Solving the data analytics conundrum for marketers in a 5G-AI enabled world
Chief Strategy Officer, MoMAGIC Technologies
Jason Wu, Chief Strategy Officer, MoMAGIC Technologies, writes about how a genuine personalised marketing strategy, activated by Data Science Technology with geo-insight contextual analytics, will power brands in a 5G marketing era.
While reviewing what’s the hottest focal point of discussion in high tech industry in 2019, 5G undoubtedly emerges as the key point. Since a multitude of 5G relevant articles, discussing a long list of how 5G will significantly change our life and be a game changer on influencing marketing trend, it’s time to zoom in on a new fundamental concept to paint out how we shall contemplate a new way to tackle upcoming distinct marketing environment as 5G gets commercially launched this year in the US, China and South Korea. There will be more countries to follow in 2020, including India as a key target to hit. This is going to be a new world, but it will be a larger revolution ever, to flip around our ways on the marketing. Be prepared for this impact!
Indeed, 5G will give us an advanced communication technology as a critical catalyst to upgrade a large scale of existing infrastructures and devices/ facilities to greet a genuinely intelligent world which would have numerous things (devices/ utilities) and people well connected seamlessly to Internet-termed as the world of IOT (Internet of Things). Wherein, unlimited -countless interactions keep running almost like a real time (very low latency) – whatever actual distances – how far it is between people versus things (devices/ utilities) and things versus things. Those numberless “conversations” are truly going to re-write the next marketing trends since the marketing focus shall not be any more simply about people (audiences/ consumers) considered in digital marketing or Ad tech arena. Instead, “Contextual Analytics” (consists of “People, Things, Time stamps and Location”) will play a strategic role in the new marketing trend in 5G/IOT times. Only by interweaving aforesaid 4 key elements into an overall consideration under both online and offline scenarios can really generate an effective marketing strategy and then it’s possible to further proceed the intelligent prediction on how to establish connect (dialogue and interact) with your target audiences/ consumers in the right ways. This is, in fact, challenging with traditional marketing techniques, however, it has become highly doable and manageable by Data Science technology as AI is evolving in a speed far exceeding our expectations.
Nowadays, most of the large and medium size enterprises may not really lack the data. On the contrary, there is the possibility of too much of fragmented and scattered data about their consumers (people), products/ services/ utilities (things), and the operational process (data generated during the online & offline interactions among consumers, staff and product/ services/ utilities at some specific timelines and at some specific places) located at diverse places such as CRM/ POS/ ERP/ Company Websites/ Social Media/ Own Apps and even at their actual shops or consumer contact points. All these data at each point gets challenging for the enterprises to integrate and hence, the possibility to utilise this data as a key asset, gets missed.
While enterprises keep spending much of their marketing budget via digital marketing or ad tech channels, where the ROI can’t be reasonably justified without those data asset’s support – at the end of marketing campaigns, only campaign execution reports left. This implies that the enterprises could do marketing investment every time – like starting from the ground without too much optimisation via their data asset, because the previously accumulated but scattered data can’t be properly or fully utilised and it is like sitting on a treasure mountain but nothing can be done.
Can you imagine if the enterprises can properly use those data by Data Science technology, a robust data power that can be unleashed even just by their own harvested data. As 5G/IOT times are approaching, the data scale is going to be exploding, multiple times. Magnitude of Data being churned itself couldn’t be a major problem, but how to proceed the data integration and data analytics for a true business intelligence for making a right marketing decision and to reach a well optimised and constantly improving marketing ROI will be a very core marketing agenda, urgently right under our nose, to prepare and to invest for the next competitiveness marathon.
As most of enterprises might not be capable of equipping with Data Science technology by their own at an affordable cost, the concept of CDP (Customer Data Platform) like AI PaaS is born to cater to this need. The next generation of CDP can intelligently synchronise the data of your consumers, things, time stamp and location data at your hands or even further supplemented by CDP service provider’s data to turn on a real Geo-Insight Contextual Analytics, which would empower the enterprises to understand how their consumer’s workplace, home and their favourite POIs (Point of Interest) were visited during the weekdays and weekends and what’s the reasonable range of their income, house cost and their shopping amount. The footprints of their shopping and main activities, as well as daily life movement landscape can be converted on a visualised heat map to develop an intuitive and smarter marketing strategy. With such as a deep down data-driven intelligence, the core elements of marketing’s 4Ps (much better to know how to design your Product/ service, how to set up a right Price strategy with a better margin, how to manage your Places/ channels deployment and how to develop your Promotion/ marketing strategy in a best ROI) can be addressed perfectly, which can then truly be “Personalised Marketing” – feasible and workable exactly based on a deep understanding of the consumers and their surrounding interactions with things (devices/ process). Beyond the boundary of CRM/ERP or any kind of traditional database platform, Data Science technology of CDP can friendly enable these complicated data integration and data analytics automatically and intelligently without much hassle.
We are standing in completely new times with the rapid rise of 5G/AI technologies, which are paving the way for a more ready and mature IOT environment over the next few years, wherein we are going to live in a world of an explosively growing data generation as a fundamental condition for Personalised Marketing. The influence scale of this upcoming technology revolution shall be much larger than the Industrial Revolution. The new marketing way to handle would be inevitable by embracing Data Science investment into your business in order to enhance sustainability and long-term competitiveness.
The next to step out could be a great new world or a bad era awaiting us, which will be determined by whether or not we can proceed with a data driven intelligent approach in our marketing and business strategy development. The high-speed train of this new marketing trend is approaching, don’t you want to buy a ticket and take this ride for a new journey?