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How big data can influence conversation
Moving into the New Year more brands say they'll focus of quality, big data to engage and convert consumers in the online and mobile space. According to one expert actionable data - have the tools in place to not only compile big data but to use that information to better serve customers, is key.
Kristina: What kind of data helps create valuable conversations with customers? Can you give an example?
Wolf Maasberg, CEO, Lyris: Studies have shown that a combination of transactional and behavioral interaction data produces the most relevant engagement with customers. This includes elements such as purchase history, Web behaviors, social behaviors, mobile, preferences, demographics, etc. The key is to work with the right combination of these data elements, and not just focus on each as a standalone campaign objective.
Kristina: The 'Do Not Track" issue is getting a lot more attention of late, what are your thoughts on this initiative. Good or bad for marketers?
Wolf: I believe that respecting privacy considerations is critical for marketing success. That said I also feel that the ability to understand a buyer's journey across a website or any other digital channel ultimately benefits the consumer by enabling a frictionless customer experience focused on relevant engagement. Imagine a world where you are recognized as "new" every time you interact with a business? Understanding interactions gives marketers a powerful shorthand for creating more meaningful experiences.
Kristina: Recently the industry has predicted the CMOs are expected to spend more on IT than CIOs. Do you see this happening?
Wolf: The emergence of cloud business applications that provide strategic business results have led to a shift in software spending from the CIO's office to lines of business. As a result, we have seen that IT has started to assume more of an advisory role versus ownership over budgets and spending decisions, especially when it comes to systems impacting marketing organizations. This trend is augmented by the fact that after ERP, CRM, SCM, etc., marketing remains the last great untapped frontier for enterprise software - a fact that is supported by the significant investment and rapid growth of this market.
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