The currency of nearly all marketing today is data.
Ten years ago, we might have said much the same of digital marketing, and all the email, display, social, search, and mobile that’s came forward from it.
Twenty years ago, we could have said the same of database marketing and customer relationship management.
And wind back—measurability and accountability, the hallmarks of direct marketing—always have relied on data. We may have called it lists back in the day—but data are what lists have become. The inherent value of data is to know the shared attributes among the data elements and to use that knowledge.
Without a doubt, the “marketing of data” has evolved and transformed as much as marketing itself. Every day in our world, it’s not enough to have contact details on people, or any number of the hundreds of demographic, psychographic, contextual, social and behavioral overlays that may be available, we also need analytics power.
Recent research from The Winterberry Group underscores this point: data is now an $11 billion business in America, and that includes analytics services revenue. I recall an unofficial guestimate of a $2 billion data market back in the early 1990s, when that meant a North American directory of 30,000 plus response and compiled lists available for rental and exchanges.
Next month, the Data Innovators Group will host its annual Data Innovator of the Year Award dinner in New York. This year’s honoree is Auren Hoffman, CEO of LiveRamp (now owned by Acxiom), who says his mission “to connect data to every marketing application.” And so it shall be… Soon.
But who is going to all make it work? Let’s welcome the data marketer and the data scientists and strategists they employ.
Still, too many brands keep customer data in siloes. And while responsibly using offline data with online data is fast coming down the pike, marketing organizations need people in place who can help clients navigate the brave new world of data management platforms, data quality strategies, programmatic media exchanges, big data and small data, and all the algorithms that drive this important “stuff” often in real time. A list sale exists largely no more. Instead data is a pathway to opportunity, a challenge overcome, by way of a data-to-insights-to-strategy recommendation, and a discipline for testing and data quality that leads brands (and their agencies and data marketer partners) to succeed.
It’s more difficult than ever to be a successful data marketer, but our field is producing the partners that businesses, brands and chief marketing officers need. Now if we could just go find a few.
Thank you to the Hudson Valley Direct Marketing Association for enabling my participation at its recent “Meet the Masters” event. Ryan Lake (Lake Group Media), Mark Rickard (Rickard Squared) and Rob Sanchez (Merit Direct) are three CEOs of data marketing organizations who have a few suggestions on where we can all go to look.