Data, Data, Data Everywhere
We live in an era dominated by data, but is this anything new?
Data has been used for decades right back to the creation of the national census in 1841, yes 1841!
Granted, in 1841, the National Archives were ink and paper; however, the concept of data collection is not new.
It is that platforms in which data is being collected that have exponentially grown and have become more vast and diverse.
Data collection an old practice.
It did, however, start earlier, in fact, 1801 with references to it dating back to 1086 by order of William I stating he wanted to know who lived where and who owned what, I wonder if Personally identifiable information (PII) was an issue then.
Every ten years since 1801, details of people living in the United Kingdom are collected by the government in order to gather demographic information, calculate resource allocation and monitor changes in the nation’s population. At first the census was merely a headcount, with almost no personal information, such as names and ages, recorded. Names of individuals and their occupations were first registered in 1841, making the national census a wealth of information for sociologist, genealogists and family historians alike.
It is safe to assume that we have been living in a world for many years where data has and will be continued to be used, collected and formulated.
The most exciting reference in the above is the addition of PII (Personally identifiable information) in 1841. but we could argue that PII was being collected in 1086 in the Domesday book(s)
Why is data such a topical issue now?
So the question is, why is data such a big issue now?
People are now more aware of the commercial value of their data
People want to control who has access to their data. Interestingly, The Census Act 1920 (as amended) legislates a fine of up to £1,000 for those who refuse to complete their census forms.
The dominance of AdTech giants like GAFA, Google, Facebook, Apple and Amazon impedes both the understanding and use of data for real ROI.
4. We have seen exponential growth 8000% in the online data market place in the last 10 years 15 suppliers to 1250 as seen in the latest lumascpae by Scott Brinker \ Chiefmartec
Recently I had conversations with David Eldridge CEO of 3Radical, John Regan CEO of Mymyne.ai and Antonis Neocleous Founder of BaseElement Digital (A company I have known for a number of years and consult for)on the advent of Covid-19 and how the marketing industry will need to adapt its approach to using data.
The irony is that the entire industry needed to adapt prior to Covid-19. Marketers and digital scholars have become reliant on pre-existing 3rd Party datasets that offer significantly reduced prowess and effectiveness.
Datasets of today are in no way comparable to datasets of 10 years ago; we think we have more data, but, in reality, we are drowning in data that offers potentially significantly reduce meaning or importance.
The nuances of grouping demographics of age, gender, property, location, and inferred status has created a minefield in customer segmentation.
“Demographically Identical”
Picture this, 2 people who seem identical at first glance.
2 Men/Women both
35-40
Higher Education
Active fitness enthusiasts
Both live in urban city location
Now look at behavioural insights.
One of the two is an impulsive buyer the other isn't
One of the two has a high length of residency, the other doesn't
Both identity as liberal
One of the two makes aggressive financial decisions, the other doesn't
Clearly on the above data, we need to adapt messaging, approach and engagement tactics. This is the missing link, this is what we need to strive towards.
I discussed with David and John the importance of empowering the consumer with the knowledge of what their data is both worth and about the value exchange.
“The world has changed”
Picture this, millions of new online users created since March 2020 with Covid-19.
Data has significantly changed, has the industry adapted or are they still using the 3rd party datasets of March 2019 or even January 2020?
“context, behaviour, intent, situation and groups will continue to flux.” was my takeaway from David's discussion.
With more refined succinct behavioural/motivation data, the consumer can experience a more fulfilling engagement with brands. Brands should be able to provide relevance and substance, rather than generic push messaging that desensitise the consumer to both the message and brand, as it is both irrelevant and not engaging.
GDPR, CPRA, CCPA and initiatives that provide consumer protection of their data are in fact a gift to a marketer. When someone opt's in, their message to you as a brand "is tell me more", communicate with me, I want to know more about your products and services, personalise and tailor the messaging to me.
Drop me line to discuss more, Oliver
