In my early days of financial advising and entrepreneurship, marketing heavily relied on intuition, creativity, and a keen understanding of human behavior. While these elements continue to remain critical, today, data has become an integral part of our marketing toolbox. For many of us, it's completely transformed the way we understand our clients, shape our products, and scale our operations. It's not just a trend – it’s the new norm.

I had the opportunity to chat with Glenn Schmelzle, the founder and Chief Data Analyst at the Marketing What’s New agency, to delve into the world of marketing data further. And our first stop as we ventured into the topic of data in the digital world, was value creation and exchange. To create value exchange at scale, we need more than just a strong business instinct and a talent for relationships. We need data. Moving from traditional ways of acquiring clients to newer digital strategies, we understand the cost implications of this shift, both in terms of finances and data privacy. In the new world of e-commerce and online subscription businesses, platforms access massive amounts of data. Tech giants like Facebook and Google have shown us that their real value lies not just in their platforms but in the data they have access to. The striking revelation then, is that data is the new currency.

I recall once ordering a Kate Spade handbag online, a few years ago, and the next thing I knew, my Facebook feed was inundated with advertisements for similar products. They had my number; and they did – through data. Not just mine, but data from millions of other users with similar preferences. It’s a clear demonstration of how businesses today utilize data to personalize and refine their marketing efforts.

However, as I discussed with Glenn on my podcast, there is a delicate balance to be maintained. Data can be a boon, but when mishandled, it can lead to infringements on personal privacy. Businesses need to navigate these waters carefully, maintaining the sanctity of customer data while using the information to improve their offerings and create convenience.

In 2023, with the increasing role of artificial intelligence and machine learning in our online experience, technologies are not just collecting data, they are also analyzing it, understanding patterns, and making predictions.

Glenn told a story of a small e-commerce business that managed to multiply their sales using these techniques. By carefully feeding their AI with relevant data about customers and their buying behavior, they were able to predict what their customers would like, often with astonishing accuracy. This type of experience is a clear testament to the fact that the marketing of the future is likely to be data-driven, possibly to an extent we can't fully imagine yet. As businesses, we need to think about accepting this change and preparing for it. Because at the end of the day, just as it was in the age of traditional marketing, the goal is still to create a meaningful exchange of value. It's just that now, we have the power of data to help us do it better.

 Enjoy the audio medium? There’s a lot more on my podcast I'm a Millionaire! So Now What? You can listen to my full conversation with Glenn here.

https://iamamillionairesonowwhat.libsyn.com/ep269-decoding-the-impact-of-data-on-modern-marketing

TTFN, Colleen