Elizabeth Press

The monetisation of customer relevancy through data-driven insights is essential for any successful marketing campaign in the digital economy. With the advent of social media, cloud computing, IoT and mobile applications, data sources and use cases for marketing and communications professionals are proliferating. Companies can collect data on customer preferences, attributes, actions and more to, for example, anticipate demand, increase customer satisfaction and loyalty, as well as proactively capitalize on acquisition, upsell and cross sell opportunities.

In Berlin habe ich mehr als ein paar Mal den Kommentar „das ist nur Business“ gehört. In New York habe ich niemals einen solchen Kommentar vernommen. Ganz im Gegensatz zu Berlin wird es in New York über Unternehmensstrategie, Marktentwicklung und Marketingstrategie eifrig diskutiert.

One South African company correctly predicted both the outcome of the Brexit vote and Trump’s victory. BrandsEye delivered a Data-as-a-Service (DaaS) product, amalgamating social media analysis, geolocation data and other inputs to create impactful insight that most pollsters missed.

Data-as-a-Service (DaaS) can be described as productized data-driven insight on demand. DaaS allows business users to access the data and insights they need at the timing they desire. The data and insights can be consumed by multiple individuals simultaneously, location-independent of where the data has been sourced and managed.

Social media monitoring has received a huge amount of attention in the past year following the explosive popularity of social media platforms coupled with the high-profile predictions in the US presidential elections. I have worked with numerous clients who wanted to build social media listening capabilities. This is an overview of what a social media listening project entails.

Big Data’s descent from the peak of inflated expectations into the trough of disillusionment made a splash when Gartner came out with its 2016 Hype Cycle for Business Intelligence and Analytics. This stage is decisive: Big Data either delivers, and so rises a bit further up the slope of enlightenment

Confidence in the European venture market seems to be growing, although many participants still cite best practices from the US. Corporate-Startup partnerships with the goal to „learn“ „innovation“ is in fever pitch in Berlin at the moment. A more diverse investor ecosystem – from very well known investors, to niche investors and corporate investors. Although more diverse does not extend to those who control the capital – the Berlin circle that controls the capital is still tight knit. The German government seems to slowly be realizing the urgent need for early stage financing. BAFA announced their grant for angel investors – Zuschuss für Wägniskapital.

Mike and Elizabeth had a lively discussion about how local entrepreneurs can map the customer journey, as well as use a mix of social media and in person interactions for cost effective solutions to targeting micro customer segments.

A creative mind can discover the insight lurking behind data. When found, it is absolutely necessary in bringing your business forward. In my experience, too many people cut corners here and just use the data or information at hand and/or that which is familiar to them. Approaching it with the right question frames your entire analysis both in terms of strategic and tactical impact, as well as project budget. The right question will also create a clear scope for the data needed, requisite analytical processes and tools, as well as human capital.

Data-driven management improves your „soft skills“: A data-driven approach to solving problems and leading discourse enhances the tenor of your communication and teamwork, in addition to improving hard performance metrics such as revenue and margin. Data and evidence-based brainstorming can also help turn creative ideas into business transformation. Using specified metrics and analytical methods at key points in your decision processes will improve your accountability. Even if your decision turns out to be sub-optimal, you will be able to explain your actions in a logical and concise manner and understand where you need to improve.  Setting goals and measuring how your performance benefits your organization’s strategy and tactical goals will allow you to communicate your successes and your prioritized areas of improvement through evidence-based reasoning.