People Data

Data driven companies look at a broad range of information to optimize everything from their business processes to their digital marketing. They use people data to gain an understanding of their audience and how best to segment them in a digital age. When you use this data in your digital marketing efforts, you create a more relevant and personalized experience. Janrain found 85 percent of companies used personalization techniques to improve the customer experience. You can use people data to differentiate yourself from your competitors, but you need to understand how to effectively implement this data into your digital marketing campaigns.

Context from Identity vs. Attributes

Context matters significantly in your marketing efforts, and you gain many contextual clues from a person’s identity versus their attributes. Someone’s identity is who they are, and this remains consistent throughout the marketing process. The person’s identity never changes, but their attributes change based on context, such as going from the office to their home or switching from a desktop channel to a mobile channel. When you know the buyer’s context, you can optimize your marketing strategies.

Difference Between B2B and B2C Data

People data in B2B and B2C marketing display several differences. Buyer motivation is one significant area where B2C and B2B data differs. Hubspot found B2B buyers focus on efficiency and company expertise, while B2C buyers are on the lookout for deals. You have a longer buying cycle for most B2B purchasing decisions, and you’re rarely dealing with only one decision maker. Your B2C and B2B marketing efforts both benefit from people data, but you approach each market in very different ways.

Personas and Audience Segments

People data helps you identify audience segments and create buyer personas. While these two terms are sometimes used interchangeably, they represent two distinct concepts. An audience segment describes a group of potential customers you focus on, such as Chief Information Officers at technology startup companies. You identify broad characteristics of this market, such as their general demographics and pain points. You create buyer personas to make an in depth profile of people or groups that are close to making a purchase decision. You look at the challenges they face, the customer’s story and pain points unique to that persona. Typically, you lean on audience segments for your top of funnel marketing efforts and deploy buyer personas for the middle and end stages.

When you effectively implement people data into your marketing efforts, you can use a data driven approach to pinpoint what your customers want. As content personalization becomes the default expectation for buyers, you need to put your people data to good use in order to better serve your clients and your competitive positioning.

Sources:

http://www1.janrain.com/rs/janrain/images/Industry-Research-Unlock-Customer-Data.pdf

http://blog.hubspot.com/agency/differences-b2c-b2b-marketing

Better Data Drives Better Marketing- Importance of Master Repository

For the past few years, the term “big data” has been tossed around as cavalierly as the term “cloud”. Like actual clouds, the terms are more ethereal than substantial. Despite the imprecise use of the term big data, it is in fact quite real and of great importance. Because big data can be either structured or unstructured the need to organize it and integrate it are essential to capitalizing on it.

The three Vs; volume, velocity and variety are regularly used to describe different aspects of big data.

  • Volume- refers to the amount of data to be analyzed.
  • Velocity- is the measure of how quickly raw data enters the system.
  • Variety – Thanks to both its diverse sources, unstructured nature, and varied end uses the mixture of data can be untidy.

The cost, in time, manpower, and in building an expertise in managing big data can be overwhelming for some enterprises to manage in-house. Fortunately, outsourcing and Software as a Service (SaaS) are also viable alternatives. Cloud-based solutions have gone a long way toward making big data easier to manage, more accessible, and more secure.

The fact of the matter is the cloud in the context of big data storage is a real brick and mortar place. It is equipped with state of the art infrastructure and software making it far more secure and reliable than most on-site solutions.

Outmoded Solutions

In the past, a business’ data might be arbitrarily split between b2b data stored in a CRM (customer relationship management) system and customer (b2c) data relegated to a data warehouse. A significant shortcoming of this practice is that the absence of a complete picture of all of an enterprise’ data.

Realigning resources and centralizing data in a master location with mechanisms to log data will make it readily available in the future. Even though the freshly organized data can not impact the past it can serve as an invaluable resource for analyzing the future. Centralized data repositories do this by having all of the data organized and ready to be transferred directly into the enterprise’s marketing tools.

Master Data Management

A better way to store and analyze disparate data is to maintain it in a single location. Master data management ( MDM) allows administrators to streamline standards and tools across data sets. Thereby reducing costs and improving accessibility. Another significant advantage comes from the ability to eliminate inconsistencies, incorrect data, and duplicate information.

A single authoritative master source of data can eliminate erroneous customer contacts that result from data segmentation. For example a bank customer who has a checking account and a mortgage with the same

 

institution. Segmented data can cause the customer to receive a solicitation for mortgages based on their presence on the checking account data set. An effective MDM would be able to identify the multiple points of contact the customer has with the bank and prevent unnecessary customer contact.

An often overlooked consideration for centralized data repositories is their enhanced security and reliability. Thanks in no small part to economies of scale MDM is able to provide substantially improved system redundancy that extends well beyond simple backups and include greater cyber-security and alternative power sources. These enhancements go a long way to ensuring that a data is ready and available when it is needed.

Big Data is Not a Cure-All

Big data alone will not fix all of an enterprise’s ills, but it can go a long way to helping identify and correct shortcomings. Francis Bacon summed up the importance of big data when he said; “knowledge is power.” The best way to harness the power of big data is with the equally large solution of master data management. By creating a single authoritative view of data unwieldy and costly duplications are eliminated. MDM reduces the risk of loss of key data components that can occur as the quantity of data collected increases because of the superior hardware and software architecture afforded by master data management.

MDM creates an agile information environment that is capable of exploiting the volume, velocity and variety of big data. It supports strategic decisions by providing a 360-degree view of data. By obtaining a fuller picture of relationships, enterprises can effectively deliver custom content. A master data management system can’t promise success, but it can guarantee an enterprise the ability to succeed.