Welcome to part 2 of our 5-part series that unpacks the top 5 MarTech building blocks for 2023 and beyond.
2023 promises to be another challenging year, with several macro factors such as economic uncertainty, supply chain disruptions, and changing consumer behaviours impacting businesses of all sizes.
To navigate these challenges and capitalise on new opportunities, it's crucial to stay ahead of the curve regarding technology and marketing strategies.
At Triggerfish, we've identified the top 5 MarTech building blocks that are essential for organisations looking to build technology resilience and drive business impact in 2023 and into the future.
These include:
- Cultivating a deep digital business culture & adoption
- Building on the power of data liberalisation
- Future-proofing the technology stack
- Building automation alliances between business and marketing operations
- Accelerating marketing and sales through integration
- In this article, we are focused on the second point above.
Building on the power of data liberalisation
As data becomes a much more critical and curated aspect of all business forms, it must be tailored to specific needs and measured to provide timely and accurate information to build a stronger experience. Here are six ways to make ground on the growing power of data liberalisation.
- Reduce data siloes; data must be integrated and ready to use
Data siloes make it challenging to use and integrate data effectively. By implementing flexible data stores and a real-time data exchange architecture, data becomes accessible for all stakeholders and technology platforms across structured and unstructured data.
- Focus thinking and process to build a data-driven business
To transform into a data-driven organisation, it is key to shift the focus from sporadically using data to regularly leveraging data. This means enabling customers as well as employees to have real-time access to information, effortlessly utilise data to make informed decisions and collaborate with one another. This allows for continuous improvement of value both for customers and employees.
- Consider data as a product
Data should be treated as a product, with dedicated Data Ops teams, continuous integration and delivery structures in place. It enables different departments to access and apply the data in their respective work streams. This should incorporate business functions such as Marketing, Sales and Service, Data Analytics, Operations, Product, IT, Finance, HR, Executives and of course external partners, stakeholders and customers.
- People and revenue driven: Go-to-market execution
Data and data products should be positioned as revenue drivers and connected to profit and loss calculations. Holistic usage of data products enables businesses to drive strategy and go-to-market strategies with strong commercial acumen. Shifting the thinking from data being a cost-centre to a revenue driver will move the business forward and grow the top line.
- Invest in first-party data
First-party data is collected directly by a business from its customers or website visitors. This encompasses a range of data sets to create a rich customer profile. By collecting and using first-party data, organisations get a more detailed and accurate picture of their customer's needs and current life stage situation. First-arty compared to third-party data will support sustainable long-term marketing efforts and the desire to meet the needs and interests of target audiences, ultimately controlling the effectiveness and scale of personalised marketing.
- Personalise customer experience with data
Personalisation has become increasingly important year on year. Year on year organisations have matured their personalisation capabilities exponentially. Businesses must strive to influence customer behaviour commercially by delivering experiences and tailored content to individual customers. Identified website visitors are the key ingredient to personalisation and measuring customer engagement, conversions and revenue attribution effectively.
Revolutionising Business with Data
Data has become an indispensable asset for businesses across all industries, and as the power of data continues to grow, organisations must take steps to liberate and harness its full potential.
By reducing data siloes, focusing on building a data-driven culture, treating data as a product, positioning it as a revenue driver, investing in first-party data, and personalising customer experiences, businesses can gain a competitive advantage and drive growth.
It is crucial to incorporate these six strategies to leverage data and stay ahead in today's fast-paced and data-driven world. With these efforts, businesses can build a stronger experience and create value for customers and employees alike.
To continue reading bout the top 5 strategic building blocks of 2023 and beyond, download our Whitepaper (see below).
To continue reading bout the top 5 strategic building blocks of 2023 and beyond, download our Whitepaper.
