollar gets spent as effectively as possible, marketers can define the number and timing of messages sent to consumers. For example, you don’t want to send an advertising message to a consumer for a product you know he or she recently purchased.

5. “Insights - have the right idea” – Using data and analysis gained from the first four elements will result in greater precision, effectiveness and efficiency in future marketing efforts.

So it is key that capturing, organising and acting on data defines the new basis of competition in marketing and will separate the winners from the losers for years to come. So stop with yesterday and start today with data-driven power.