With the emergence of big data, companies are looking to become more data-driven. Many companies have taken on data collection strategies to manage the volume of available and unstructured data, with hopes of getting insight from it. Companies just want to understand and make sense of the data collected, or valuable data will go unused. Once they overcome this obstacle, data turns into information, and then decisions. Many companies across many industries are ready to tackle big data head on to make processes easier, solutions clearer and bring success to the business.
Lately, we have witnessed many brands in the retail industry adopt a data-driven approach. Data can help brands create successful campaigns, segment the audience, track ROI and buying behaviors. L’Oréal, a well-known beauty brand, has taken on some data-driven approaches to spearhead campaigns and learn about their audience. The company uses first-party data and data from distribution partners for campaigns, and is also testing new data sources and feeds to continue to track their audience.
Data collection is not limited to consumer brands, other sectors have utilized data to make decisions. Welfare and algorithms, what do they have in common? In the human services industry, algorithm designed systems are used in the administration of the public assistance process. These systems were designed to make the welfare process more efficient.
Recently, in the hotel & hospitality industry, Marriott International made the decision to consolidate its paid media business to focus on data. Marriott decided to get into partnership with Publicis Groupe, an advertising and public relations company, to become more data-driven to assist with its paid media strategy, and its overall goal of becoming technologically advanced. This opportunity will allow the company to connect the customer journey through the mobile app, digital marketing, and on-site activity.
In the advertising industry, creative agencies are now starting to focus on becoming data-driven. Reflecting back on my post, about creative agencies needing to hire more data scientists and focus on data-driven results, Publicis Groupe is definitely a good example of this. Publicis has upgraded its position as a data-driven and technology focused creative agency to meet the current marketing demands of brands. Along with investing in a cloud-based platform (Publicis Spine) to help its clients better target specific consumers, Publicis continues to move forward with its data focus, by utilizing an AI platform that connects employees based on skill-sets (i.e. designers with data scientist)s to help better serve clients.
As we continue to move into this data-driven society, the number of companies across industries that will put data at the core of its business, will continue to grow. The companies that have yet to adopt the data-driven approach, should use this time to strategize how they will leverage data and what outcomes they want to see, making sure to stay afloat and not drown in the data.