In 2019, connected cars are already a $20 billion industry, with seven billion of that total originating in the United States. Three-quarters of all new passenger cars sold globally in 2019 included connected services. And connected car functionality is the central building block of the self-driving car—an auto industry future many have already placed heavy bets on being what will drive growth.
MAKING THE CASE FOR INTEGRATED DATA SOLUTIONS
Data is everywhere.
From survey data that tells us what’s on people’s minds to mobile device data that tells us where people are at any given time of day, today’s digital economy provides an unprecedented view into consumer sentiment and behavior. And yet, while data is being collected at every turn and swipe, the value of this data is being hindered by corporate silos. Consumer Insights departments predominantly leverage survey data. Decision Sciences/Analytics departments stick to data collected from business operations. And while both departments sometimes leverage 3rd-party location and behavioral data, rarely is it in combination with the other data sets.
Breaking down these silos and creating integrated data solutions can substantially benefit an organization. Here are a few benefits to an integrated data strategy.
Precise and Personalized Targeting at Scale
Most organizations rely heavily on focus groups, 1:1 interviews, and surveys to determine product benefits and compelling messaging. Where marketers often fail, however, is when trying to bridge the gap between messaging and campaign activation. Historically, there has been no way to ensure activation at scale, of the right message to the right audience in both the right place & the right time.
Integrated data solutions change this. With the help of identity resolution techniques, survey responses can be enriched with digital behaviors, location data, and other information on the population that can be acquired at scale. Look-alike models can be built that provide direction on where to find customers that align with the profiles generated from the research. The population sources then serve as a crosswalk from the research to the population at scale by helping to identify behaviors that are both representative of the desired attitudes and identifiable. The result is more precise and personalized targeting at scale.
Better Customer Experiences
Customer satisfaction surveys have been the predominant method for helping organizations address customer experience issues for decades. Solutions that emerge from these studies typically address more common issues and are designed to stem attrition and encourage deeper relationships. Unfortunately, these programs are narrowly focused on the handful of customers that respond to these surveys at the expense of the vast majority that don’t.
Integrated data solutions can help overcome this challenge by providing a bridge between the small proportion of customers that respond to the surveys and the broader customer base. Marrying customer survey responses to 1st-party customer data (CRM profiles, buying behaviors, service logs, etc.) can help to identify dissatisfaction signals among those who don’t take the survey. With these signals, marketers can address customer service issues and anticipate attrition for the broader customer population.
Better performance Measurement
Most organizations struggle to assess the returns generated by investments in marketing and other revenue-driving tactics. For some, the struggle is rooted in an inability to track offline outcomes (e.g. retail visits) that result from online tactics (e.g. digital advertising). For others, the reverse is the struggle tracking how much of an online outcome (eCommerce purchases, research, etc.) is attributed to offline marketing efforts (TV, OOH, etc.).
Integrated data strategies can help to bridge these gaps. Location data, for example, can help quantify offline behaviors resulting from online marketing initiatives. With the help of Identity Resolution Providers, marketers can tie online exposures to offline behaviors, thereby providing insight to the relative impact of these efforts. Exposure data from smart televisions, OTT partners, and surveys, on the other hand, can help fill gaps in offline exposures that may be driving online behaviors. In a similar fashion, ties between these disparate sources can be made with identity resolution techniques.
Data is everywhere. And yet, many organizations fail to benefit from the full potential of having so many data sources at their fingertips. While some of the aforementioned ideas may seem obvious and straightforward, there are surprisingly few examples of them in practice. The vast majority of organizations continue to operate in siloes, missing opportunities to drive better outcomes and, ultimately, leaving tremendous value on the table.
The time to tap into the full value of integrated data solutions is now. If you are looking for advice on how to get more out of your data, reach out to ENGINE Insights today. We’d love to talk.
The Need to Stay Ahead
ENGINE continued its award-winning streak for its work on the HBO “The Sopranos – Nicknames” campaign by taking home two Social Buzz Awards 2019, presented by The Drum. The international competition celebrates the most effective social media strategies over the past year.
With all the trends impacting the investing industry, it is important to note that there are key factors at play – all intersecting and engaging with one another to move the industry ahead and define what tomorrow’s investment experience will look like.