Blog post By Paula Chiocchi on 2016-04-20
With the explosion of “big data” and the associated need to manage and analyze this burgeoning torrent of information comes the emergence of a new job in corporate America: the Chief Data Officer (CDO). But while this title seems to allude to a faceless executive located in the corner office of an ivory tower at corporate headquarters, this role might be closer than you think.
In fact, if you’re a marketer at a small or mid-sized company charged with analyzing customer information and acquiring prospect data to help your company grow, then it might just be YOU who is your company’s CDO. At the very least, you may be one of a number of individuals tasked with storing, managing and making data available across your organization.
It may not be surprising that marketers are taking a larger role in managing their company’s growing data repositories. One reason is that customers are starting to buy into the idea of sharing their data. By making the companies they do business with aware of their interests, preferences, wish lists and more, their expectation is an improved brand experience and the ability to earn special offers or rewards.
Bain reports that companies that pay attention to customer data are more likely to earn brand loyalty and trust, which leads to stronger customer retention. Its research shows that companies actively making use of big data are twice as likely to be in the top quartile of financial performance within their industries.
But this blog post isn’t about the benefits of data, it’s about what marketers can do to optimize and ensure its value. Consider these tips if you’re the “default CDO” in your organization, or at least talked with some aspect of data gathering and analysis:
With the valuable data they collect, purchase and oversee, it’s clear that the time is now for marketers to take a key seat at the data management table. How do you address customer data in your organization?
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