Data-driven marketing, under review

With the objective of analysing the opportunities for organisations to correctly manage data, Adigital held the “Data-Driven Marketing” event today in Madrid, with contributions from Pérez-Llorca, Oracle and Increnta, which analysed the fundamentals of designing a marketing strategy.

An essential aspect of the digital economy is the need to ensure the security and privacy of data, in line with the new General Data Protection Regulation whose transposition into Spanish domestic law must be completed before 25 May.

As Counsel of Privacy, IP/IT & Digital Business at Pérez-Llorca, Natalia Martos explained the basic principles of the European Data Protection Regulation and how it will impact digital marketing.

“The Regulation was adopted with the objective of handing citizens back control over their data, which could have been lost in the wake of the exponential development of technologies and globalisation. This is because the European Union considers that personal data is a fundamental right. “However, there must be a balance between this fundamental right and the development of the online industry so that Europe is not disadvantaged in this type of business,” explained Martos.

The Counsel at Pérez-Llorca also noted that “the new regulation is an investment rather than a cost, as the companies which base their technology and business models on the concept of ‘privacy by design’ will lead the digital marketing sector. In addition, since the Regulation applies to all companies that offer their services to or create profiles of European citizens, regardless of where they are located, we are faced with a unique opportunity to rival technological giants from other countries to whom this regulation applies.

Any modern company knows that marketing now calls for reliable data to obtain a real picture of the market situation, the demands of clients and the options for introducing a particular product or service to the market.

“With the right tools, companies can simplify their marketing with a platform that connects their audience data, marketing applications and other resources,” explained Carlos Duez, Marketing Cloud Sales Specialist Iberia. “In this way they can improve their ability to acquire and retain clients, providing them with a relevant experience which covers the client’s entire life cycle.”

According to Gartner, faced with the unstoppable growth in cloud and mobility, in 2017 CMOs invested more in IT than CIOs. In this regard, the adoption of data marketing techniques is allowing them to connect their data and drive customer engagement by providing a relevant experience, but they have had to prepare themselves beforehand. How?

1.- By centralising their data

In data-driven marketing, data serves as the connective tissue throughout the process which is why it is vital to find a way to manage data in a centralised platform that is independent of the applications. In this way, marketers can organise the internal data of their companies, web, CRM and mobile applications, together with information from third parties about their clients and potential clients. This helps define the audiences in all marketing channels, and enables marketing teams to use data from third parties to obtain additional information from hundreds of sources of data.

2.- By taking advantage of external intelligence

Technology allows companies to use external data signals to improve advertising research and audience analysis. The key is being able to combine the company’s own data with data from third parties.

3.- By consolidating the analysis

Current tools allow companies to combine their own and third party data to improve audience modelling. This allows them to select the best client profiles and search for similar audiences in larger sets of third party data.

The two main things found to make people happier by a recent study by the University of Harvard were the number of social relationships and the quality of these relationships.

Company-client relationships start by building a relationship as in the physical world, step by step and storing all pieces of information that, on a voluntary and consensual basis, enables the user to develop trusting relationships. Data belongs to people, and brands intending to build lasting relationships must understand the value of this data and how it should be used.