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"In God We Trust, Everybody Else Must Bring Data to the Table"

At Teradata PARTNERS 2013, speakers address the importance of aligning marketing departments with IT to deliver customer centric goals.

Teradata 2013 PARTNERS conference kicked off Monday morning with presentations by Teradata President & CEO Mike Koehler, and Daniel Pink, keynote speaker and celebrated author. Together they emphasized the benefits and challenges of maximizing big data, specifically with collaboration between marketing and IT departments.

Famously, Gartner has predicted within a few years marketing will spend more on technology than IT departments. Furthermore, companies that integrate people and marketing will deliver 50% higher internal marketing investment than companies that do not. This is a crucial, says Koehler. "The building blocks are in place to link marketing and IT in ways to benefit customers, companies and their careers as never before."

Here's why it matters: Things are different now, due to evolution of technology -- including the ability to Google fair prices and customer feedback -- customers have the upper hand. Pink later says that due to the shift of information we've moved from a world of "buyers beware" to one of "sellers beware." Pink adds that we are more valuable in sales if we move from problem solving to problem identifying: By detecting latent problems of customers, we can now market with crunched data, expertise and industry knowledge, tilting the balance of buyer/seller power back into the firms favor.

The only way for firms to win, continues Koehler is bringing marketing and IT together. Doing so enables a firm to provide the ultimate, optimized IT experience. "Marketing needs to work with that to deliver customer centric goals."

Customers are forcing IT to look at data differently, regardless of the business model, argues Koehler. "Look at the crucial spot where your brand meets market… The customer relationship has evolved quickly, they don't want to be targets, they want to be listened to." Business need real-time customer feedback, to build emotional relationships and delivery experiences.

Koehler concludes that Teradata's vision, and what the vision of attendees should be, is integrating marketing across all channels of a company and putting the customer at the center of everything the firm does.

[ Big Data, Big Business, Big Confusion ]

"Put customers' needs and wants ahead of your company's. The best way to get outside-in is to create a single view of your customer. Identify where data lies, and integrate it to create a single reaction customers have for your brands." In a recent survey, Teradata says 7% of their clients have this single view. "Tear down data silos to improve data flow! Improve interactions with the company. Do that an you'll be adding value and building trust, and trust is cornerstone of a lasting relationship."

Only 1 in 4 marketers believe there is a sound relationship between marketing and IT. Despite this connect, 3 in 4 marketers tell Teradata they plan to implement big analytic solutions. Most companies are already talking about some form of data driven marketing, but less than 10% of marketers on a global basis use customer data in strategic way.

"I leave you all with some words of wisdom... Remember, In God we trust, everybody else bring data to the table."

Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio

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IvySchmerken
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IvySchmerken,
User Rank: Author
10/23/2013 | 7:53:31 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
Financial services firms usually want to get to know high net worth customers, so I would assume they know these clients better. It's the masses or mass affluent who usually don't get the same attention. But if a customer's data is trapped in separate silos, then that's a problem overall.
Byurcan
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Byurcan,
User Rank: Author
10/23/2013 | 12:58:17 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
Yes, while financial services (and other industries) want to be like amazon etc. in terms of knowing their customers, few actually do effectively.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Apprentice
10/23/2013 | 10:13:00 AM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
As nate says, 7 percent seems about right. There are very few companies that have a 360 view when you really think about it. Most companies are downright awful at actually knowing their customers.
IvySchmerken
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IvySchmerken,
User Rank: Author
10/22/2013 | 11:17:03 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
It's amazing to see the proliferation of C-level titles. What about the Chief Data Officer? That was a cool title a few years ago. Or, for that matter, the Chief Risk Officer which also lives in a data world. Then there's the Chief Security Officer and the Chief Compliance Officer. As as far as Chief Mobile Officer, Fidelity was the only FS firm to have that title. Given the importance of mobile now, I would expect that C-level mobile officers would materialize.
KBurger
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KBurger,
User Rank: Author
10/22/2013 | 9:13:28 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
I wonder how many of those customers already are using Teradata solutions? And how many of them went through failed CRM implementations 10 years ago? It's easy (and often valid) to blame IT. But what about the solutions providers that pitched CRM and related solutions that didn't realize their promise?
KBurger
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KBurger,
User Rank: Author
10/22/2013 | 9:12:05 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
Isn't part of the problem when the benefit of having the 360-degree view is to do a better job of marketing/selling to the customer as opposed to providing better service to the customer?
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/22/2013 | 8:47:53 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
Yeah I've been seeing the occasional chief digital officer title out there lately. Chief mobile officer I haven't seen yet but I'm sure it's just a matter of time.
Nathan Golia
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Nathan Golia,
User Rank: Author
10/22/2013 | 8:30:42 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
7 percent is downright awful. But I guess if you think about 16 companies you do business with, that means 15 of them don't have this view. I'm going over in my head my utility, my mobile carrier, my cable company... I could get to 15 pretty quickly I think.
Nathan Golia
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Nathan Golia,
User Rank: Author
10/22/2013 | 8:29:08 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
The CMO-CIO tension is increasingly documented Gă÷ but both could be threatened by hotshots that create all new C-level titles and siphon off budget from each! I've seen chief customer officers, chief digital officers, chief mobile officers Gă÷ all of whom are essentially extra entrants into the C-suite world that are big users of tech.
Becca L
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Becca L,
User Rank: Author
10/22/2013 | 5:59:57 PM
re: "In God We Trust, Everybody Else Must Bring Data to the Table"
Preach. There will definitely be a scramble for the departments to become buddy-buddy to share information and build technology together. 3 in 4 marketers tell Teradata they plan to implement big analytic solutions, so that's something we'll be hearing a lot of conversation around in 2014.
Page 1 / 2   >   >>
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