The Visionary Chronicles Podcast
CHRONICLE # 81: May 5th, 2022
"Data is not information, and information is not knowledge, knowledge is not understanding, understanding is not wisdom.”
Knowledge from Clifford Stoll
PODCAST: DIGITAL MARKETING | Building Customer Data Knowledge
Digital marketing has been moving at the speed of light, and most brands will be left in the dust. But unfortunately, they continue to manage their digital marketing strategy as if it was 1999, not 2022.
It is challenging to jump and stay on this fast-moving train without getting run over, but you must have a digital strategy that allows for knowledge learning.
Knowledge is the king of digital marketing, anticipating consumer needs, offering recommendations, and being proactive with products that match immediate needs.
Companies like Amazon are a model of how to anticipate consumer needs and continually adapt to changing conditions. Amazon is at the pinnacle of digital AI, and this has taken them decades to perfect. They sell over 4,000 products every minute, with over 55% recommended through their AI database. With a database of over 350 million items, they reset their algorithms within seconds. These recommendations are relative to Amazon assets; Prime, Prime Video, Amazon Fresh, and Whole Foods.
Google is another brand with an endless amount of consumer data and Shopping analysis algorithms. In addition, the interconnectivity of Google is ongoing, with over 25 billion data points connecting products with consumers.
Both Amazon and Google, along with many other brands, capture how individuals exercise, work, play, interact, vacation, and other activities which define specific recommendations.
The intent is to learn their customer's preferences and offer what they “may” need before they know it or when they are looking.
So how does a brand get started and stay ahead of this fast-moving train?
Rich Data; First, understand it is not the amount of data you have but the effective use of what you have. How valuable is the information you have? Determine your customer needs, and personalize it. Rich data!
Algorithms; develop algorithms that personalize your Brand’s experience related to your consumer and community. Build Trust, and offer Value!
Build Trust; as you continue to migrate data through algorithms, ensure you are careful to utilize the data to create a trusting, personalized experience with current customers and those who are not yet.
To build a digital marketing engine, you must have a “dynamic” strategy that can move with the changes in the digital marketing tools and algorithms they create. It is not an easy task, but one you must adopt to succeed in your DTC channel!
Stay True, stay Authentic, be Different, be Great!
Enjoy the Journey!
Bryan Smeltzer, President
LiquidMind Inc.
@LiquidMindsite.com
@BryanSmeltzer.com
© All rights reserved, Bryan Smeltzer, 2022
In my new Podcast, Digital Marketing | Building Customer Data Knowledge, I discuss establishing a data knowledge structure for your company. Ensuring you accumulate, and use only useful data, along with respecting your communities privacy and continuing to provide value to your consumer.
The Visionary Chronicles Podcast
We discuss this and other business strategy topics and pressing issues facing Entrepreneurs, Executives, and Small Business Owners.
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