CEO Monthly Issue 10 2018

28 CEO MONTHLY / ISSUE 10 2018 , In a world where consumers are empowered to choose where, when and how they purchase, data is the currency. But how canwe as marketers and business owners embrace this new normand create deeper relationships with our customers? Here, Stuart Robb shares his insights into the relationship between consumers and data. Stuart is the CEO and Founder of Equiniti Data. More Than Just a Number: The People Behind Your Data The word ‘data’ from the Latin datum, means “something given.” In today’s marketplace virtually every interaction a consumer has with a brand now requires a degree of data exchange, and this has become the norm for both business and customer. From a marketing perspective, data collection and analysis provide a valuable opportunity for businesses to gain insight into customer preferences which can be channelled into the delivery of a truly personalised customer-centric experience. A recent Gartner research paper identified customer- centricity as a powerful way for organisations to differentiate from competitors; in this battle for customer attention the value of data cannot be underestimated. Applied effectively it can provide businesses with a richer insight into the personal characteristics that make up the human behind a data point. Businesses have the opportunity to use data to develop a richer picture of their audiences and use the information to foster more personal (and profitable) connections. Why look beyond transactional data? A recent survey conducted by Forbes Insight with business decision makers found that only 27% considered their company able to turn their customer data into useful information and act on it. The reality is, that behind the data points, for marketers at least, sit people. And where people are involved, we move from linear systems that align to identifiable “laws” to complex system non-linear in nature. Communicating with consumers in a meaningful way is only possible if a personal connection is made between the brand and the individual. Customer segmentation is a popular and established method of ensuring relevance between consumer and brand interactions. When segmenting or profiling customers from their data, brands must look beyond transactional figures and get to know the person behind the profile. The use of data to analyse customers should provide a three-dimensional view of each individual identifying buyer preferences, motivations