Now imagine talking to every customer personally with a customised message… If the personalisation is accurate, reach out is right and content credible, the upshot can be dawn of a modern-day mantra that epitomizes Marshall McLuhan’s “Medium is the Message.” If he was around 60 years later to rewrite his iconic book, the title may well be ‘Data is the New Oil.’ It is here we enter the crux of this narrative.
Managing Directors, Group Chairpersons, CMOs and CTOs reading this are likely to quip – hey, we figured out the relevance of data long ago, and will you please stop carrying coal to New Castle or lignite to Neyveli.
What if I concur and end the Column right here? Diverse verticals with data quantum that exceeds a quintillion could lose the opportunity to revisit their parsing strategy, and miss out on an all-new way to connect almost any data source to a consumer touch point.
For the benefit of veterans, millennials, GenX and Gen Alpha, and with the goal of integrating divergent data among a diversified segment of disparate customers, I shall sustain this evangelist tone, and enumerate what I have recently learned… about continuing the conversation with the end customer.
Business Intelligence has been around for over 25 years, only the labels have changed with the times, and today we rechristen the archetype or prior model as Data Analytics and Big Data (remember management grads poring over spreadsheets in the 90s or media planners analysing Audit Bureau of Circulation figures or National Readership Survey data?).
In the world of Web 3, enterprises with mega number of customers are hard-pressed to find new ways to interpret data and discern a behaviour pattern which in turn could lead to innovative ways of reaching out to the TG.
The newest is Sentiment Analysis – which relies on Social Listening, Social Monitoring and Customer Experience Analytics. An easy-to-understand example would be Hashtag Monitoring to assess negative expressions of a customer experience and the brand taking corrective action.
Conversely, a trending hashtag celebrating a CSR effort can be amplified as in the recent case of an industrialist gifting a home to “Idli Amma” in Tamilnadu, or using relevant hashtags and outstanding content to create visibility even among non-followers.Another segment is analysis of First Party Data, ie. information that is residing with the client, such as a telecom subscriber base wherein details have been captured at the time of sign up, an edtech company which has obtained details of the trainee’s educational background and skillsets, or a bank with access to the retail customer’s age, income, monthly float, funds in deposits and lockers rented at the click of a mouse. Such data when uploaded and analysed on a martech cloud or marketing automation platform can assign more than 100 attributes (behaviour patterns), which means you can now customize your message without making personalisation appear obvious.
A legacy company with data collected over the years may seem most appropriate for this exercise. Right and wrong. The technology works for a crypto exchange at an early stage, or Non-Fungible Token marketplace launched three months ago. Such late entrants will do well by beginning data capture and continuing the conversation all through the customer lifecycle.
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