4 big data trends for 2018

“Customer expectations have evolved as well – they expect us to know who they are and what they need” – Joan Dal Bianco, Senior VP, TD Bank

A recent survey by Smart Insights asked participants to select the ONE marketing activity that they thought would make the greatest impact in 2018 for their business. It comes as no shock that Content Marketing was the most popular response, getting 20% of people’s votes. Perhaps more surprising however, was the second place result: Big Data1.

It’s clear that marketers and business owners fully recognise the growing need to create a data strategy and incorporate this into their marketing.  Let’s take a look at 4 big data trends that we expect to see in the coming year.

 

1) Personalisation

There is nothing new about using personalisation in marketing. However, the level at which businesses are now able to create a personalised experience is something which is constantly developing, and which will continue to be a big focus in 2018.

Why?

A recent study by Adobe asked marketers to state one marketing capability that would be most important in the future and one third of them answered with ‘personalisation’2.

How can I get started?

Simply put, the key to personalisation is to know your customers and to use that information to improve their experience with your brand. With this in mind, a good place to start is to ensure that the data you hold is correct and up to date.

Services such as Experian B2B Prospector allow you to build marketing lists from the very latest data and ensure that personalisation is engaging rather than awkward.

 

2) Proximity marketing

Big data allows businesses to ‘market smarter’ and this year we expect to see more use of techniques such as proximity marketing, where mobile tracking is used to push notifications to consumers based on their location and interests.

Why?

According to research firm TechNavio, the global enterprise location-based service (LBS) and advertising market is projected to reach 7.6 Billion USD by 2020, at a compound annual growth rate of 30.22%3.

How can I get started?

Notifications can be a powerful marketing tool, but they can also be a big turn-off to potential customers if used wrong. As with any outbound marketing campaign, make sure you have permission to contact users before sending them notifications and make sure the content you send is highly relevant.

 

3) Single customer view

As we move into 2018, customer data is becoming available from more and more sources such as social and paid media. In order to reap the full benefits of all this data, marketers need to find a method to bring it all together in a meaningful way.

Why?

Creating a single customer view is still proving a challenge to businesses, with Experian statistics showing that 89% of brands are struggling to achieve this4. This presents a real opportunity to get ahead.

How can I get started?

A robust data strategy is key to achieving a single customer view. You must firstly understand the data that you need, the data you already have and how you are going to use it. Our infographic on humanising your data strategy will give you some helpful insights.

 

4) Data security

The more data that businesses are storing and using, the more important keeping that data secure becomes. 2018 will also see the Data Protection Act (DPA) replaced with the EU’s General Data Protection Regulation (GDPR) and so data security is likely to be front of mind for most businesses.

Why?

Data is an incredibly powerful tool from a customer relationship perspective. It allows businesses to build real trust and intimacy. Loss of customers’ data is equally powerful in its negative impact for brands and once consumer trust is lost, it is difficult to re-gain.

How can I get started?

Our guide to GDPR will give you some excellent tips on getting started with your own data strategy.

 

Experian’s B2B Prospector team can help you with any data requests you may have, whether it’s buying marketing lists, cleansing or validating your existing data or enhancing your current database. Find out more today and visit Experian B2B Prospector.  

 

Sources: 1. Smart Insights, 2. AdAge, 3. Beaconstac, 4. Experian

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Posted on by Ben Buckton

Estimated read time: 5 mins