Welcome to this series of MakeringFest 2021. Series #2 is all about data and insight.
This series aims to guide you through a successful data strategy that provides insights for more informed decision making, presenting new growth opportunities for businesses.
During the panel discussions and workshops of series #2, we’re pleased to have invited leading digital analytics experts to share with the audience how to effectively utilize data and analytics to generate useful and actionable insights for your marketing strategy.
Now let’s delve into the first topic of Series #2, ‘Building a data-driven strategy for your company’.
The key takeaways of the session:
1. Start with a Data Mindset
When a company wants to be data driven, it needs to adopt a data mindset before implementation.
Everyone in the company needs to make their decision based on data, instead of choosing the data that support the decision.
Having a good data culture and being comfortable with data is the first step towards having a data-driven company.
2. Data is a must-have
From the retail stand point, data is indispensable for a business.
Due to the pandemic, retailers start to embrace digitalisation, moving their business online or merging online and offline.
When everything goes online, data suddenly becomes more important than ever for the retailers.
They need to start thinking of how to combine online and offline data together in order to understand the customers and retarget them by sending a personalized message.
3. Artificial Intelligence
Many have heard of artificial intelligence and that adopting it will benefit the business.
It’s right, Artificial Intelligence is useful, but not every business can benefit from it.
However, almost all businesses can benefit by just looking at the data, analyzing it and drawing some insight from it.
4. Is your data usable?
We are living in a world where most businesses are growing digitally, be it selling online at marketplaces or setting up an eCommerce website.
This makes it easy for us to collect data, for example, from our social media accounts, website, mobile and more.
In other words, we can collect as much data as we want.
But, is the data usable?
When collecting data, it’s important to ensure the data is usable and actionable, helping us to track and reach out to the audiences.
5. Formulate First Party Strategy
As third party data cookies will soon be gone, it is important for businesses to start formulating first party strategy.
Do not wait until the third party data cookies are gone, then only start to do it.
It’s best to get started now: start collecting, growing and cultivating those data.
When the time comes, you will have a set of data that is meaningful, usable and actionable.
Most of us think having a data-driven strategy is hard and do not know where and how to start.
Being data-driven can be overwhelming, however, it will bring benefits to your company.
Having a good data-driven strategy to leverage the data you have and make it actionable will eventually lead your company to achieve the goal.
In this panel discussion, we’re pleased to have Jan Wong, Founder & CEO of OpenMinds as the moderator and the panelists Serm Teck Choon, CEO & Co-founder, Antsomi; Gurun Naveda Dharan, Data Driven Product & Strategy, Shipper; Darren Chong, Performance Marketing Analytic Lead of ADA Asia.
Watch the full video of this panel discussion to learn how to create and make full use of a data-driven strategy.
