Data-Driven Marketing: How to Engage Your Customers Featuring Thomas C. Redman, President of Navesink Consulting Group and author of the HBR article, “Data’s Credibility Problem,” and the book, Data Driven: Profiting from Your Most Important Business Asset JANUARY 8, 2015 Sponsored by
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Data-Driven Marketing: How to Engage Your Customers
Featuring Thomas C. Redman, President of Navesink Consulting Group and author of the HBR article, “Data’s Credibility Problem,” and the book, Data Driven: Profiting from Your Most Important Business Asset
JANUARY 8, 2015
Sponsored by
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JANUARY 8, 2015
Today’s Speaker
Thomas C. RedmanPresident of Navesink Consulting Group Author of the HBR article, “Data’s Credibility Problem” and the book, Data Driven: Profiting from Your Most Important Business Asset
Data-Driven Marketing: How to Engage Your Customers
JANUARY 8, 2015
@HBRExchange | #HBRwebinar Tom Redman @thedatadoc1
Data Driven Marketing: How to Engage Your Customers
Thomas C. Redman, Ph.D.“the Data Doc,”
Navesink Consulting Group www.navesinkconsultinggroup.com
Key Insight for Marketers: Use your intuition to test the data and the data to train your intuition.
Consider the big questions:
Who is the real customer? What do they really want? What do they think of us? What do they think of our stuff? What are they willing to pay? Who do they see as the
competitors?
The answers are “unknown and probably unknowable” Your intuition can only take you
Key Insights for Marketers: For this to work, it has to be okay to say “I don’t know.”
The Data-Driven Invest in Quality
Nothing gets in the way of a customer engagement like bad data. “If you can’t get the basic facts about our relationship (say the invoice) right, then what makes me think you can deliver a product?”
Nothing compromises planning efforts more than data that can’t be trusted.
InformationalizationBasic idea: Make existing products and services more valuable by building in more dataUbiquity: Any product can be informationalizedAvailable to all: Doesn’t require massive quantities of data, people with advanced degrees, or capital investment. Cautions aplenty:
Key Insight for Marketers: Just because you can do
something doesn’t mean you should. You have to decide how you think about privacy
Start with the basics Use what you have. Know the customer’s name. Continually improve your products and services. Respect the customer. Protect his/her identity. Listen
to the customer. Worry when you don’t hear from him/her.
Recognize that the customer has access to data about you and your competitors.
Sooner or later, data will change every market, company, product, and relationship. Almost certainly implies the need to think long-term, more or less continuously.
Key Insight for Marketers: Becoming “data-driven” is a journey, not a destination.
vs.
This is Really, Really Hard
Everyone: Don’t lose sight of the big questions, gather and synthesize as much data as you can, recognize the strengths and limits in the data, and combine the data with your intuition.
Those interacting with customers: Think through the data going back and forth in each exchange AND the sequence of exchanges.
Senior Leaders/Managers: Get on with it. If you’re not making a few mistakes, you’re not pushing hard enough.
Thomas C. Redman, “the Data Doc” Ph.D., Statistics, Florida State, 1980.
Conceived and led the Data Quality Lab at AT&T Bell Labs.
Formed Navesink Consulting Group in 1996.
Helped dozens of companies think through, define, and advance their data and data quality programs.
Led development of most of today’s best-practice data quality management methods & techniques.
Latest and greatest: “Data’s Credibility Problem,” Harvard Business Review, December, 2013.
Data Driven: Profiting from Your Most Important Business Asset, Harvard Business School Press, 2008.
Known bias: “Data are quite obviously the key asset of the Information Age. Yet today’s organizations are singularly ill-designed for data. This leads me to conclude that learning to compete with and organizing for data is THE management challenge of the 21st century.”
Questions?
OCTOBER 17, 2012
To ask a question … click on the “question icon” in the lower-right corner of your screen.
@HBRExchange | #HBRwebinar
Thank you for joining us!
This presentation was made possible by the generous support of Teradata.