Marketing Vs. Bulk Data
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While the global business landscape is almost back to normal, the long-lasting, catastrophic effects of the COVID-19 pandemic prevail. Singapore expects a significant slowdown in its growth as the Ministry of Trade and Industry (MTI) has announced that the 2023 GDP growth forecast for Singapore is between 0.5 and 2.5 percent. It’s only fair that organizations expect their marketing head to find new avenues to penetrate the market, hit the right nerves, and create the right, time-relevant image for brands. Remember, traditionally, a Marketing Officer’s job role was built around corporate advertising, branding, and customer outreach. Marketing leaders must use technology to the fullest extent to come out of this challenge all guns blazing.
The marketing paradigms have undergone sea changes over the years, largely owing thanks to data and analytics. Customer data today is the most reliable source of information that powers marketing decisions. However, with big data becoming bulk data, marketing professionals have their challenges cut out. Having a large number of data sources at your disposal makes pulling the relevant data together a difficult challenge. Organizations yet to invest a severe amount in an in-house data team are not in for a treat.
However, the CMOs will have to tread unchartered territories, working more collaboratively with technology departments and data teams. While working closely with technology & UI/UX teams, marketing heads must focus heavily on external marketing dynamics, customer needs, and general buyer behavior while ensuring technology interventions wherever possible.They must remember that the customer is still the king and that customer experience is the way to loyalty.