The amount of sheer data being stored today is unprecedented. Over half of the world’s population are active internet users. Estimates from 2018 place the rate of data creation at approximately 2.5 quintillion bytes of data each and every day. Needless to say, that number is expected to grow moving forward.
So what does that mean for brand management? What does that mean for marketing campaigns? How has data management changed in recent years?
Today, we will explore some data management trends for 2019 and into the future, how these trends are impacting business, and the relationship between data management and brand marketing strategy.
Data Analytics is More Relevant than Ever
Data management would be meaningless without the data analysis to follow. Analytics remain the number one priority of many companies when it comes to data management. Some high level data analytics trends for 2019 include
Artificial Intelligence (AI) for data analytics. This almost feels like a given in today’s world, but AI is becoming more powerful and more accessible by the day. AI and data analytics are a match made in heaven.
Use analytics with caution. In recent years, governments, businesses, and consumers have all become a bit more savvy when it comes to trusting AI and big data. Data analytics are invaluable tools, but verifying their accuracy is an essential step in the process.
Cleaner data = more usable data. High quality database management leads to high quality data, which leads to high quality data analytics. With the volume of data coming in each day, this has never been truer.
Adhering to and Preparing for Data Regulations
Recent legislation including the EU General Data Protection Regulation (GDPR) has shaken up the data management landscape. These regulations are widely viewed as appropriate and necessary to protect consumers and businesses, but they certainly put the onus on organizations to take strict care of their data.
The GDPR was a watershed, precedent setting law which has since become the basis for international business regulation. As the GDPR affects any businesses which pass through the EU in any way, it has essentially become a global law.
The General Data Protection Regulation lays out seven (7) key ideas which must be upheld:
- Data accuracy
- Accountability by the holders of data
- Data security, integrity, and confidentiality
- Data minimization to only what is necessary
- Data limitation to only what is necessary
- Limitation of storage
- Fairness, transparency, and legality
While the law (and those which have followed) are far more detailed, that is the broad strokes version of what companies can expect when it comes to legal data management.
Cloud Database vs. Traditional Dedicated Servers
So many businesses are run through websites these days. Even juggernaut, blue chip organizations such as Goldman Sachs, American Express, and General Electric are powered by databases and through online services. With an ever increasing selection of data storage possibilities, we will explore the advantages and risks of cloud vs. dedicated server-based data storage.
Cloud Databases
Could databases are, in fact, traditional database servers with the added ability to remotely exchange information through the cloud. The IBM Cloud, for example, is accessed through an API or a web interface. The user does not need to own or manage the physical database center hardware.
Cloud databases are typically non-dedicated servers which may be shared. Cloud DB management is convenient, but can come at the cost of computing power and/or database management control.
Dedicated servers
Dedicated servers are the physical hardware database centers which can store, manage, and maintain data. Dedicated servers can be rented or purchased by organizations to house all of their data at a singular source.
Dedicated servers offer unparalleled performance with the drawbacks of higher maintenance, potentially higher cost, and the need for strict back-up protocols. The trend might be to move towards cloud databases, but some organizations still find value in traditional, dedicated servers.
Data Management Impacts Marketing Strategy
Modern customers expect customization. They expect timely responses. In short: they expect their favorite brands to know who they are. This is where brand management and brand analysis comes into play.
As we have discussed in previous sections, a successful marketing strategy relies on data analysis, which relies on clean data points, which relies on data management. Since you cannot know your customers individually, the data you are able to collect and evaluate is your brand’s way of “knowing” who they are.
Data management can impact brand strategy when it comes to:
- Email campaigns
- Content optimization
- Social media strategy
- Building brand identity and brand personality
- Search Engine Optimization (SEO)
- Much more
Make the Most of Your Data with Clock Tower Insight
Clock Tower Insight helps our clients to build their brands through any means necessary. We believe in using cutting edge research to deliver unparalleled insight and understanding into today’s rapidly changing marketplace.
We are proud to offer a number of services to our clients, including customer experience management, brand positioning in the marketplace, market sizing, market testing, and more.