Advertising Week

AWNewYork_OfficialGuide-2017

Advertising Week 10th Anniversary Official Guide

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270 TRENDING Here are Palmer's three guidelines for leveraging your data for optimal results 1 YOUR FIRST PARTY DATA IS VALUABLE CURRENCY The most powerful data any company has is the information that is naturally collected through customer interaction. It feels less pervasive to the customer when you use that intelligence to connect with them, because they volunteered the infor- mation to begin with. Palmer recommends that every company treat their fi rst-party data as currency in the marketplace. It has "immense value," he says, since what you collect from customers can be exchanged with trusted partners for trade discounts, co-op advertising, and to make better customer profi les for both parties. The only way to turn your data into a valuable asset is to make sure that you have good data governance and data hygiene. "It doesn't matter how little data you collect; if it's in great shape, it has great value." 2 MAKE SURE YOUR DATA IS ACCESSIBLE TO YOUR EMPLOYEES While you probably won't use every piece of data that you have the ability to collect, you do need your data to be in a usable format. If you purchase a report fi lled with business insights but it sits on a hard drive as a PDF or PowerPoint and doesn't allow the entire company to search it like a spreadsheet, it's not going to work hard enough for you. A company has to be able to look at the data and turn it into action- able insights—that's what being data-rich is all about. 3 HAVE A SAFETY PLAN While you probably won't use every piece of data that you have the ability to collect, you do need your data to be in a usable format. If you purchase a report fi lled with business insights but it sits on a hard drive as a pdf or PowerPoint and doesn't allow the entire company to search it like a spreadsheet, it's not going to work hard enough for you. A company has to be able to look at the data and turn it into action- able insights—that's what being data-rich is all about. So, don't just throw data into a digital drawer and forget about it—instead, follow these three tips to help you get out from under the giant load of big data and watch your bottom line wealth grow. • -able data that protects people's privacy and prevents them from feeling creeped out by your ability to follow them. It may feel like an impossible challenge, but, as Palmer says, "Get excited about it and try to fi gure out the best path forward." While every marketer wants more and more data, in Palmer's opinion "How much information?" is the wrong question to ask. "It's dependent on what your company does and how you plan to use it."

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