Predictions Series 2022: Early Days of Big Data Are Over and What it Means for Marketers
Big Data trends continue to evolve with enhanced scope in various Marketing and Sales projects. Internet marketing channels have become one of the top sources to collect Big Data, and a majority of the current day Marketing-related customer experience management tactics and plans revolve very much around internet trends. As marketers start preparing for another “speculatively uncertain” year in 2022, keeping Big Data intelligence at the heart of every decision could save organizations from wasting millions of dollars in poorly designed marketing campaigns. How?
Let’s understand from the marketing leaders at Braze.
- Sara Spivey, CMO, predicts that brands that don’t understand how to use first-party data as a marketing tool will get left behind and that marketing budgets will increase in 2022
- Kevin Wang, SVP of Product, predicts the early days of “big data” are over
- James Manderson, VP of Customer Success, predicts Apple and Google will continue their arms race when it comes to data privacy, but Apple will lead the way.
Here’s a detailed roadmap from Braze executives on how Marketers should prepare for 2022.
Kevin Wang, SVP of Product at Braze kicked off the discussion by pointing out the maturity of the Big Data industry.
Kevin said, “We’re reaching a tipping point with data centralization and automation. The early days of “big data” are over, and companies that have built systems to use data well are out-competing those who can’t. The winners are shifting gears to operationalize data and the corresponding insights to deliver business value: making better decisions and creating more personalized experiences. AI and other forms of automation will accelerate this trend as they’re able to deliver step-function increases in value, and lean, upstart teams are able to build world-class customer experiences. This will ultimately lead to wins for consumers and brands as they build long-term relationships.”
Sara Spivey, CMO at Braze thinks that “customer-centricity is critical to success.” Big Data certainly makes it easy to plan and decide on what kinds of marketing activities actually amplify customer engagement and to identify if these activities are actually customer-centric or not.
Sara explains, “It’s more important than ever to put your customers at the center of everything your brand does. This includes prioritizing privacy and being transparent with customers about how this data will be used to provide a more personalized experience. It’s no surprise that data privacy will continue to become a high priority for consumers. Moving into the new year, marketers need to come to the realization that they shouldn’t be overly reliant on third-party data. All the momentum around consumer privacy is only going in one direction. Companies that do not understand how to use first-party data as a marketing tool are going to get left behind.”
CMO of Braze continued, “Marketers must be future-proofing their businesses by shifting away from reliance on third-party data and instead focusing on earning the rich first-party data that will enhance the brand experience for customers. Invest in your customers’ loyalty and lifetime value instead of throwing money at buying access to them through other platforms. Shift your strategy now before the shifting ecosystem forces the fix on you.”
What about Data Privacy in Big Data Management?
Privacy concerns continue to haunt every organization that has pledged its marketing activities to deliver a better and smoother customer experience.
James Manderson, VP of Customer Success at Braze dives deeper into the data privacy aspect of Marketing and how data governance has become a key to ensuring customer success.
James explained, “Apple and Google are in an arms race when it comes to data privacy, and it’s no longer a matter of mere legal compliance. It’s a selling point, and customers demand it. Apple is leading the way, using its privacy credentials to attract consumers and highlighting them as a differentiator from the other big players. And as privacy demands become more ubiquitous, using third-party data to drive revenue through advertising will continue to get harder. However, brands that build direct relationships with their customers stand to benefit. Exceptional customer engagement programs see higher user lifetime value and lower acquisition costs, resulting in long-term, capital-efficient business growth. These brands use customer engagement technology, powered by live first-party customer data, to listen to their customers, understand them, and communicate with them quickly, personally, and effectively. With ad costs on the rise, not to mention impending privacy regulations, it’s never been more important and urgent to wrestle back control of your customer relationships.”
So, will Big Data inflate Marketing budgets in 2022?
CMO Braze Sara Spivey is 100% confident about how marketing budgets are shaping up for 2022.
Sara says, “Marketing budgets will increase again in 2022, this time with an even greater emphasis on investment in customer engagement tools. For many businesses over the past year, having a digital-first or digital-only customer experience has been critical. Now there is an increased focus on investing in customer satisfaction measurement and customer engagement in order to deepen relationships with customers and build strong brand loyalty.”
She continued, “With greater marketing investment comes an opportunity to sharpen retention strategy and to investigate the efficacy of spend on the new acquisition. Marketers should re-evaluate their chosen digital properties, and pull back on paid advertising on some of these platforms like Facebook because they aren’t getting a good ROI. Lastly, successful marketers are accountable for outcomes that can be directly tied to revenue attainment. Make sure you are setting yourself up for success with the proper metrics around activation, monetization, and retention of your customers to be able to show the ROI on the increased marketing investment this year.”
Thank you Sara, Kevin, and James for sharing your marketing insights with us. We look forward to speaking with you.
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