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In the age of GDPR and other data privacy regulation the idea of data driven marketing is getting considerable coverage. But what does it really mean and does it really matter to me? It means money (for those using data) but it also does matter to you. No matter how large or small, your brand needs to collect, segment and utilize data to personalize your marketing efforts. There's far more that can be done, but that first step will put you on a path of sustainability.
Unlike 3D TVs, laser discs and even, to a certain extent, the 'big data' buzzword for the last 3 years, consumer data is meaningful, can be actionable for your business today and is readily available. You just have to put a strategy in place to start collecting and using it to drive your business forward.
I wanted to share this multi-billion dollar deal for those of you that don't follow the tech world very closely.
http://adage.com/article/digital/deal-ipg-acxiom-sale-ams/314113/
Acxiom has been a data powerhouse for a while now, powering billions of ads with hyper-personalized precision. You could buy this black box sauce, pepper it into your media buys and get better results. The beauty (for Acxiom investors) was that you had to keep coming back again and again to reach people. Many got hooked on the results renting anonymous data to get better CTR's and more efficient CPMs.
Own your data. Stop renting it. By the way, your competitors have access to it as well. Start using your media buys to deliver experiences that reward you with highly contextual consumer data. Fees are too high to rent any longer. Ownership is the new black. Acxiom is a rental agency, and they got sold for $2.3 BILLION! What do you think the value would be if you actually owned the data that could power your business forward? Let's find out.