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Data trading and data mining

TRENDAFRiCA March 11, 2014

By Justin Schwellnus

1. Private data goes public
With ever increasing access to connected devices (mobile in Africa), coupled with the explosion of social media usage, more of our lives are recorded in the digital ether. The data grows exponentially, and is stored on the cloud. This generates new security issues and the use of our personal data becomes more contentious. Who reads “terms of use” on website services anyway? …But wait for the backlash.

2. Corporate marketing governance
As a result of this above trend, how our information is shared and kept secret comes under microscopic scrutiny. The backlash of selling or using our data will impact strongly on which service providers we trust.

3. Personal data trading
This is because we, as data savvy consumers, increasingly recognise the value of the information that is being collected about us – and are becoming less comfortable with just giving it away – even if security and spam protections are in place. A pragmatic approach means we want something in return. Can you provide me with cash, special deals, increased functionality or simplified processing? If not – you’re not getting my data.

4. The social data gold rush
Social media platforms become more deeply mined for content, sentiment, attitudes and desires. New tools for analysing app and web activity proliferate. This gives marketers unprecedented information, if they know how to use it.

5. Platform independence
At the same time, it becomes less relevant what platform is being used to access web information or interact with brands / products / content. The short term challenge will be to provide an integrated view of unduplicated information. For example, if I interact with a brand from my phone, laptop and tablet, I should be recognised as a single user, not three people. And oh yes, each platform should offer me something unique, but with a consistent feel.

6. Curator brands
Even when brands are able to offer consistent experiences – it could still be too much for consumers to manage. Multiple devices. Multiple social media platforms. Pages of applications with very similar functions. Too many notifications. Endless options. Consumers become slaves to their digital lifestyles and need help. Curator brands step forward with seemingly magical algorithms that help to simplify, filter and highlight what is important across wide swathes of data. In a similar way – market researchers must curate for their clients as they feel the pressures of data overload.

7. Intelligence led marketing
Sun Tsu (Art of War) claims that knowledge and planning are the keys to victory. The winning marketing teams will be those with access to best analytics and insight people.

8. Consumers simply shut out the hard sell
We become increasingly immune to old style advertising. As we become empowered, the tone of brand communication needs to adapt radically, and switch gear to be softer, more engaging, respectful, and self-aware. There is huge upside in potential for brands that can stop shouting or bragging – and rather thoughtfully and creatively engage.

9. Marketing accountability grows
With almost realtime feedback, investment in campaigns becomes more integrated into marketing analysis. ROI will increasingly be demanded. New metrics will need to grow up with this, to measure behaviour / interest beyond just spend.

Source: Justin Schwellnus is managing partner of Dashboard Marketing Intelligence

 

 

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