Data has always been differentiating power for marketers. Going ahead, the strategies need to move beyond how to get more data, to how it can be distributed more effectively.
Data pipelines are widespread, and AI tools are reaching maturity. Businesses now need to acquire abilities to put data into multiple hands and used in highly specific ways and on-demand. Soon, data distribution will become power.
The jobs of CMOs have only become complicated with the evolution of the consumer data landscape. As data continues to flourish, marketers’ need to keep pace with the abilities to synthesize and apply it. In the future, tactical workflows are expected to flatten, and automation and technology will make space for more creativity.
The data systems, as well as the marketing platforms, will modernize and the work of campaign managers will change from being project managers to behavioral psychologists. Technology will automate technical workflows, and data will flow through ML tools. Rather than analyzing spreadsheets and analytics dashboards, CMOs will use intuitive UI that is designed to serve up insights. This provides marketers and advertisers time to focus on empathy and new ways to captivate audiences.
The data market has not yet seen the authentic ‘360-degree view’ of the customer, but marketers need to prepare for it. Analytics and AI are developing to leverage information of the customer from all the channels and provide insights. Though this has not been done yet, marketers need to be ready to use the combined insights about what customers do with the brands on websites and stores to what they do outside of these experiences.
Data-driven marketing will soon become model-driven marketing. The expectations from data and AI are to become a model-driven economy. Algorithmic logic will be used to scale and improve the ability of CMOs to look at individual insights within the sea of information. This model-driven economy values the understanding and updating to consumers’ latent desires that truly motivate their decision. Marketers will require knowledge of the underlying data in motion to raise engagement rates and diminish the cost of acquisition.
An updated understanding of individuals is required at all times. Marketers need to start using the power of AI and data analytics to create a fluid understanding of the customers and to be more personal and creative.