Editorial Articles

Every business collects and stores volumes of information that were unimaginable even a decade ago. This data can be used to unlock new sources of economic value and provide fresh insight for marketing. But how many organisations can truly claim to be maximising this data?

In reality, the proliferation of data is creating significant problems. IT is struggling to determine what information must be recorded; and marketing does not understand what information is available.

Malcolm Duckett, VP Operations at Speed-Trap, describes the ways in which companies with joined-up IT and Marketing departments are exploiting the data revolution and leading the field in attracting prospects and retaining existing customers.

Information Culture
The volume of information sweeping across organisations in today’s post web era is fantastic. With storage costs now so low that a terabyte of disk can cost a few hundred pounds, there is no barrier to the amount of information that can be collected and stored. But what value can be delivered from this information? If it is still the preserve of the IT department alone it is unlikely that the business is making the most of its new customer insight.

One of the key sources of data is the huge volume of customer information now captured every day from online activity, a shift that has resulted in a more technical marketing function with the ability to undertake SEO, online customer tracking and online/email marketing.

But it is only recently that organisations have started to collect information from the online channel that can be used to deliver real corporate value. ‘Big data,’ as scientists and computer engineers have coined the phenomenon, is rapidly becoming a standard component of the IT strategy – but to exploit the potential for improved customer insight, organisations need to overcome the traditional disconnect between the objectives of IT and marketing teams.

Marketing Insight
The skill and expectations of the marketing function have undoubtedly been transformed by the depth of information now available: whilst in-store information is restricted to actual customer purchase, online activity provides insight into customer desires, as well as their browsing behaviour and actual buying activity. Together, these components of customer information provide unprecedented depth of insight and understanding.

Collaborative Approach
Since the web explosion first occurred a decade ago, marketing has been dabbling at the fringes of online marketing. Today however, IT has the resources to capture detailed and accurate customer data at a minimal cost. With the right tools, this data can be transformed into information that reflects the needs of the marketing team.

The combination of technology maturity and senior business pressure is creating a growing trend towards closer bonds between IT and marketing, with IT even creating dedicated marketing-specific roles in order to deliver the information resources that reflect the needs of the business.

Mature Attitude
Managing the digital industrial revolution is the biggest challenge facing organisations. While storage costs may be low, there is no point in collecting this data if it delivers no value. By the same token however, there is also a realisation that if the right strategy can be put in place, this data holds huge potential.

For any business that derives significant profit from the online channel it is essential to build common terms between IT and marketing. By setting IT goals that reflect marketing objectives and actively fostering cooperation between IT and marketing teams, organisations will unlock the potential of customer data and deliver significant corporate value.

Malcolm Duckett
VP Operations, Speed-Trap