We're drowning in oceans of data.
There's no shortage of conversation about all of this. "Big Data", "Internet of Things", "Data Science", "90% of the world's data has been generated in the last 2 years" etc. but if I were a CMO, I'd have 2 questions:
- What does all of this mean?
- What are the implications aka if a challenge is an opportunity in disguise, how do I capitalize?
Actionable Data > "Big Data"
In a world of infinite customer choice and distraction, being able to identify what matters vs what doesn't is worth its weight in gold. The volume, variety and velocity of "Big Data" can be overwhelming. Structured vs. Unstructured, 1st vs 2nd vs 3rd party, the list goes on and on and on.
Actionable Data --> Data Science --> Unlocks Insights That Matter
CMOs don't need more data, they need more insights that matter aka those connected to the business and those that drive growth. Enter the Data Scientist. This is where things get interesting as they distinguish the "Signal vs. Noise" across a company's data set(s).
Now "we can see around corners"
Oversimplifying of course because that's what I do and frankly, when it comes to this topic, I believe keeping it as simple as possible is probably the right way to go...
Now we're able to connect "data driven" dots that never before in the history of business were visible let alone actionable.
Said differently, those companies that invest in their ability to use the data available to them today are cultivating a massively valuable competitive advantage as they can see and act on things that their competition can't.
Given the thesis that "Competing on consumer experience is the future of marketing", this is as critical in Marketing as in any other area of the business.
Competing on Consumer Experience is determined by the quality of actionable data informing the approach --> Successfully competing on Consumer Experience is a competitive advantage with substantial financial implications
- Customer Experience Leaders outperform the market. Below are the 8-year stock performances of Customer Experience Leaders vs. Laggards vs. S&P 500 (2007-2014):
- Customer Experience Leaders: 107.50%
- S&P 500 Index: 72.30%
- Customer Experience Laggards: 27.60%
2. Reinforcing the above and what we all know as "humans", a high-quality Customer Experience drives sales. Especially in a transaction-based business, sales are clearly driven by good customer experience. Below are the results of an HBR study associating a company's Customer Experience Score (CES) with Annual Revenue Increase Per Customer (ARIPC):
CES 1-3, ARIPC 1.0X; CES 4-6, ARIPC 1.3X; CES 7, ARIPC 1.5X; CES 8, ARIPC 1.8X; CES 9, ARIPC 1.9X; CES 10, ARIPC 2.4X
"Everything that can be digital will be digital." - Razorfish 1995
As you can see from my prior posts, this statement alone personifies the Razorfish DNA and goes without saying is how Razorfish "had me at hello" (obviously). But there's a new statement our leadership has made that takes my love affair to the next level.
"Anything that is digital will be intelligent." - Razorfish 2016
As digital normalizes, the intelligence available to us is game changing if we know how to process and apply it. Using the headline metaphor of "data is the new oil", the challenge is finding a "refinery" that knows how to process the "oil"(Data) into the types of "gasoline" (Insights) that powers the engine of growth in a more effective and efficient way (Automation meets Human powered marketing experiences).
This is where COSMOS comes in, our marketing intelligence and activation "refinery".
COSMOS harnesses intelligence from online/offline data sources and empowers businesses to act on it at the right time, in the right way while maximizing efficiencies associated with the combination of Cognitive Computing, Machine Learning and super smart/creative people.
COSMOS is a proprietary Razorfish platform that allows brands to deliver highly customized customer experiences across the entire marketing ecosystem. With a substantial 8-figure investment in the platform, 350+ 3rd party branded data source partnerships, 5 patents pending and the full support of Razorfish's 1500 Marketing Data consultants as well as Publicis.Sapient as a whole, COSMOS was purpose built for the Connected Economy.
There are very few challenges that keep CMOs up at night more so than answering the following 5 questions:
- What do I know about my existing customers?
- What do I know about my "most likely to buy" audience that I'd like to convert into customers?
- Where does this information sit and how it is it used horizontally across the organization?
- Are we getting the value we should out of our data/intelligence?
- How "Intelligent" are we vs. our competitive landscape/industry?
Thanks to COSMOS, those CMOs that are leveraging the power of the platform are sleeping more soundly than ever before as they're realizing the full potential of their data.
They're realizing their "intelligent" potential.
E: Alec.firstname.lastname@example.org; T/IG: @Alec_Coughlin