Today’s consumers and customers pay more attention to privacy protection than before, and they are eager for companies to use data more transparently. With the implementation of the General Data Protection Regulation, which has injected a regulatory framework into the modern data economy in full swing, European companies have begun to Strengthen data protection intensively.
In this regard, we can’t help but wonder why the data that used to lie quietly in spreadsheets has become a “spicy pastry” in the eyes of enterprises and customers today, and is so valued?
Data is Value
First of all, from the perspective of digital marketing, just like gold diggers who once crossed continents to find gold mines, companies today spare no effort to collect customer data so that they can make more informed digital marketing decisions based on data and easily improve the conversion rate of marketing activities . And it all started with the personal device revolution. In 2007, Apple released the first iPhone, and smartphones have since entered the public eye; to this day, most of us can no longer imagine what life would be like without smartphones. According to surveys, most people now look at their mobile phones on average every 12 minutes, and Chinese consumers spend more time on smartphones than watching TV.
People’s frequent use of mobile devices in daily life will generate a large number of data points. This seemingly ordinary information is an important prerequisite for digital marketing. From this, companies can obtain valuable customer trace insights and gain insight into customers from a large amount of data . Provide customers with more targeted and personalized services.
In the banking industry, for example, Spanish financial services giant Caixa Bank integrated ubiquitous customer data to build a centralized view of customers’ service usage in offline branches, online websites and mobile terminals. In the face of fierce competition from many emerging digital banks, established banks like Caixa Bank can not only give full play to their deep industry background, but also provide customers with highly customized and high-quality services through in-depth understanding of customers. , to further enhance the competitive advantage.
The same is true for the telecommunications industry. For example, Telefonica, a Spanish telecom operator, has implemented a customer data analysis project, which enables it to understand customer preferences more accurately and deeply through digital marketing, and better provide customers with tailor-made exclusive content and practical suggestions.
Second, in addition to digital marketing, businesses today are also paying close attention to how to use internal data to improve operational efficiency and reduce operating costs. For example, the UK’s National Health Service (NHS) Business Services Authority centrally managed operational data and identified and resolved many potential issues, providing operational efficiencies and cost savings of more than £580 million in just two years.
Ultimately, for most businesses, the value of data lies in preventing problems before they happen, that is, fixing product failures before they cause major problems or customer dissatisfaction. For example, today’s car manufacturers (such as General Motors) and car dealers generally carry out Internet car business based on a large amount of car performance data, which can immediately alert car owners when the car is about to have an emergency problem, so as to nip accidents in the bud and avoid unpleasant accidents. Car experience.
GDPR — the “stabilizer” of the future data economy
From the original smartphone to the current Internet car and smart home appliances, modern enterprises continue to obtain massive digital customer traces through various means, and have mastered unprecedented customer and potential customer information. However, this is just the beginning. In the future, enterprises will continue to explore how to collect and integrate more customer data and fully explore the value of digital marketing
As Oracle’s Paul Sonderegger said in an interview with The Economist: “Everything is data, and whatever we do produces data.
This digital gold rush has benefited both businesses and customers. For example, the various mobile banking apps, food delivery services, and messaging platforms that we can efficiently use in our daily lives to meet our individual needs, all because companies continue to collect information about us “behind the scenes” through digital marketing , and then use this information to create robust identity management that delivers exceptional customer experiences and personalized service.
At this stage, many businesses view the GDPR as a burden. Indeed, like all other changes, GDPR brings new opportunities as well as challenges. In the short term, companies do need to regulate the use of data to meet GDPR requirements, but in the long run, they must use data reasonably and legally to carry out digital marketing and provide personalized services to win customer trust.
Sue Daley from TechUK joins data experts to discuss GDPR in an Oracle Business podcast. She said that we are entering a new era of connected devices, high-level marketing automation and innovative artificial intelligence (AI)-driven digital marketing. To be successful, companies must win public trust in data management.
In today’s increasingly interconnected world, organizations must move beyond traditional security tools to proactively implement highly reliable, trustworthy risk and trust management mechanisms, and now is the time to act.