July 28, 2021 | Datavana
Ep28: Jeff Coveney, CMO at Digital Pi
Understand Your Data to Understand Your Customers
The data-driven world keeps evolving. The volume of data keeps increasing. “Every year, there's just more and more data that's available.” What businesses need to understand is that the key to delivering value to customers is through high-quality data. In this episode of the Datavana podcast, Jeff Coveney and host John Kosturos, discuss the importance of high-quality data, data normalization, and effective data processing.
Currently a CMO at Digital Pi, Jeff oversees the marketing department and ensures the company's message is spread consistently across all channels. Jeff started his career in product management, where data played an important role. He then went on to explore marketing automation and learned how to leverage data through automation.
Jeff explains, "You're not going to get a great customer experience if you don't have the underlying data to be able to segment properly and send the right messages to the right people at the right time." Tune in to find out how you can leverage data to maximize your marketing strategies.
In baseball, as in business, data plays a significant role
"No matter where you are, data's important. It helps tell the story of how people perform in baseball or any sport. Stats are important too. Consistent data collection is really important. How you display the data and report on the data is important in any sport. And that translates into a business, too."
Companies need to leverage data to maximize their marketing
"You need to be able to think about not just getting the data, but then how you can leverage that data. We've certainly seen a number of clients that leverage industry information to build regions and segments, but then there are other folks that aren't there yet. They have the data, but they still send the same emails. And they're on that path, but they're not there yet because you've got to build the processes. The data comes in; what are you going to do with the process? Who's going to leverage that internally? And then you gotta create all the content. So if you have seven different personas based on titles and regions, well now you need to have seven different pieces of content times your nurture streams."
Direct mail - another way to create a unique customer experience
"There's so much busyness in digital. Everyone now is going to Ads because that's the big channel and direct mail is just another part of that touch. Prospect orchestration is really important because you want to have that experience and help that experience across channels. Ads are one, and then you have direct mail. And everyone's doing webinars nowadays, but having that all coordinated can be a challenge. But for the companies that can do that, that's great. But all this stuff we're talking about is related back to data. You need to have the data to get things going."
Customer data platforms continue to grow
"I think looking ahead, the discussion is going to be different in a couple of years around the customer data platform, that CDP that manages all that data because it's not just sales information, it's not just marketing data. It might be some data from an app, that might be some data from accounting. How do you bring that all together and be intelligent about it? And that's the idea behind the customer data platform.
So if you can do some of the segmentation within the customer data platform and some of the analytics there, you can then feed that information into the marketing automation platform. So the marketing automation platform isn't doing the heavy lifting. The CDP is."
Why Jeff chose the Marketo community
"I became a Marketo champion early on, and then I ended up becoming a champion for a couple of years there. There are so many great, smart people in Marketo and really all the platforms, but I just have established a lot of great relationships with a lot of great people and smart people.
It's a community. It's definitely a community that I've enjoyed over time, and I tend to know it well and try to help others learn the solution. That's just one of the things that have been my philosophy, 'If you know something, try to share that. Don't try to hide that.' Because I need to know things too, and you need to know things. We need to share. So Marketo has been a great community for that."
- Data plays a significant role in your company's success. According to Jeff, consistency is vital when collecting data. Data contains essential information about your customers, so it's crucial to collect, manage, and organize it properly. "A lot of companies don't necessarily collect the data in a repeatable way. What ends up happening is when they try to get that analysis out of data, it doesn't always look as great as they had hoped it would look." Companies also need to think about smart ways to leverage data to get the most value out of it. The value of data depends on how it's handled and applied.
- Data normalization helps refine data to ensure it's used efficiently. Without quality data, marketers can't understand and interact with their customers effectively. That's why normalization needs to happen. Companies can rely on external partners to help them build data catalogs, or they can do it internally by themselves. Jeff compares it to the domino effect. "If you don't have the good data when it comes in, then it's going to cause a problem with lead routing, with segmentation, with emails that go out. And a lot of times, you can either do that right in the data file. Before you do that, you can use your marketing automation platform potentially to do some normalization, or you can get RingLead to look at that data and then normalize it to a certain value. So the important thing is to start and do that."
- B2B companies should include some B2C steps into their strategy. When asked about the impact of the pandemic on data collection, Jeff says there has been a shift in predictive analysis, data intent, and technographics. The host, John Kosturos, adds that there's a need for tying business profiles to personal profiles."