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.
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.