Last week, VentureBeat held its annual, virtual Data Summit. The purpose of the summit is to provide an outlet for B2B and enterprise tech professionals to explore the latest trends and emerging technologies as they relate to key market verticals. I attended on behalf of my B2B PR agency and spent the day in jam-packed sessions. I heard from some of the world’s top brand leaders as they discussed opportunities to unlock data’s full potential through today’s transformative technologies.
While there was a ton of great information to unpack, below are a few key learnings that stuck with me long after the sessions wrapped:
Hyper-personalization is the way forward
AmEx mentioned their number of new accounts increased dramatically once they started leveraging data to market targeted product offers, and upsell existing cardmembers during the application process when the algorithm detects another card product that could be a better fit for the applicant.
It’s easy to overcome hurdles in the customer journey through the power of data
No brand marketer wants to unintentionally complicate their customer’s journey. Through data, marketers can see if prospects are frequently hitting the same hurdle in their shared experiences, and then have the ability to look at real-time insights to further understand why the prospects are encountering those challenges and how they can be solved. This is immensely valuable. And, as an added bonus, data means marketers will be able to measure impact quickly.
Being privacy-forward is table stakes
Data has become an integral part of most businesses, which the pandemic helped expedite. While companies look to provide more personalized experiences for users, the need to balance data privacy constraints is paramount. Understanding customers in a real-world environment is critical, and doing so in a privacy-conscious manner is the only way.
This is just the tip of the iceberg. There is so much to unpack and explore when it comes to leveraging data effectively, and we look forward to dissecting future trends to help us all navigate the market in the best, most forward way possible.
– Mackenzie Gavel, Account Director