Michael Benedek is CEO of Datonics, an online data company and pioneer in the integration of audience data into programmatic platforms. Read Michael Benedek's full executive profile here.
Customer data can be tracked across multiple channels, including website visits, social media engagement and purchases. Surveys, focus groups and feedback forms can also be developed to better understand customer data.
One major trend to understand is that, given the shifting tides, data companies that were once used for campaign targeting and audience development are now being used for. This process aims to enhance a brand's existing datasets, which is important because a brand will always have a limited scale when pulling strictly from its own customer data.
Data enrichment allows brands to build on the data they have, such as by identifying trends and patterns that help brands understand customer preferences, behaviors and motivations. With this process, brands can be better equipped to anticipate customer needs, identify growth opportunities and make informed decisions about product development and marketing initiatives.
Likewise, brands can also identify potential customers who are similar to their existing customers. This can help businesses target their marketing efforts more effectively and increase their chances of converting leads.In thinking about this trend, it's important to consider how other companies are leveraging smart data. Here is what a few major players are doing:.
Today, data is more than a tool. It is a strategic imperative that helps brands to define who they are now and reinvent themselves for long-term success. We have seen this to be true for some of the biggest global brands as they evolve to meet the changing needs of new generations and adapt to new business realities.
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