We are at a crossroads. We are living and working in an interesting, fast-changing time.
Over the past five to seven years, we have seen a voluminous growth of data generated. The next few years we will see the explosion of how to put that data to work.
With nearly every category of business undergoing some type of disruptive change, advertisers should be rethinking how they can attract and keep customers coming back for more. You can’t just do the same old thing anymore and expect the results from the past. Things have changed and are continuing to change in a rapid evolution.
It’s not enough to just market or advertise. The successful businesses of the future will move beyond basic customer relationship management (CRM) systems and take full advantage of customer data platforms (CDP). These will provide much more information and allow for a single customer view and the ability to create more personalised communications.
The next few years will see new tools and Artificial Intelligence (AI) algorithms that can provide more insights. These will help tighten best practices and create opportunities for small- and medium-sized business (SMBs) that were never dreamed of before. The businesses of tomorrow will be those that embrace the use of data and technology that enable customer relationship-building practices.
A huge opportunity exists. And not just in data, but rather in how one uses data. What actions will be taken because of the learnings found in the data?
It doesn’t matter if your client is a large company or a small company, if it sells through brick-and-mortar or through e-commerce. Helping SMBs put action behind their data to remain competitive is the next large transformation in our business.
Today, companies can leverage their own data and create powerful views of important customer segments, harnessing AI to provide machine-learning and ultimately frictionless communication processes. Those that don’t will find it hard to compete.
CDP + data + AI will prove to be the new and improved business operation model.