The challenge marketers are facing today is that the MarTech ecosystem they operate in is complex, with content and data being generated across multiple applications all of the time, and no way of ingesting, centralising, analysing, and activating all log-level raw data, in real-time. Therefore, the extensively reported and elusive unique consumer experiences are not realised.  Many problems have arisen as a result of this constant chase for enhancing the consumer experience,, including data latency, carrying a significant cost to business, one that has already got worse before the next meeting on the topic can even be started. Then think about what a single view of the consumer might look like, if you want to include bridging the AdTech and MarTech ecosystems with first party top of funnel impression data, and I hear you sigh and say, “Don’t bother!”

Companies have been chasing the ‘holy grail’ of effective marketing for decades, and realising that it is a continuous and never-ending journey. The definition of what is considered to be marketing’s holy grail will be different for almost every marketer! Those that succeed will reap the rewards. However, the 90% of enterprises that don’t succeed end up wasting millions of dollars and thousands of hours in the process – which rarely benefits anyone involved!

We accepted the ‘holistic view’ and talked ourselves into this being the right way to go. After all, if we can’t find the holy grail, why not join multiple ecosystems, applications and teams via a network of integrations to improve the consumer experience, right? Your organisation might have had a similar journey. Unaware of the bigger problem this was creating, we convinced ourselves this was better because it meant that each application closest to the customer had the most up-to-date view of the consumer profile, which was one way to minimise latency and enhance the customer experience. Unfortunately though, the chase for more applications to fill the capability gaps that appear each day means this ‘cover all bases’ approach can leave some companies now struggling to operate more than 90 different enterprise sales, e-commerce and marketing applications.

To flip this around, it all comes down to finding the right MarTech investment for your company and sticking to it. The goal of introducing MarTech into your organisation and investing your hard-earned revenue and resources into it is to have it assist in achieving your organisational marketing goals and objectives. It is meant to be an addition to your existing marketing team. 

According to Harvard Business Review, the MarTech industry is worth $122 billion and is growing by 22% year after year. Until this year when MarTech Alliance reported the MarTech industry is estimated to be worth a whopping $322Bn in 2021, after seeing a 240% growth of investment capital into our industry.  Moreover, 70% of CMOs are increasing their investments in MarTech. Are you one of them?  Some of the most common MarTech stacks include marketing and sales automation, social advertising, a customer data platform, and customer experience management. But we can’t forget about MarTech that effectively manages and analyses the data that your company collects.  Which brings us to a recurrent problem seen in organisations today – the issue of data-hoarding and ‘shiny new objects’ that is costing the industry trillions of dollars.  

Besides making smart choices about which tools to use and ensuring a sound data and integration strategy, you will also need to create a different strategy for your marketing operations if you are looking to get the most value from your MarTech investments. Yet, the problem of a single view of the consumer still feels impossible and one problem you don’t have the resources to tackle right now. 

But...what if there was another way?  For a minute, let’s imagine… 

• You could safely capture all paid and owned impression level data, integrated together to a single ID.
• You could measure the performance of your paid media without third party cookies.
• You had a built-in consent management capability at the core, to safely adhere to any global data privacy legislation or law.
• You could stitch multiple online and offline IDs together to create an identity graph that unifies all probable and deterministic consumer data points and, with that, enable true multi-touch attribution.
• You could bridge the gap between your AdTech and MarTech environments, so your consumers could enjoy a smooth experience across your paid and owned media, without having to change an existing application within your stack.

What if all of this could be done in real-time. 

Additionally, what if...

• Your advertising bid strategy was informed with an up-to-the-millisecond view of your consumer? With 90% of consumers being hesitant to share personal data, there is data that can be useful for your organisation that is slipping through the cracks as you currently only capture first-party data after the click.
• The data repository or archive that you use today could remain the same.
• You could interrogate the data layer without triggering the compute layer in the same way, speeding up query times as much as 30x.
• You could lower your cloud costs by up to 50% at the same time.
• And with that, reduce your engineering task hours within the data environment by as much as 90%.

And what if this happened behind you or your client’s virtual private cloud.

Sounds nice, doesn’t it.  Almost too good to be true.  What if I told you that it’s achievable.  Keep reading...

What is the cost of not using data?

It is estimated that 7.5 septillion (7,500,000,000,000,000,000,000,000) gigabytes of data are generated every single day, and most of it isn’t even used.  In fact, research shows that 44% of data captured by organisations is wasted.  Wasted data is referred to as “dark data”, which Gartner defines as:

“The information assets organisations collect, process and store during regular business activities, but generally fail to use for other purposes (for example, analytics, business relationships and direct monetising).”

Furthermore, 59% of marketers waste time and money, unable to find content in order to re-use. 68% of businesses are unable to integrate digital workflows to use content more effectively for the best possible customer experience.  Not having the right MarTech to make use of content and data effectively is a dangerous and expensive issue for a business. 

What is the cost of having bad data?

Essentially, data quality is the foundation of everything that is built using an organisation’s data assets and bad data quality can destroy business value. Research firm Gartner reports that organisations estimate the average cost of poor data quality for businesses amounts to $12.8 million per year. And this number is expected to increase as business environments become more and more digitised and complex. At the macro level, bad data is estimated to cost the US more than $3 trillion per year. In other words, bad data is bad for business.

But, how do we characterise bad data? It is any data that’s:

• Inaccurate
• Incomplete
• Inappropriate
• Non-conforming
• And/or duplicate

What is the cost of not using content effectively?

There’s no question that creating quality content is a resource-intensive process. The biggest expense for marketers behind paid search is content creation, so why isn’t more done to contextually match content to consumers, rather than trying to organise it to support the marketers’ campaign-centric mindset.

What is the cost of data and content latency?

According to IDC data, the inability to locate and retrieve documents costs organisations with over 1,000 employees approximately $2.5 million per year. Not only that, but the subsequent need to duplicate the mismanaged content costs another $5 million for these organisations.

To further our point, IDC data shows that the knowledge worker spends about 2.5 hours per day searching for information. That’s 30% of the workday!  The efforts we put into content creation lose their ROI value quickly if the content can’t be quickly and easily found, shared, and repurposed across channels by marketers.

Exactly the same can be said for data, as the two are not mutually exclusive – one requires the other to drive engagement.  To take an example, a travel company desperate to perform just-in-time marketing to grab the attention of the potential traveller can expect a ROI increase of 1,000% if the offer is presented in a timely manner and uses complex and ever-changing pricing data points. The same can be true for any company in almost any industry.

What is the overall commercial impact (of the above) on business performance?

Research has shown that bad data is, on average, costing businesses 30 per cent or more of their revenue. Some sectors are more affected than others, though one thing is constant, not using data effectively will cost you.  Losses from poor quality data can greatly impact your organisation and produce additional and unnecessary costs.

Statistics show that average burn rates were already high before factoring in the hidden additional costs of bad data – and the number gets bigger as your company scales! These results are staggering. And to think you can change this today with Supero!

What can Supero do for you?

Supero’s Infrastructure is for MAdTech (MarTech & AdTech) or Marketing or Data Services companies who want to enhance their existing application and not have to worry about spiralling cloud or engineering costs. 

The single view of the consumer is no longer a myth. Talk to Alex Abbott, Founder of Supero, today to learn more. You can schedule a call here or check out our website here.

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