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Leadership


DATA CHAOS IS A FOUR-HEADED MONSTER: HOW CAN MARKETERS VANQUISH IT?

Michael Schoen
Forbes Councils Member
Forbes Communications Council
COUNCIL POST
Expertise from Forbes Councils members, operated under license. Opinions
expressed are those of the author.
| Membership (fee-based)
Jan 24, 2022,08:00am EST|
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Michael Schoen is SVP & EVP, Marketing Solutions at Neustar.




getty



If you work in marketing, you know this already: We’re all drowning in data.
It’s a maelstrom of fast-changing consumer profiles, fragmented media
impressions and very diverse business outcomes. Over the years, we’ve come up
with numerous water metaphors for customer data management, from data streams to
data islands and data lakes. It makes it seem very peaceful, but the reality is
much more chaotic. It’s a deluge, and data is spilling over the levees.



While that’s happening, consumers are also gaining tools to stand up for
themselves: ad-blocking technology, paid subscriptions and, perhaps most
importantly, robust privacy protections. 



Does that mean that the marketing industry should pack it in and revert to the
way things were before the digital era? Absolutely not. The pressure of using
data to accommodate major shifts has created important breakthroughs before:
market segmentation, marketing mix, customer lifetime value and eventually
cross-channel attribution. I think we’ve reached another one of those key
transitions. But before I reveal what it is, let me offer some context.




Data Chaos: A Four-Headed Monster

To carve a path forward, it’s important to first understand that data chaos
today is a four-headed monster:

• Data quality: Much of the data in your customer relationship management (CRM)
platform is likely incomplete. Wharton professor Peter Fader described the
situation in these terms: “If you’re going to be customer-centric, CRM is a
really critical step ... Unfortunately, CRM has taken on a life of its own.
Instead of it being just a tool that helps you achieve customer centricity, it
becomes a massive system — or set of systems — that gets embedded in a company
and becomes a huge operational challenge.” And that was 10 years ago.

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• Data privacy: Considering the excesses we’ve all witnessed over the past
decade, privacy regulations have become essential to the advertising ecosystem.
But there are more than 100 countries with privacy and data protection
legislation, according to the United Nations Conference on Trade and
Development.



• Identifier deprecation: Outside of the impact of the Covid-19 pandemic, the
two stories with the highest fear factor in the trade press this past year have
been Apple’s decision to introduce opt-in consent for IDFA and Google’s decision
to cease support for third-party cookies by 2023. In the wake of those
decisions, marketers are left wondering how they’ll manage to put all the pieces
together.

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• Channel fragmentation: People often shop on one channel and complete their
purchases on another. There are new channels opening up all the time (social,
podcasts, CTV, etc.), each with their own success metrics. 

It’s a perfect storm of data quality, privacy, identifiers and channel chaos.
But there’s a way to channel that energy into a new framework.

Unified Identity As A Technical And Cultural Framework

In marketing-speak, identity has come to encompass many things. It’s the email
people are using to log into their Facebook accounts, the phone numbers they’re
using to track their online purchases, the third-party cookie companies use to
retarget them and the device ID companies use to show them local offers.

Whatever form it may take, identity connects individual consumers to the media
they interact with and all the brands they’re exposed to. It also connects all
the visions of the customer within the company, from marketing to sales and the
C-suite. It’s the glue that binds it all together. To emphasize that role, some
of us in the industry are starting to refer to it as “unified identity.”

Unified Identity As A Technical Solution

On the technical front, unified identity is a way to connect the company’s
customer data to internal systems and the outside marketing environment. (Full
disclosure: My company offers a unified identity solution.) It usually makes use
of a robust identity graph to ensure that all views of the customer roll up to
the same profile, and it interfaces with reliable outside partners to enable key
functions like data hygiene and enrichment.

Unified Identity As A Cultural Solution

On the cultural front, companies should ensure that unified identity creates a
common language across the organization. They should use it as an incentive for
all departments to work together and think about how to use it to help build a
foundation for agile marketing and cross-pollination between departments. To get
started, they should ensure they have reliable data and eliminate waste across
the marketing stack.

Before they deploy a new tool for this purpose — like a customer data platform
(CDP), for example — they should also make sure it fits within their existing
data infrastructure. If it’s going to add more friction, put an agile hat on and
get to work on that foundation first. 

Many companies take this opportunity to create a board-level position for a
chief data officer (CDO), refine their overall data governance systems or
restructure the incentive system for their sales teams.

Paving The Way To The Future Of Marketing

I’m convinced we’re at an important inflection point in the evolution of
marketing.

In a recent SNL skit, actor Jason Sudeikis showed up as the devil, and Weekend
Update host Colin Jost interviewed him. Jost asked, “Is there anything else that
you’d like to take credit for?” The Devil answered, “Sure, yeah! Bitcoin —
that’s all me. I invented vaping — pretty proud of that one. And you know when
you’re trying to read an article online, and the ad at the top gets real big and
takes up half the screen? No matter how much you scroll, it’s still there? Me!”

I’m not saying it’s going to be easy. But for marketers everywhere, the moment
advertising gets associated with the devil’s work is as good a time as any to
spring into action.

--------------------------------------------------------------------------------

Forbes Communications Council is an invitation-only community for executives in
successful public relations, media strategy, creative and advertising agencies.
Do I qualify?

--------------------------------------------------------------------------------


Follow me on LinkedIn. Check out my website. 
Michael Schoen



Michael Schoen EVP, Marketing Solutions, Neustar, a TransUnion Company. Read
Michael Schoen's full executive profile here.



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