August 11, 2021 | Datavana
Ep29: Efrat Ravid, Chief Marketing Officer at Quantum Metric
"The number one question that we face as a marketer and as a business is, 'Can I trust the data?'"
In episode #29 on our Datavana Podcast, Efrat Ravid (Chief Marketing Officer at Quantum Metric) talks about reliable customer data and how it informs decisions and company direction. "Do we have the right data? And can we look across the entire organization on the same data flow in order to be able to make decisions?"
Having the right data is vital for decision making, and when companies aren’t aligned on data solutions, businesses are prevented from forming cohesive strategies. “We have data because we want to understand the customer.” Viewing the data from the customer's perspective is the best way to begin to understand the customer addressing their needs and concerns to help your business grow.
Efrat and host Alon Waks also discuss decision making solutions, and how businesses need to transform user experiences to remain competitive in the digital world we live in.
Trusting the Data.
"Data by itself is not enough. A few years ago we just didn't have enough data. It was like, ‘How do I know where my customer is? How do I know how many customers we have? How do I know how many times they click?’. Now, I think we have too much data. Each department has a data silos solution. We are full of data. And the number one question that we face as a marketer and as a business is, ‘Can I trust the data?’. I often ask companies how many times they sit their departments down together and ask what next steps are needed. But those different departments all look at their own datasets and they can’t make a decision because they can’t trust the data. So I think the number two question is, ‘Do we have the right data? And can we look across the entire organization on the same data flow in order to be able to make decisions?’ Because at the end of the day the reason we have data is to understand the customer. We want to understand the business. We want to find a link between the two and know what to do in the future, and find out what the next step is."
Centralized Analytics and COVID.
"We have an Operation team that oversees all the Salesforce, customer experience, website data and so on. I have my own Marketing Operations team, I call it my right hand. But we decided we all wanted our own independence. So now each department has their own Ops; Marketing Ops, Customer Success Ops, and Revenue Ops. And they think the most important thing is not to wait, especially in the world today. Speed is the most important thing, right? It's speed to market. It's speed to react. When COVID started I needed to shift the entire marketing team in a month. I called it reverted generic. I even needed to recall my event budget and put it in digital and change everything just in a few days. I think we were the first one to the virtual booth instead of an actual booth in Vegas. And the question is ‘How do you move so fast?’ So that is why I think it's important that Marketing Ops works very closely with RevOps."
If You Build the Experience They Will Come.
"Everyone in our business understands that if the customer is happy, satisfied and has the right experience, business will come. But at the end of the day, the market measures us on revenue, on conversion, and on the cost. None of them ask us if the customer experience is good. So the main question is, ‘How do you link a better customer experience directly with revenue and with continuous product design?’ What is super cool is that you can actually quantify bad experiences to revenue loss. And once you succeed at that and quantify the experience and improve it, then Nirvana comes. But the insights need to come from Dev Ops, Marketing, the product, and the executive, all from the same set of data. It cannot be a different set of data. It has to be the same one."
How to be a Successful Marketer.
"I think the best marketers are not data people or digital people or those that don’t necessarily understand SEO or SCM. But I think it comes down to two things: The first is how much they really understand the customer and what they're willing to do to understand them. I want them to talk to the customer and really listen to and really understand them. Who they are, what moves them, what keeps them up at night. Like really, really understand them. The second thing is to be able to mobilize the people in the organization. The best marketers I've ever worked with succeed at mobilizing all the people in the organization and lead without authority."
- Continuous Product Design. According to Efrat, living in a digital world allows us access to endless data, and companies should always consider that data from the customer perspective. Basing priorities and decisions on what the customer data says helps inform the right decisions to make. "The product team needs to understand how the product affects the customer, see where friction happens, and how performance affects the customer. For example, API calls that don’t work, etc. People don't have any patience anymore. The marketing people want to see the campaign data and how it links. And it all needs to be under the same state of data and the same decision making data. And we call this process continuous product design."
- Learning from mistakes. Efrat and her team at Quantum Metric consider themselves very fortunate to be guided by their CEO, Mario. Mario was instrumental in encouraging the teams to take a leap of faith, exploring a move of their events to be held completely online. Despite the risks, the 3-day virtual event was a huge success, bringing together executives from large companies before and during the pandemic. "At the end of the day we had 1600 people, and we had amazing engagement during this event. It was a huge success, mainly I believe because it was virtual. Also the content wasn't just about Quantum Metric and how amazing we are. It was more about real customer experiences and digital transformations in general. But if it wasn't successful, we would’ve tried other things!"
- Digital Transformations. Companies who were already predominantly a complete online service, had a great advantage when COVID reared its ugly head and forced us into lockdown. The tech natives like Amazon, Airbnb, and Netflix were already releasing around 600 times per day, employing an Agile strategy to provide continuous delivery. In order to keep up and remain competitive, legacy companies need to change the way they view their online presence and take digital experiences seriously. "There are companies that don't see the digital as a product. They see it as a channel. But when you look at it as a channel, you don't understand that you need to move really fast. You need to release all the time. You need all the team to look at the data all the time and share it. So the transformation or the maturity curve in my opinion, is the accessibility to the data all the time."