Demystifying Digital and Data
I cringe and roll my eyes internally whenever I hear companies talk about how digitally mature they are because they have a nice looking website, are on all the latest social channels and have adopted a dozen of MarTech tools but not entirely sure how they are measuring success or what they are truly trying to achieve.
Being digital goes beyond just a nice looking website, be on all the latest social channels and buying all the fancy MarTech tools so you look like you are at the forefront of digital adoption. It’s also to avoid creating a data and digital dumpster.
Yes, there is such a thing as too much data and digital tools.
On the flipside, there is also such a thing as over reliance on one single platform/tool, person or process to try and help you make sense of the data you have or enable your business.
“Wait a minute”, I hear you say. “What am I supposed to do if both scenarios are not ideal?.”
I was recently inspired to write something about this after attending a few forums speaking about digitalization, data analytics, Gen AI and MarTech.
It depends on a few factors:
what are your objectives for using this tool or platform?
what are you trying to achieve and what insights are you trying to gather with the data collected?
how does the tool and data help you achieve your objectives?
what are you current processes like that will either hinder or enable you to fully utilize the tool and data collected?
what are the current skillsets and mindsets of your people that again will either hinder or enable you to maximize the tool and data?
what matters most when it comes to choosing the right tool?
what matters most when it comes to analyzing the data collected?
have you tested other tools serving a similar nature and what are the test steps you have used?
how are you collecting your data, storing, managing and analyzing it? What do you do with the insights gathered?
understand the pros and cons of multiple tools/platforms versus single tool/platform and their impact on your objectives and desired outcomes.
Some companies have chosen to stick to certain tools because they have invested a lot of time, money and effort on it despite it not meeting their needs. Some companies have chosen to over rely on just one or two people to be their so-called power users and are almost at the mercy of these folks.
Both scenarios create what we call bad behavior almost like a bad relationship where you know deep down it’s not quite right but you are so entrenched it feels like you need to live with it. What happens then is they abandon the tools bought or underutilize it (especially in the first scenario) and buy yet another tool without first understanding what is it that is not working well.
The other possibility is to hire an expert to either train your users or join your company and end up being at their mercy especially if you as the function or business owner doesn’t have a clue as to what you are trying to achieve, what the tool is capable of and its limitations, and how you intend to sustain the use of the tool if your needs change.
The way I prefer to work and advise my clients have always been to really deep dive into their pain points, current processes, people capabilities, business and marketing objectives , outcomes they want to achieve and how they want to measure success.
If I know for sure that there is a more effective platform or tool to help them achieve what they need, I will not hesitate to advise them to bite the bullet and consider another tool. Likewise, if I know the issue is not the tool but their current lack of knowledge or a gap in their processes, then I will work with them on addressing that gap instead.
A critical part of change management is mindset and behavioral change, and enablement of the people with the right skillset, supportive processes and therefore cultivating a supportive mindset to adapt to the change.
There is no one-size fits all, so what matters more is to be open to learn about different options available out there, not just what you are comfortable with or what others are using.
Psst - For data analytics, there are - tableau, amazon quicksight, power bi, looker, qilk, apache spark just to name a few commonly used ones. I have my personal favorites but it depends again on the factors I mentioned above.
About the Author
Mad About Marketing Consulting
Ally and Advisor for CMOs, Heads of Marketing and C-Suites to work with you and your teams to maximize your marketing potential with strategic transformation for better business and marketing outcomes.
Everyone Loves Some Data But…
The million dollar question is - what exactly do you want to get out of the data?
Everyone has been talking about data for a good decade or so and depending on your level of data maturity, you are either still trying to find where are all of your data sources are located or you are now trying to monetize the insights gathered from your data.
Woe to you if you’re in the former bucket but no surprise many organizations, especially non digital native ones are still sadly in this bucket. Wow to you if you’re in the latter bucket, so what can you do to monetize it?
Customer data platforms, data management platforms and customer relationship management platforms suddenly became the talk of town thanks to Google’s flippant stance on third party cookies, that kept rolling back and back. Companies realized their archaic customer data collection methods and storage methods (often just in excel spreadsheets (horrors!)) are not quite cutting it.
Some are even confusing the whole customer data terminology and what it means when we talk about cookies, first party data, third party data and personal information level data. Some have all but sitting in silos or disconnected platforms that don’t talk to each other while others have none (more horrors!).
Some used to think a good data visualization and analytical tool is the holy grail to get all the answers they need by simply plugging it onto of their so-called data sources. But they soon wonder - how to plug, what to plug, where to plug and why can’t it just be plugged and played?!
Things like:
is the data clean, updated or accurate?
is the data in the format that is even retrievable., extractable or readable?
do you even have the data sitting where you thought is sitting?
is your data even categorized in the logic, classification and format that is aligned with your decision-making algorithms?
million dollar question - what exactly do you want to get out of the data? What is the truth that you’re after?
If these were not considered before your so-called plug and play approach, then you get a ton of data yes and a ton of outputs yet but hardly any useful insights. You get more of what we call, data outputs in a format that looks like you just downloaded a gigantic excel spreadsheet or a bunch of fancy looking graphs to make you feel good about some visually appealing data formatted in a presentable manner
E.g. you might see things like:
xx customer transactions performed over xx period
xx customer spent over xx period
That is still not data insights, it’s just data outputs telling you how many transactions and spent over a certain period of time. What are you going to do with that without other insights around:
who are these customers in terms of their interests and life stage needs and what is the co-relation between this and what they are spending versus not spending on?
what did they exactly spend on and why that might be the case?
what are their other needs and what is the possibility for that?
what else have they spent on and why that might be the case?
are they spending more or less on the same products/period and why that might be the case?
The difference as you can see is in terms of the why and the co-relation between the transactional data and the rationale behind it.
We first need to know what it is that we want to see and how that will help us to better understand our customers’ behavior or potential to engage more with us. It helps to have these in mind, and then work backwards to derive what we then need to have in terms of data types and sources in order to arrive at the desired insights.
It’s equivalent to knowing what is that treasure you’re seeking for so you know which location, treasure map, equipment, skills, knowledge and coordinates to get there.
So, do you know the treasure you’re after?
About the Author
Mad About Marketing Consulting
Ally and Advisor for CMOs, Heads of Marketing and C-Suites to work with you and your marketing teams to maximize your marketing potential with strategic transformation for better business and marketing outcomes.